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Got kicked in the butt by Capital One this morning.

Valued Contributor

Got kicked in the butt by Capital One this morning.

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 




Starting scores: 552 EQ, 570 TU, 558 EX Current scores (3/24/17): 739 EQ 735 TU 761 EX
Message 1 of 21
20 REPLIES
Established Contributor

Re: Got kicked in the butt by Capital One this morning.


DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


Shouldn't be that big of a deal for one month. Everyone makes a large purchase every once in a while

Message 2 of 21
Established Contributor

Re: Got kicked in the butt by Capital One this morning.

I hate it when that happens.

 

Alotta people here at the forums know their statement cut dates and dodge those days for big purchases.... but sometimes you just plain ol' "forget".


My credit sux and I apped to much
Message 3 of 21
Regular Contributor

Re: Got kicked in the butt by Capital One this morning.


DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


 

you don't have to wait for the balance to post before making a payment. whenever i make large purchases on my lower limit cards i always send a payment while the transaction is still in pending mode, that way i'm assured it won't affect my reported util. most cards will let you set up a payment even if it hasn't posted; however, some don't so in those cases i use by checking account billpay as a work around. 

Member FICO 800 Club
Message 4 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.


hinu wrote:

DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


 

you don't have to wait for the balance to post before making a payment. whenever i make large purchases on my lower limit cards i always send a payment while the transaction is still in pending mode, that way i'm assured it won't affect my reported util. most cards will let you set up a payment even if it hasn't posted; however, some don't so in those cases i use by checking account billpay as a work around. 


Unfortunately Capital One will only let you pay the current balance plus 10%. The largest payment I could have made before the transaction posted was $22




Starting scores: 552 EQ, 570 TU, 558 EX Current scores (3/24/17): 739 EQ 735 TU 761 EX
Message 5 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.


LearningFast14 wrote:

DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


Shouldn't be that big of a deal for one month. Everyone makes a large purchase every once in a while


I know, just kind of annoyed that they cut the statement immediately after this transaction decided to post, giving me a "false" utlization. I say we blame my mother Smiley Happy




Starting scores: 552 EQ, 570 TU, 558 EX Current scores (3/24/17): 739 EQ 735 TU 761 EX
Message 6 of 21
Established Contributor

Re: Got kicked in the butt by Capital One this morning.


DeeBee78 wrote:

LearningFast14 wrote:

DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


Shouldn't be that big of a deal for one month. Everyone makes a large purchase every once in a while


I know, just kind of annoyed that they cut the statement immediately after this transaction decided to post, giving me a "false" utlization. I say we blame my mother Smiley Happy


it's not technically false utilization. 

 

Paying before statement cuts is in fact technically false utilization. 

Message 7 of 21
Mega Contributor

Re: Got kicked in the butt by Capital One this morning.


DeeBee78 wrote:

hinu wrote:

DeeBee78 wrote:

My mother recently asked me to help her buy an iPad. I told her she would save money if we bought it online instead of going to the Apple Store. She agreed, and I purchased it on Monday with my $750 limit Capital One Quicksilver. 

 

 I'd been watching my reported balance every day, so I could pay it off as soon as it posted. As of last night, it hadn't posted. 

 

Woke up this morning, and it had finally posted. But guess what else happened? Statement period closed, and a statement was generated at a $585 balance Smiley Sad Aargh!

 

78% utilization reported on this card for this month Smiley SadI just sock drawer'd the damn thing until I can get another CLI. 


 

you don't have to wait for the balance to post before making a payment. whenever i make large purchases on my lower limit cards i always send a payment while the transaction is still in pending mode, that way i'm assured it won't affect my reported util. most cards will let you set up a payment even if it hasn't posted; however, some don't so in those cases i use by checking account billpay as a work around. 


Unfortunately Capital One will only let you pay the current balance plus 10%. The largest payment I could have made before the transaction posted was $22


Not if you push the payment from your bank's bill pay.

Message 8 of 21
Established Contributor

Re: Got kicked in the butt by Capital One this morning.

Unless you are apping something next month it doesn't matter and may even help you.

It won't matter because your score will instantly bounce back once your utilization updates next month to show the lower balance. You only really need to fine tune utilization when you are planning to do something with your score.

It may help because maxing your card but then PIF is something you can use to try and push for a CLI. Once you pay that balance in full if you haven't CLI'd in awhile call them up and say you are feeling constrained by the limit even though you pay the balance down immediately. It might work!


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Last Inq 04/2018
...
Message 9 of 21
Valued Contributor

Re: Got kicked in the butt by Capital One this morning.


Canadian-In-Seattle wrote:

Unless you are apping something next month it doesn't matter and may even help you.

It won't matter because your score will instantly bounce back once your utilization updates next month to show the lower balance. You only really need to fine tune utilization when you are planning to do something with your score.

It may help because maxing your card but then PIF is something you can use to try and push for a CLI. Once you pay that balance in full if you haven't CLI'd in awhile call them up and say you are feeling constrained by the limit even though you pay the balance down immediately. It might work!


^This

 

After it reports, you pif, and that reports, it will help your credit capacity score, a score that estimates your ability to take on more credit. FICO doesn't sell these to consumers but does sell them to creditors. Let your balance go near your CLs from time to time. You only need to worry about your utilization when applying for new credit and that's the time to proactively prepay balances to minimize util. Makes it easier to get CLIs.

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 10 of 21