Is there really an argument against making multiple monthly payments?

[Anonymous]

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jaysdad2k wrote: .....  they told me that I could put $10K on my charge card as a test once..........

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  How do you put $10K charge on a card as a test?

[joestay]

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@Anonymous wrote:

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jaysdad2k wrote: .....  they told me that I could put $10K on my charge card as a test once..........

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  How do you put $10K charge on a card as a test?

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You log into your account online.  Then go to "check your spending ability" and do a test charge of 10k.

[jaysdad2k]

I called Amex last October or November and asked the CSR whether my limit on the Platinum was per month or per transaction. He told me it was per transaction and he said he had just put in $10K as a test charge and it was approved. I told him that I would not be charging that much until my next CD goes Platinum as a joke.

Two days later I got an email from Amex offering me 500,000 points if I chartered a private jet. Coincidence?

[Anonymous]

I'll pay my CC down to $0.00 a couple times a month just so they don't get a chance to get any finace charge from. Me El Cheapo" to them!

It appears this thread is nearly exhausted. Would anyone mind if I asked you all why you are putting your TU, EX, EF numbers at the end of your post?

I ask because I thought that "these guys" are using their own scores (some up to or more than 900). I ask because I thought that FICO score stops at 850.

FICO 814

[Woolfman]

generally you see the score and the EQ or TU .. because you have three different fico scores one for each  TU EX and EQ . You just can only get two of them through myfico .

[OptimalFICO]

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@Anonymous wrote:

Would anyone mind if I asked you all why you are putting your TU, EX, EF numbers at the end of your post? I ask because I thought that "these guys" are using their own scores (some up to or more than 900). I ask because I thought that FICO score stops at 850.

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Users include their FICO scores as a measure of where they've been, where they are and where they want to be. It gives others a sense of what their experience might be, if they are in the same credit bracket etc. For example, I'd trust the advice of someone over 800 versus someone in the 600s. Not to negate the advice of users with lower credit scores since they may actually be more experienced in raising scores. It depends on what you're looking for really.

You are right, however, FICO scores stop at 850 max. But there are other "credit scores" developed by the individual credit bureaus that go above 850. Some people don't understand that these are not FICO scores and FICO scores are still what most creditors use. Never purchase a "credit score" unless you know it's a real FICO score (unless you know that a particular creditor uses one of the other credit scores and you want to get an idea of where you stand before applying with them).

[Anonymous]

Interesting question.  I found out the hard way that Citibank limits you to making only 4 online payments per month.  I say "the hard way" because I use a Citibank AA card for all my business expenses.  I travel every week, so these expenses can be around $10K to $15K per month, and will usually keep me pretty close to the credit limit.  I pay my bill as my expense reimbursements would come in from the company each week, so sometimes that would mean 5 payments in one month.  I learned the first time that  there were 5 weeks, when I tried to make that 5th payment.  Citibank wouldn't take my 5th payment in one month, so I couldn't pay the last week's expenses, and ended up with a balance due and an interest charge that I had to pay out of pocket.  ( my company won't reimburse interest charges)

When I called and asked why they limit to only 4 payments per month, I was told it was because more than 4 payments created a "security issue"...  When I asked what made payment number 5 less secure than payment number 4, of course, there was no answer for that.  So, while there is no reason for this, they do have a limit.

I haven't seen any other company limit the number of online payments, so I don't understand it at all, nor can I possible see a reason for them to consider this a negative.

[GregB]

I recently ran into an issue with Citibank. I added a new bank account and made a payment. When I went to pay another payment out of that account 5 days later, it said I couldn't use a new bank account a second time until it had been 7 days after the first. NEVER had this issue with any other creditor and I have lots of different CC for business and personal. I recently added a new bank account with BofA and made 5 payments in one week. The only other weird thing I've run across is Discover will only take a payment every 3 days.

There are some different payment accepting systems out there.......

[Anonymous]

When it comes to Citibank they have a ridiculous policy of holding payments for 9 days if you make additional payments on your account. This is wreaking havoc with my husband's account. They lowered our limit from 15K to 2K and it is used for business only. I have to call in 2 days after each additional monthly payment to have it released.

I do this every other week. Hope they will be able to raise the limit at least an additional $1K. You make a payment, but don't have it credited for 9 days. What a stupid policy!!!!

[Anonymous]

Honestly, I had never given this topic any thought whatsoever!  Thanks for bringing it up and discussing!  I can see how it might look bad to make several payments in one billing cycle so I suppose I should be mindful of it in the future, just to be safe?  On the other hand, does anyone agree with my assumption that ultimately, it's most important to pay down your debt, and if several payments per cycle is the easiest way for you to do it, then you should?  Right now my debt is a little overwhelming (not outrageous, just high enough to make me uneasy and anxious to eliminate it) but all I can afford to do right now is chip away at it (I am pretty much living paycheck to paycheck right now).  Any thoughts?  I certainly don't want to hurt my credit score when all I am trying (desperately!) to do is protect it!