Is there really an argument against making multiple monthly payments?

[Anonymous]

Oh.  I'm sorry, I thought your original post was just a generic question about multiple payments and how they might be viewed.   (In other words, I thought you had a $0 balance, charged something, then went home and paid for it...rinse, repeat, etc.)

If you're paying down balances you've accumulated, pay as often as they allow, whenever you've got the money to throw at it.  You'll save on interest charges, too!

You're doin' just fine!! 

[Woolfman]

Im curious if anyone has actually had a card closed or CL cut on a card for the reason of paying too many times . While i know not all things in the credit world make sense. This is one of the ones that really has me boggled .

I have a BB RW MC that me and the wife are ultimately using as an atm card. (no cash back)  The CL is only 750.00 . We have shoved just over 4k through it in the last four months . (reward zone points + employee discount= good christmas)

I pay on this thing weekly. Generally it will hit the statement with a balance just because of the fact of the heavy usage daily. (gas, food, even pay some Utils with it)

But it is always PIF'd . I just cant grasp that they would think this is a negative thing in thier eyes.

[Anonymous]

Good question OP.

We make multiple payments on several of our cards.  When we've called in and the CSR's have reviewed our accounts, or when we've received letters from these creditors, they have continuously commented on our "excellent" credit behavior with them.   I think they're not at all concerned with multiple payments - and seem to believe that the nice low balances that are kept, along with good card usage equals good credit management.

[Anonymous]

I received a Best Buy MC with a $300 limit. Obviously not much of a limit as I am rebuilding from horrible credit. I put EVERYTHING you could on the card and as you could tell a grocery and gas trip could max the card out. So I was making at least a payment a week and sometimes more. I have had this card for just over 6 months and have had three CLI's. One requested and two auto CLI's. I am up to $650 now. So it worked for me with the BBRZMC. However your experience could vary and it could also vary according to the issuer. Different banks may like different things but I know the Best Buy Mastercard has no problem with frequent payments. And I didnt make them all on every Monday or Friday just whenever I got close to the limit I would pay it off and repeat.

[MidnightOwl]

How long ago did you get your card ? I haven't had any increases at all on mine & I've had my card over 1 year. I always pay the entire balance off when the bill comes.

[smallfry]

---

@Woolfman wrote:

Im curious if anyone has actually had a card closed or CL cut on a card for the reason of paying too many times . While i know not all things in the credit world make sense. This is one of the ones that really has me boggled .

I have a BB RW MC that me and the wife are ultimately using as an atm card. (no cash back)  The CL is only 750.00 . We have shoved just over 4k through it in the last four months . (reward zone points + employee discount= good christmas)

I pay on this thing weekly. Generally it will hit the statement with a balance just because of the fact of the heavy usage daily. (gas, food, even pay some Utils with it)

But it is always PIF'd . I just cant grasp that they would think this is a negative thing in thier eyes.

It's a $750 card. Making payments weekly makes sense. I am talking about someone with a very high limit card with one of the AA happy issuers who pays a couple hundred a week. It looks better if you pay monthly in that case.

---

[GregB]

Does this count?

I have a BofA Signature card that is in my name but used for business purposes. I made 6 payments last statement ranging from $1000-2000 each. Previous month was 9 payments ranging from $500-2000 each. Balance has grown from $39K to $42K in that period. Limit is $46K. They recently approved a single charge of $16K which would make me think they aren't concerned. Interest rate is 8.49%.

I feel I'm pushing my luck but I have a card that just went from 0% to 18% so I'm concentrating on it first.

[haulingthescoreup]

Unless and until I read a specific example of AA resulting from multiple payments per month, I think that this is a case of us worrying too much about what lenders might think.

This is understandable, because in many ways they're so freakin' weird, but I've never seen a clear indicator that they have a problem with this. Just IMO.

[Anonymous]

---

@MidnightOwl wrote:

How long ago did you get your card ? I haven't had any increases at all on mine & I've had my card over 1 year. I always pay the entire balance off when the bill comes.

---

I got the card in November and the first CLI upon activation. That was the only manual increase. Then I got an auto CLI in January after running tons of money through the card Christmas shopping. I then got another auto CLI in March. I was surprised for both of the auto CLI's especially in this credit climate.

[Anonymous]

My wifes Sears MC (Citi) seems to get paranoid about more than 2 payments a month.   After 2 payments they will not release the available credit for 6 to 10 business days.