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Capital One

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fixmycred14
Established Contributor

Capital One

I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?


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physicist82
Regular Contributor

Re: Capital One


@fixmycred14 wrote:

I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?


That happened when I paid 2 of our cards off as well. It happens because interest isn't calculated until the statement cut date which is usually a couple of days after the due date for cap 1. So by the time you see the interest they have already reported the interest. Now all you can do is pay it and wait till it cuts again. I have heard of people asking for mid cycle updates but when I asked for one they said all they could do was send me a letter with proof that I paid it and what the current balance was. 

The only way to avoid it in the future would be to figure out some way to determine how much interest they will charge you at statement cut. Cap 1 lets you make a pymt up to 10% over what the balance is. If your balance is $100 and you know you will get $5 interest you can make a pymt of $105. That way when they interest gets charged and the statement cuts it will show a zero balance.

Message 2 of 4
fixmycred14
Established Contributor

Re: Capital One

Thank you for the helpful information.


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


Take the myFICO Fitness Challenge NFCU nRewards $20K Cap1 Secured $500 NFCU LOC $15K TJX $250 BOA $500
Message 3 of 4
SunriseEarth
Moderator Emeritus

Re: Capital One


@physicist82 wrote:

@fixmycred14 wrote:

I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?


That happened when I paid 2 of our cards off as well. It happens because interest isn't calculated until the statement cut date which is usually a couple of days after the due date for cap 1. So by the time you see the interest they have already reported the interest. Now all you can do is pay it and wait till it cuts again. I have heard of people asking for mid cycle updates but when I asked for one they said all they could do was send me a letter with proof that I paid it and what the current balance was. 

The only way to avoid it in the future would be to figure out some way to determine how much interest they will charge you at statement cut. Cap 1 lets you make a pymt up to 10% over what the balance is. If your balance is $100 and you know you will get $5 interest you can make a pymt of $105. That way when they interest gets charged and the statement cuts it will show a zero balance.


+1.   If you used to carry a balance and switch to a PIF model, it usually takes two statements to fix itself, due to the residual interest as described.   



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