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Making multiple payments on your CC's

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Re: Making multiple payments on your CC's

Never heard about this. I always make 3-5 payments per period and its never hurt me

Scores: TU 773 - EQ 731 - Ex 755 (12/07/17)
Wallet: Capital one quicksilver One $1,500 - Chase Freedom $1,500 - Chase Freedom Unlimited $1,500 - Chase Amazon Prime $1,500 - Amex BCE $4,500 - Amex Everyday $2,500 - Amex Delta Skymiles $6,000 - Amex PRG - Citi DoubleCash $2,500 - Discover it 5% $5,500 -
Message 11 of 35
Regular 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?  

 

 


The card issuer can like it or not.  I treat my credit cards as if they were debit cards.

 

Use the card; wait until the charge posts; make the payment a day or two later.

 

Depending on the issuer and how close it is to the statement date, I might pay immediately after making the purchase.

 

It is all about having only one card report a small balance and the other cards reporting zero.

 

Additionally, treating your credit cards like debit cards insures that you do not buy anything that you do not have the funds to pay for.

 

Just my $0.02

Message 12 of 35
Valued Contributor

Re: Making multiple payments on your CC's

The only one I've had an issue with was Credit One when I tried to make a 3rd payment (maybe 4th, was over a year ago) in a month.
Message 13 of 35
Established Contributor

Re: Making multiple payments on your CC's


@rmduhon wrote:
The only one I've had an issue with was Credit One when I tried to make a 3rd payment (maybe 4th, was over a year ago) in a month.

CreditOne gives its customers hard time to make payments so they can charge you late fees.

________________________________________________________________________________________
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 14 of 35
Mega Contributor

Re: Making multiple payments on your CC's


@Geordi wrote:

 

The card issuer can like it or not.  I treat my credit cards as if they were debit cards.

 

 

Just my $0.02


Sure, but if they don't like it, then it can cease to be any type of card at all!

 

 

Message 15 of 35
Mega Contributor

Re: Making multiple payments on your CC's

There are a few things in this space that can make issuers nervous, particularly things that might indicate MS or ML.

 

1) Recycling of credit limits.   If you have a $500 CL, then yes, issuers might expect that you will need to pay often and cycle the $500.   If your CL is $20K and your income say $150K, recycling the $20K every month exceeds your income and thus might be flagged

2) Multiple payments from different sources, especially anonymous ones like Walmart Bill Pay

 

Basically anything that is not "normal" can raise concern.   Most normal people pay minimum or more sometime after the statement arrives, so just once a month.  People with small CLs may pay more often, but that is understood.

Message 16 of 35
Frequent Contributor

Re: Making multiple payments on your CC's

If they really had a problem with it, I think they'd disable it on their end like Amex does with new accounts.

 

I use my BCP for groceries each week, and have been making weekly payments on it since somewhere around the second month (when the new user 1 payment freeze was lifted). A month or so ago, I was granted the 3x CLI, so they seem ok with it.

Message 17 of 35
Super Contributor

Re: Making multiple payments on your CC's

I often make multiple payments on my cards. Anything with Synchrony is so slooowwww that if there is a balance I pay it well before the due date. Discover has a message that informs you that many payments made close to each other might cause some of them not to post right away, but all of mine have posted in a timely manner.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover..
Message 18 of 35
Frequent Contributor

Re: Making multiple payments on your CC's

I also pay multiple times, utilization is close to 0%, banks seem to dig it.

I could see not doing that if wanted a CLI, to kind of show you need a higher limit, though.
Message 19 of 35
Regular Contributor

Re: Making multiple payments on your CC's


@BronzeTrader 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'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. 


The only way that could happen is if you were close to maxed out and the issuer reported mid cycle before your payments posted. 


FICO 08:Jan 18, 2017: EX 800 EQ 725 TU 799
FICO 08:Feb 10, 2017: EX 788 EQ 772 TU 791 (post New Year's app spree)
In the garden as of 1/4/2017. Will remain for all of 2017.
Message 20 of 35
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