Obsessive About CC Payments?

mAndrew1980 · ‎04-03-2012

Hey guys,

So I'm pretty obsessive about paying my cc's. I used to have horrible credit so I'm a little anal about how I go about paying. Usually I'll make multiple payments to a single credit card in a month (like once a week). Is there any down-side to doing this?

For example, I just opened a Chase United card and I'm using it for everything. At the end of the this week, I'll probably have spent $300-$400 on it and I'll just pay it off. Next week, I'll do the same. I just don't like the thought of waiting a full month

I did this with my Barclays card as well. Does anybody else do this?

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.

RockinRay · ‎04-03-2012

I do not see any thing wrong with this. I do the same thing.

Each Sunday morning, I sit down and pay the previous weeks purchases. It has become habit for me.

Ray

** Every Card has a Job, and Every Card does its Job **

Open123 · ‎04-03-2012

No, I don't see any downside, unless it's a brand new account.

I'd wait a few months before making 10 + payments per month. Frequent payments and prepayments for new accounts are often money laundering and fraud triggers. With no prior relationship and brand new account, frequent small payments and prepayments can be considered outlier behavior.

However, with a history, you could pay as many times as you'd like, and I'm sure it'll be fine.

Anonymous · ‎04-03-2012

Just remember, Chase is a little picky about trying to pay within a window of 3 days apart. You can push the payment through, but once a week is fine.

I think the only one that snickers at multiple payment is AMEX, from what I've read.

Anonymous · ‎04-03-2012

I used to do that with my capital one card. Only because with a 500 CL I didnt have a choice but pay it multiple times.

My Discover and United card I have had for a few months now and have only paid once the statement was generated. This month however I am a little worried Chase and Discover will get spooked. I planned on taking advantage of the 0% for 15 months on my discover more and get new tires and brakes for my car since both were much needed. However a week after that my car starts leaking oil and then another whammy. I have been putting all my monthly regular expenses on my United card since I plan on paying that in full, while carrying a balance on the discover card.

Needless to say with about 11,000 in credit limits total I am at abut 30% util. Hope that doesn't spook my creditors especially when the accounts are 2 months old.

CS800 · ‎04-03-2012

Speaking of obsessive, I pay my card the minute the charge posts..I know its too much but thats how i roll.

Never EVER be late

Ok i need therapy

Open123 · ‎04-03-2012

@Anonymous wrote:
I used to do that with my capital one card. Only because with a 500 CL I didnt have a choice but pay it multiple times.

My Discover and United card I have had for a few months now and have only paid once the statement was generated. This month however I am a little worried Chase and Discover will get spooked. I planned on taking advantage of the 0% for 15 months on my discover more and get new tires and brakes for my car since both were much needed. However a week after that my car starts leaking oil and then another whammy. I have been putting all my monthly regular expenses on my United card since I plan on paying that in full, while carrying a balance on the discover card.

Needless to say with about 11,000 in credit limits total I am at abut 30% util. Hope that doesn't spook my creditors especially when the accounts are 2 months old.

If nothing alarming is going on in your reports, I think 30 - 40% utility while not great for your Fico numerical scores, will be fine with your creditors. I don't think they become concerned until you reach about 60% utility and barely paying the minimum while applying for new credit.

RockinRay · ‎04-03-2012

@Anonymous wrote:

I think the only one that snickers at multiple payment is AMEX, from what I've read.

Amex has never had an issue with me and I do pay them weekly...

Ray

** Every Card has a Job, and Every Card does its Job **

webhopper · ‎04-03-2012

I pay multiple times, never had issues so far. I like paying bills on saturday mornings, its become habit, and I've been doing it this way for 6 yrs... Guess what? Never had a late payment in six yrs

go figure! Others have mentioned amex snickering, but you know what? You're the customer and their product is to make your life easier, if they don't like that then that's fine, ill let someone else make my life easier!

FICO 8:
Goal: Gardening!

Open123 · ‎04-03-2012

@Anonymous wrote:
I think the only one that snickers at multiple payment is AMEX, from what I've read.

From what I've seen, this only relates to the charge card.

I'm not sure how they feel regarding multiple payments on the credit card. However, I do know one of the many speculated upon triggers of an FR would be frequent and prepayments.

Frequent prepayments is a well known money laundering strategy whereby a person prepays a credit card from another bank, then requests a credit or check refunded. This is repeated with another CC, and eventually it becomes almost impossible to ascertain the original source of the funds.