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Making multiple payments on your CC's

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Valued Contributor

Making multiple payments on your CC's

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
34 REPLIES 34
Valued Contributor

Re: Making multiple payments on your CC's


@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


Some issuers state that they don't want you to make more than so many payments per statement but I've never run into any problems doing 2-4 on any card.

Message 2 of 35
Established Contributor

Re: Making multiple payments on your CC's


@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


lolz, that's their fault.. You wouldn't make multiple payment if they only gave you a higher CL.

 

I usually do 2 payments a month. First payment before the statement close and leave a 1% bal to report to CB and payoff the 1% after the statement cuts and monthly bill generates.

________________________________________________________________________________________
Goal: FICO Scores 800+. Started at 588 last yr.
Current FICO 8 Scores as of 05/03/18: TU: 724 - EQ: 735 - EX: 711

Cards: Amex BCE, Amex EDP, Chase Frdm, Jetblue Plus, Discover IT, PenFed Plat Rwrds, Amazon Prime Visa, BofA Asiana, Amex Delta Gold, Amex Delta Plat, PayPal Mstrcrd, Amex Plat, Amex SPG, Chase CSR.
Message 3 of 35
Regular Contributor

Re: Making multiple payments on your CC's

I would call the issuer to see if you can. I've read that Chase customers can do it without any problems. In fact, I may do that myself by Friday since my due date next month falls on the same day that I get paid and I don't want to forget to pay it. 


FICO 8 Scores 12/2017: EX-596; TU-604; EQ-591
Current: EX-648; TU-665; EQ-678
AAoA: 4.4 yrs
Message 4 of 35
Valued Contributor

Re: Making multiple payments on your CC's


@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.

TU fico08=824 12/29/19
EX fico08=819 01/14/20
EQ fico08=830 01/04/20
EX fico09=827 01/04/20
EQ fico bankcard08=846 12/24/19
Message 5 of 35
Valued Contributor

Re: Making multiple payments on your CC's

I've always made multiple payments on my cards. Back when I had very low limit on some I'd make 2-3 payments a week sometimes.

EQ688
TU700
EX707

Message 6 of 35
Valued Contributor

Re: Making multiple payments on your CC's


@sarge12 wrote:

@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.


That's all I really need to know. I can make multiple payments on all of my cards. I've just never given it any thought really. It just seems some had an opinion that it was considered bad to keep good relations with CC companies for CLI and new apps. IDK why.  Oh well...just wondering.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 7 of 35
Established Contributor

Re: Making multiple payments on your CC's


@BluePoodle wrote:

@sarge12 wrote:

@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


I make multiple payments on every single card I use every month...If it does any harm I can't tell. My scores are always in the 800 range.


That's all I really need to know. I can make multiple payments on all of my cards. I've just never given it any thought really. It just seems some had an opinion that it was considered bad to keep good relations with CC companies for CLI and new apps. IDK why.  Oh well...just wondering.


Just sayin.. If I was your bank, how can multiple payments be bad.. Keep em comin.. LOL

________________________________________________________________________________________
Goal: FICO Scores 800+. Started at 588 last yr.
Current FICO 8 Scores as of 05/03/18: TU: 724 - EQ: 735 - EX: 711

Cards: Amex BCE, Amex EDP, Chase Frdm, Jetblue Plus, Discover IT, PenFed Plat Rwrds, Amazon Prime Visa, BofA Asiana, Amex Delta Gold, Amex Delta Plat, PayPal Mstrcrd, Amex Plat, Amex SPG, Chase CSR.
Message 8 of 35
Valued Contributor

Re: Making multiple payments on your CC's


@BluePoodle wrote:

I have read a few posts lately that state that making multiple payment on a CC (I assume before next statement cuts) is considered a bad thing to do. I have never really thought about it before. I don't do it often but I know I have done it before. What exactly is the reason that this is such a bad thing to do?  

 

 


I'm running an experiment with making multi payments in a month. The CL is $500 and the total spending is at $800. We made 2-3 payments already from the bank. The statement has not cut yet.

 

TU somehow found that and the FICO dropped by 38 points. 

 

I figure all CCs can differ. Pay attention to your utilization rate. 

Message 9 of 35
Senior Contributor

Re: Making multiple payments on your CC's

We do this on my wife's main credit card and our business card .  The business one also shows up under her credit also.  Her scores are over 770.  The business has a very high limit and was just raised .  I try to keep her under 10%.  I don't think it hurts  your score. 

Message 10 of 35
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