Is it bad to make multiple payments on credit card in a month?

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Robrus1
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Postby Robrus1 » Sun Dec 16, 2012 3:59 pm

It doesn't matter if you pay several times a month, it's a good thing. It's not good to nearly max out your card and let it report that way. It's much better to let it report a zero balance than a nearly maxed out one. Having an active and current card you're not using for several months still reports every month, so it does help your credit. Pay them as many times a month as you want, just make sure when your statement cuts you don't have a high utilization amount on the card. It doesn't hurt to let the card report 0. Lastly, if you have already had a CLI from Cap 1, I'd apply for another card somewhere else. They don't really grow with you.
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s.jessica
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Postby s.jessica » Sun Dec 16, 2012 4:56 pm

So I'm thinking about this the wrong way! I was thinking Crap1 would give you a starter card to see how you handled it, then a few months down the road offer you something better. I would have wasted the inquiry in 6 months thinking it would be easier to get a better card from a place you have a good record with, but after doing some further research and using google, it appears they only give you one increase then forget about you forever. It appears what you would have to do is get a card from a place like Citi, cancel the starter card then wait 6 months to a year and come back as a new customer to get a better card........too many steps!

Vermonster
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Postby Vermonster » Sun Dec 16, 2012 5:21 pm

What's your AoAA, and your Score?

It sounds like you're ready to take a shot at a better card. I'd look into the Chase Freedom or Discover More/It. The Citi Forward isn't a bad card either, but the general consensus is that the Chase and Discover are better.
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MemberSince99
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Postby MemberSince99 » Sun Dec 16, 2012 8:49 pm

Cap One does NOT offer you something better based on how you handle your card. I had a few of their starter 500 dollar limit cards. Once you get your "credit steps" (step in this case) increase, you're done with CLIs most likely for a very long time. They will NOT offer to PC you to a better card they expect you to apply for a better card and take another hard pull on all 3 bureaus for it. As always YMMV but I wouldn't want someone thinking if I just treat this card like gold Cap One is going to notice and reward me, that is extremely unlikely to happen.

So yes s.jessica you are correct I am so sorry you had to find out the hard way but you are correct in what you are saying.

Now as to paying many times a month I did that, and they never cared though sometimes they would hold my payment for 10 days or 2 weeks before crediting that amount back to my available credit. I called to ask why and they told me that if I called them they would reset it. I found that a hassle. The prime banks restore your available credit next day as a rule. Even more ridiculous, once I made my first payment I still had about 300 dollars free on my card in available credit even without the payment factoring in, yet I went to get gas and they declined me. I called up asking why and was told it was because I just made my first payment and they had to be sure it cleared my bank before they could authorize the charge. I said you gotta be kidding me, first of all regardless of the payment, I have 300 in available credit, so what does that have to do with that, if I hadn't made a payment you would have authorized my charge, but because I made a payment you decline? That makes no sense. They had no answer, just more insanity from Cap One, that's just how they are. It's a Mickey Mouse credit card company to be honest. I would not touch them with a 10 foot pole even for their prime cards like Venture, which honestly isn't a bad card, but I'd rather do business with almost anyone else than ever deal with these clowns again.

Sorry for the off topic rant, anyway they don't care if you do that but you might find it a bit of a hassle dealing with those clowns.

SuperKirby
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Postby SuperKirby » Mon Jun 24, 2013 9:52 pm

So i'm in kind of the same boat, i'm about to start using one of my old Chase cards (10 years old). Had it back when I was a teenager. I've never really used it throughout the years so the credit limit automatically went from $300 to now only a small $1000. I look to spend around $3-$4000 on that card a month now so I will pay them 3-4 times a month. Just to be sure, this is still okay with Chase, right? Is there a way to increase the CL without a hard pull? TIA

HookEmHorns
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Postby HookEmHorns » Tue Jun 25, 2013 12:28 am

How long have you had the card? I would apply for something better than a CapOne asap. They won't raise your limit and Chase, Amex and Discover are much better.
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rockyrock
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Postby rockyrock » Tue Jun 25, 2013 3:49 am

A few months ago I called to request a CLI for my Hawaiian Air Visa; this card is serviced by FIA. My wife uses this card for her daily spending and she was regularly exceeding the limit of $1k. I had auto-pay set up for $500 a month and was making an additional payment as required to keep it under control. I didn't like the limit being exceeded so often and I didn't like having to track the balance so often. In all the ups and downs one month it finally reported >100% utilization so I decided to call and ask for a CLI.

While on the phone with the analyst she asked a few questions about my income and started to review how I use the card. She indicated how I was using the card (daily) was great and they really liked how I regularly made multiple payments a month. I had only wanted to increase my limit to $2k but she convinced me to go for $3k just to be safe. I got the $3k and am pretty sure I could have gotten more.

This is what I took from this experience:
1) Use the card a lot; reach or exceed the limit often
2) Make 1-2 payments a month
3) I had a demonstrated need for a higher limit
4) I indicated I only wanted a limit high enough to keep my score healthy (I didn't ask for $10k when it was obvious I only needed $2k-$3k.

Caveats:
-this is a Visa Signature card so I was able to exceed the limit with no penalty
-my total available credit was >$100k so even with this card maxed out it represented <1% overall utilization
-I have several years of good payment history with this card
-I have well established credit
-finally: YMMV
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SuperKirby
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Postby SuperKirby » Tue Jun 25, 2013 4:07 am

@rockyrock - Thanks for the data points. Did you get a hard pull for this?

rockyrock
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Postby rockyrock » Tue Jun 25, 2013 4:14 am

SuperKirby wrote:@rockyrock - Thanks for the data points. Did you get a hard pull for this?


Yes, they seem to like the HP at FIA. Once last year when I added my wife as an AU and again for the aforementioned CLI.
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jmtdallastx
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Postby jmtdallastx » Tue Jun 25, 2013 3:55 pm

I pay all of mine every Friday.



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