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Making multiple payments on your CC's

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Regular Contributor

Re: Making multiple payments on your CC's

I have never had any trouble making multiple payments with Barclay, Cap One, NFCU or Cabelas...Discover still too new to know for sure

Message 31 of 35
Regular Contributor

Re: Making multiple payments on your CC's

I get paid every other Friday. Paychecks alternate between paying recurring bills on my PCMCU card, and paying everything else on all ny other cards. Always PIF, have never had an issue... Even if all reported w/ full month's spending, still under 10% util individually and total.. so I just dont worry about it.

CL: $10,000 _____ $10,000 ______ $7,100 _______ $7,000 _______ $23,300 ______ $5,000 _______ $9.500
Total Credit Limit: $71,900_____________________________________________________________Gardening Since: 09/01/2016
Message 32 of 35
Super 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?  

 

 


It's not.

 

I do it constantly.


Total revolving limits 639500 (558000 reporting)
Message 33 of 35
Valued Contributor

Re: Making multiple payments on your CC's

I have made 16 payments on my two Cap One accounts in the last 6 weeks.

 

I have never had an issue and received serious CLI on both accounts.

 

Granted, I charge between $4k-$8k per month, so that may matter.

 

Making payments before your statement cuts, keeps your utilization down.

 

I dont pay them off before statement cuts, just reduce balance significantly.

 

I often pay my store cards off before statement hits.

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





                           
           
Message 34 of 35
Valued 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. 


 

 

I do not believe that TU has any idea what you do before your statement hits and I do not think it would hurt you if they did.

 

 

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                       5%-20% - Amazon & Lowes                  3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - Venture & QuickSilver





                           
           
Message 35 of 35
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