Multiple credit card payments per month is it better ?

seanacy67

Hi

I was just wondering if I paid multiple payment off my credit cards a month would that build a better credit score eg

minimum payment = £100 a month so instead of paying one £100 I pay say £25 four times up to the cut off date.

Because don't you get so many points per payment !!

Any help would be great

Tixy

It would make no difference at all.

The payments would not be recorded on your credit file individually.

The key thing is to make sure you pay at least the minimum payment between the statement date and the due date.
Paying slightly more than the minimum is advised, even if only by a couple of £ if you cannot afford more than that.

Cycrow

if you paid in 4x£25 they will simply be added up and will show as a payment of £100 for that month.

plus if you have £100 available, it'll be better to pay that all instead of spliting it up, as u'll end up paying less interest

StuC75

With Credit Cards there is only a couple of weeks between the statement prepared date and the due date for latest payment.

So You had paid £100 (4x£25), it may fall that only 2 or 3 were within the required timescale and so the final parts would be counted as late payments and a charge incurred!

e.g. My latest Virgin Card statement was the 27th June.
Payment due by the 14th July

I always pay full balance, but following your plan..

paying £25 on the 1st & 8th Would count, but 15th & 22nd would be late payments..

Not a good idea...