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Old 01-26-2019, 07:38 PM
 
18,029 posts, read 12,731,262 times
Reputation: 13369

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Quote:
Originally Posted by john620 View Post
Who told you this? Multiple payments per month increases the risk of an adverse action by the credit card company on your account. I know Amex is the most strict when it comes to this but other cc companies have similar policies as well. Paying off multiple times a month between statement periods may indicate too much activity for your income which is used along with credit score to set the credit limit.
Making multiple payments a month is not a problem with credit card companies. Running your balance up to or near the limit multiple times a month can cause problems. I make 4 payments or more a month on the cards I use and itís never been an issue
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Old 01-26-2019, 08:16 PM
 
529 posts, read 430,627 times
Reputation: 1390
Quote:
Originally Posted by Rocko20 View Post
That article is 7 years old.



Is this suppose to be a humble brag?

Congrats, you have the ability to get into a lot of debt fast at any moment. I'd rather keep a handful of elite exclusive cards than 30 largely mediocre ones, quality of quantity.

And unless your score is 800, 740 is hardly rare or bragworthy.
740 is prime rate level. This after 10 months of entering the country. This is to say, that credit score is easily manipulated. Currently the score is around 790-800 with only 3ish years of credit history.

Of course I don't keep 30 ad eternum, I only keep around 7-8 good ones the rest is just churning. However k one of the cards are bad ones. CSP, CSR... Southwest from chase, SPG in personal and business etc... I only bother to get a card when the bonuses are worthy
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Old 01-27-2019, 02:01 PM
 
596 posts, read 536,371 times
Reputation: 1156
Quote:
Originally Posted by Lowexpectations View Post
Making multiple payments a month is not a problem with credit card companies. Running your balance up to or near the limit multiple times a month can cause problems. I make 4 payments or more a month on the cards I use and itís never been an issue
True. The issue is with people running their balance near the limit making a payment and doing this a few times in a month in what is known as cycling.
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Old 01-28-2019, 12:32 AM
 
Location: USA
141 posts, read 73,267 times
Reputation: 296
hmmm, something to consider: It's not just the score that matters, its the whole package.

Sure, someone can have a high FICO, with no balances, yet see a significant drop in FICO when a balance(s) posts.

Yet other's can lose only a few points when decent balances posts.

Credit is a great thing, but like other financial tools, it requires the right usage and maintenance. For all the cash only people out there, it would be impossible for most of us to acquire anything significant without credit, whether its a car, house, degree, or business. If you only make the median wage, you're not going to be paying cash for anything big.

Cheer up!! You can always get that promotion!

Last edited by SE1SG; 01-28-2019 at 12:33 AM.. Reason: typo
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Old 01-28-2019, 12:44 AM
 
Location: California
438 posts, read 135,627 times
Reputation: 347
Quote:
Originally Posted by SE1SG View Post
hmmm, something to consider: It's not just the score that matters, its the whole package.

Sure, someone can have a high FICO, with no balances, yet see a significant drop in FICO when a balance(s) posts.

Yet other's can lose only a few points when decent balances posts.

Credit is a great thing, but like other financial tools, it requires the right usage and maintenance. For all the cash only people out there, it would be impossible for most of us to acquire anything significant without credit, whether its a car, house, degree, or business. If you only make the median wage, you're not going to be paying cash for anything big.

Cheer up!! You can always get that promotion!
I agree to disagree. I bought my first mattress from Montgomery Wards with a 0% offer and I have always used 0% offers. It has never had anything to do wit my earnings. Once you acquire enough credit cards cycling can actually reap rewards. IMHO YMMV
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Old 01-28-2019, 01:10 AM
 
Location: USA
141 posts, read 73,267 times
Reputation: 296
Quote:
Originally Posted by lostsoul359 View Post
I agree to disagree. I bought my first mattress from Montgomery Wards with a 0% offer and I have always used 0% offers. It has never had anything to do wit my earnings. Once you acquire enough credit cards cycling can actually reap rewards. IMHO YMMV
That's fine...... however, a mattress is by no means or by any measure, significant. I didn't mean to say that there are no benefits to credit usage, I implied there were. Indirectly, I implied there was no benefit in cash only purchases.

Everyone's profile is different, what is a lot to some, isn't as much to others. Whether its number of accounts or sizes of accounts.

Don't confuse sales tactics with financial management. Just because there's a 'perceived' savings on a purchase, meaning you've convinced yourself without further debate, does not mean its required, needed, or valued. A block of metal can be purchased for a settled offer, yet nearly worthless at some point in the future. In that case, your 'perceived' value became a negative and hurt the remaining portfolio. Something is always for sale... Whether or not to buy it is the question.

Credit is great! Using it correctly is greater!

Last edited by SE1SG; 01-28-2019 at 01:10 AM.. Reason: sp
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Old 01-28-2019, 02:24 AM
 
Location: California
438 posts, read 135,627 times
Reputation: 347
Quote:
Originally Posted by SE1SG View Post
That's fine...... however, a mattress is by no means or by any measure, significant. I didn't mean to say that there are no benefits to credit usage, I implied there were. Indirectly, I implied there was no benefit in cash only purchases.

Everyone's profile is different, what is a lot to some, isn't as much to others. Whether its number of accounts or sizes of accounts.

Don't confuse sales tactics with financial management. Just because there's a 'perceived' savings on a purchase, meaning you've convinced yourself without further debate, does not mean its required, needed, or valued. A block of metal can be purchased for a settled offer, yet nearly worthless at some point in the future. In that case, your 'perceived' value became a negative and hurt the remaining portfolio. Something is always for sale... Whether or not to buy it is the question.

Credit is great! Using it correctly is greater!
I understand completely. To use credit wisely one must be a buyer not a shopper.
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Old 01-28-2019, 09:21 AM
 
Location: 75075
153 posts, read 87,889 times
Reputation: 80
I have less number of cards than the guy ,but credit limit might be closer to 200K,I just closed 2 cards on saturday with a combined credit limit of 40k.I like to churn cards,but now its getting difficult with chase 5/24 rules etc
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Old 01-28-2019, 08:00 PM
 
529 posts, read 430,627 times
Reputation: 1390
Quote:
Originally Posted by smuninja View Post
I have less number of cards than the guy ,but credit limit might be closer to 200K,I just closed 2 cards on saturday with a combined credit limit of 40k.I like to churn cards,but now its getting difficult with chase 5/24 rules etc
indeed. And a lot of cards are closing down their benefits.

Discover for example ended their price protection and product protection... which was a bummer. Other cards followed the same.

I loved price protection because I could make all my Black Friday shopping a couple weeks in advance and then just use the credit card for price matching! No lines, no confusion, no problems with limited inventory on door busters, etc.

My first year or two I churned like crazy... nowadays, I probably do 3 cards a year or so. No need for more really - I use miles - because I can't use my miles at a fast enough pace. I go back home maybe 2-3 times a year and my wife comes with me maybe twice, and we still have lots of miles left from the original churning, so I only churn enough nowadays to keep the travel for free. At the beginning I know it's hard to stop, because you collecting thousands upon thousands of miles and it's just fun to see your balance go up and up... but if you can't use them no need to just churn and churn.

I'm currently happy at 3 cards per year or so, which is fine with Chase rules. I dont have kids yet though, so if I were to have kids or families with kids, it's a whole different level and I can see the need for so much churning.
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Old 01-28-2019, 08:11 PM
 
18,029 posts, read 12,731,262 times
Reputation: 13369
Quote:
Originally Posted by Lusitano_ View Post
indeed. And a lot of cards are closing down their benefits.

Discover for example ended their price protection and product protection... which was a bummer. Other cards followed the same.

I loved price protection because I could make all my Black Friday shopping a couple weeks in advance and then just use the credit card for price matching! No lines, no confusion, no problems with limited inventory on door busters, etc.

My first year or two I churned like crazy... nowadays, I probably do 3 cards a year or so. No need for more really - I use miles - because I can't use my miles at a fast enough pace. I go back home maybe 2-3 times a year and my wife comes with me maybe twice, and we still have lots of miles left from the original churning, so I only churn enough nowadays to keep the travel for free. At the beginning I know it's hard to stop, because you collecting thousands upon thousands of miles and it's just fun to see your balance go up and up... but if you can't use them no need to just churn and churn.

I'm currently happy at 3 cards per year or so, which is fine with Chase rules. I dont have kids yet though, so if I were to have kids or families with kids, it's a whole different level and I can see the need for so much churning.
3 cards per year wouldnít work within Chaseís 5/24 rule
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