Question....If I were to say make numerous payments every 2 weeks on a CC with like a $90 balance when no payment is even due, would the CC company get sketchy and raise my limit? Keep in mind that they DO NOT WANT MY MONEY AS OF THIS TIME....payment due is $0
I don't think that, for example, paying $50 every two weeks would be any more impressive than paying $100 per month. In fact, it could confuse you and possibly lead to a late payment. The one real reason for making frequent payments would be a very small credit limit. If you couldn't charge a whole month's purchases on a tiny Cap One or Orchard card, but really wanted to use the card to do so, then you would have to pay more often to open up available credit within your existing limit. Now, it seems likely that monthly payments totalling almost 200% of your credit limit would impress a rational creditor. Whether you have rational creditors is a question I can't answer yet.
In April when I contacted Mr. Miller of Cap1 fame via planet feedback, I referenced the fact that I was paying at least twice a month to open up the credit line for us. With late and over the limit fees running up to $35 each, paying twice a month can help avoid such woes. I have asked all of our companies not to authorize any payment that will put us over the limit. Unless I charge gas (my pump only authorizes $1) this safe guard works. Most companies will allow you to go over the limit in order to reap more profits.
I actually think this is a good idea if the account is calculating the finance charge on a daily basis. In the long run it seems you would pay less of a finance charge than if you let the cycle run from start to finish and only one payment posts.
If you are not able to pay in full just before the 0.00% time is up...it would help you to cut the future interest to pay some every month anyway...
I have a Cap 1 with a $600 limit, and I routinely run up in excess of $2000 a month in charges, but make 6 or 7 large payments every month also, and never carry over a balance. It hasn't seemed to have budged them at all for increases. My last one was from $500 to $600, and I had to talk them into even that.
ive been a customer for 17 months, $2100 limit. If you are on the slow track (aka bad credit) ,cap 1 is slow.
