Is multiple payments bad?

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KennethHardy
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Re: Is multiple payments bad?

Postby KennethHardy » Fri Apr 22, 2016 5:13 am

I would make 2 payments/month and a CapOne CSR told me I was doing great and to continue making payments so there is nothing wrong making several payments. But multiple payments don't really help boost your score. That said, the fact that you are paying your balance every month and managing the utilization ratio will help your score in the long run.


TXviking
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Re: Is multiple payments bad?

Postby TXviking » Fri Apr 22, 2016 10:36 pm

Yeah, my score is good right now -- I have one derogatory item (a shortsale from 2010), but that'll drop off in another year. Just wanted to make sure I wasn't inadvertently hurting it.

bkk_flyer
 
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Re: Is multiple payments bad?

Postby bkk_flyer » Wed Apr 27, 2016 2:24 am

Hi,

As I've heard or asked this of my issuers, it appears to be a non-event.. however, they did emphasize that what did really matter is that the minimum was received on or before deadline. I didn't ask about a limit to the number of payments in any one period, I framed the question as "can I make a split payment?" One agent commented that it might be a good way to get more than the minimum payment in; such that payment #1 would be the months minimum, then payment #2 would be whatever 'extra' I wanted to pay.

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TyE
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Re: Is multiple payments bad?

Postby TyE » Fri May 06, 2016 2:00 pm

That is so funny, I do the same thing. I make multiple payments a month because I hate seeing a balance. I am glad to see that it's not a bad thing.

IFRpilot
 
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Re: Is multiple payments bad?

Postby IFRpilot » Thu May 19, 2016 9:33 pm

thom02099 wrote:
One minor caveat. Some card issuers may limit the number of payments one can make in a month, or statement cycle. Wells Fargo is one of them. Limit is 2 payments within a cycle period, if paying on line with their system. A payment can always be pushed through. This is not, however, bad. Simply somewhat inconvenient.


I too keep my cards at or near zero balances. I pay my Wells Fargo credit card several times per month. I have never been informed or warned of any restrictions on how many payments I can make in a month. I know for certain there have been times I paid it more than 4 times in one cycle.

thom02099
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Re: Is multiple payments bad?

Postby thom02099 » Fri May 20, 2016 10:27 am

IFRpilot wrote:
thom02099 wrote:
One minor caveat. Some card issuers may limit the number of payments one can make in a month, or statement cycle. Wells Fargo is one of them. Limit is 2 payments within a cycle period, if paying on line with their system. A payment can always be pushed through. This is not, however, bad. Simply somewhat inconvenient.


I too keep my cards at or near zero balances. I pay my Wells Fargo credit card several times per month. I have never been informed or warned of any restrictions on how many payments I can make in a month. I know for certain there have been times I paid it more than 4 times in one cycle.


Very interesting and good to know. My encounter with this issue was with a Propel card, and it's been a while since that encounter. Since then I've not attempted to make more than 2 payments in a cycle, as there's been no need. Perhaps they changed their policy.
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