Capital One Interest keeps reporting after statement closes!! Irritating.

[Anonymous]

I finally paid down 6 cards 100%. Cap1 and Barclay report interest right afterward so it doesn't end up being zero on statement. $9.48 on Barclay, $2.55 on Capital One, $3.27 Capital One. The thing is, I've been struggling the last 12 months to pay down 100% on multiple cards. When I finally do, it doesn't report that way. 2% utilization instead of 0%. I don't understand how this is possible or how it works, can someone enlighten me? Thank you! Do you think my scores will be different as opposed to actual 0%?

[Anonymous]

Please don't pay everything down to zero. I just did and took a 20pt drop. Always leave at least one card reporting, just under 10%. 

It felt good to pay everything off. Now I have to wait a month for my points back. Good look. 

[Anonymous]

I still have 3 cards reporting balances. Not there all the way yet. I was just really excited to have 7 cards report zero, but 3 really didn't. I don't understand how they can charge interest after the fact? Confusing.

[Anonymous]

Yeah its annoying. You either have to pay in full the day the statement cuts, or you need to push a payment from your bank account so there's a negative balance showing on the statement to account for interest.

[Ysettle4]

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@Anonymous wrote:
I finally paid down 6 cards 100%. Cap1 and Barclay report interest right afterward so it doesn't end up being zero on statement. $9.48 on Barclay, $2.55 on Capital One, $3.27 Capital One. The thing is, I've been struggling the last 12 months to pay down 100% on multiple cards. When I finally do, it doesn't report that way. 2% utilization instead of 0%. I don't understand how this is possible or how it works, can someone enlighten me? Thank you! Do you think my scores will be different as opposed to actual 0%?

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It's mostly because you are getting dinged on interest on the statement before the last if there was a balance being carried over. Most banks have a 25 day grace period for carrying balances but that's on a per month cycle.

There are things you can do to be better prepped. First, calculating your projected interret at the end of a statement cycle:

1. Take your APR and divide it by 365 (days in a year). Example: if the APR is 15.99%, the math is .1599 / 365)

2. Multiply the result by the current balance on your card

3. Then multiply that result by the number of days you've been carrying that balance.

The ending result is what you'd pay in interest right before the statement is cut for the current statement cycle. Just take this amount and add the balance - this is what you need to schedule to pay on your due date.

[bobbay]

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@Anonymous wrote:
I still have 3 cards reporting balances. Not there all the way yet. I was just really excited to have 7 cards report zero, but 3 really didn't. I don't understand how they can charge interest after the fact? Confusing.

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Capital one bills you interest in the month you carry a balance. When you pay your account in full you will still be billed interest until the following month, if you continue to pay in full you will not be billed for interest. 

[Anonymous]

Gotcha. Thanks. Frustrating. I just checked myfico and it says balance changes $0- $4 and $300- $2 stupid!

[Anonymous]

With capital one you are allowed to make a payment equal to 110% of your balance, so I usually overpay it by 5-10$ and that covers the interest

[DoroLucky]

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@Anonymous wrote:
Gotcha. Thanks. Frustrating. I just checked myfico and it says balance changes $0- $4 and $300- $2 stupid!

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Happened to me with Cap1 and they actually credited it back to my account. 

[Anonymous]

Happens to me a last month when I was paying down my cards. Paid it down to $0 and thought all was good. Statement came out and I noticed a $27 charge on my account. Called and they actually refunded the amount. Now the card is just a sitting duck collecting dust.