Is it possible to pay off my balance more than once in a payment period in order to increase the amount I can spend in a payment period?
Yes, but you should only do that if you expect an expense that is larger than your limit allows. Then, provide an extra payment before your expense occurs since it will take longer for the issuer to apply it to the outstanding balance. For instance, when going on holiday you could deposit additional money to increase your balance temporarily.
That said if your goal is to improve your credit score I would recommend using the card, staying within your limit and pay it off every month.
The 2 largest factors going into calculating your credit score are:
- amount owed (available credit)
- payment history
By paying off the balance each month you
- won't have an amount owed however it does count as available credit
- and you show a responsible use of the card ergo positive payment history.
After 6-9 months you can probably get a bigger limit, to improve your score. I wouldn't change to a different card or get a second one, as some issuers will run a check on your creditscore that lowers it temporarily.
Also: you're entitled to a free credit report each year. I'd recommend asking for one every year so you can keep track on how your credit score improves.
It also gives you the opportunity to check for mistakes on your report.
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