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Frequent Contributor
Posts: 443
Registered: ‎09-23-2013
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Re: High balance in-between credit statements & spending more than the credit limit.

Thanks for all the great replies and the welcoming Smiley Happy. My questions have been answered.

 

Hopefully my limit will be higher than $1,000, but if not, I cant complain - being my first credit card.

 

Also, as soon as I receive my card in the mail (which I can't wait for!) I'll make note of my statement date and be sure to give enough time for any payments to clear before then. My intention has always been to carry zero balance month-to-month anyway.

 

Again, thank you everyone.

AMEX Surpass: $32,000 | Capital One Quicksilver: $10,000 | Chase Sapphire Preferred: $9,400 | Capital One QS1: $6,500 | US Bank Cash+: $7,000 | US Bank Cash Rewards: $5,000 | Discover IT: $4,000 | Chase Freedom: $2,000 | AMEX BCP: $1,000 | Auto Loan: $7000/$18,000 | AU Accounts: AMEX BCE: $18,000 | PNC Points: $17,500 | PNC Everyday: $12,000 | Fidelity Investments: $10,000 | JCPenny Store Card: $7,500

TU: 819 EX: 809 EQ: 787

05/12/15
Valued Contributor
Posts: 1,388
Registered: ‎08-24-2013
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Re: High balance in-between credit statements & spending more than the credit limit.

[ Edited ]

takeshi74 wrote:

 

It seems that way but technically your close date is before the due date (time in between is the grace period).  The close date after the due date is the next statement's close date.


 Both decriptions are correct.

 

If A = due date

If B = closing date

 

A is before B and B is before A since it's a continuous cycle.

 

The due date for one of my cards lands on the 6th of every month. It's closing date is the 9th. If I pay down to my desired utlization before the 9th, what's then reported to the bureaus is the balance(if any) for that newly finished cycle. Now, after that closing, and the cycle resets on the 10th, what's then owed(if any) is for the next due date and it's closing.

 

ETA: I see we're both saying the same thing. Your point is more focusing on the cycle, itself. I'm speaking on how not to get caught with a high utilization. In that, it's correct to stress the closing date for that specific cyle, he/she is not wanting to be reported with a high utilization, is right after the due date. So pay it down before then.

Discover IT-[17,600] Double Cash-[10,000] Home Projects Visa-[7,700] Walmart Mastercard-[7,500] Paypal Xtras Mastercard-[6,000] Overstock-[5,100] Chase Amazon-[5,000] SYNCB Amazon-[5,000] Slate-[5,000] Sallie Mae-[5,000] QuickSilver-[4,000] Double Cash-[4,000] Bclays Rewards Mastercard-[4,000] Quicksilver-[4,000] Mypoints Visa-[3,750] Discover IT-[3,750] Ebates Visa-[3,200] Chase AARP-[3,000] BOA Cash Rewards-[2,500] Sony Visa-[2,150] Vicky's Secret-[1,750] DSW Visa-[1,500] Diamond Preferred-[1,500] Simplicity-[500]{Paypal Credit- 7,200/ Newegg Preferred-2,000} TCL:[113,500] EX-(21) TU-(16) EQ-(11) Last app: 6/6/15
Valued Contributor
Posts: 1,388
Registered: ‎08-24-2013
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Re: High balance in-between credit statements & spending more than the credit limit.


ksantangelo23 wrote:

Thanks for all the great replies and the welcoming Smiley Happy. My questions have been answered.

 

Hopefully my limit will be higher than $1,000, but if not, I cant complain - being my first credit card.

 

Also, as soon as I receive my card in the mail (which I can't wait for!) I'll make note of my statement date and be sure to give enough time for any payments to clear before then. My intention has always been to carry zero balance month-to-month anyway.

 

Again, thank you everyone.


I've never actually seen anywhere on my welcome material where it stated my closing date. It always says, "You'll be billed approximately 23 days after you've made a purchase". Something along those lines which isn't very specific. I've always either called and asked for my closing date or looked online to see when my minimum owed is saying $25 instead of 0(if you're carrying a balance) or seeing the next month's due date if you're not carrying one. That's when you know they've come through and collected your info. 9/10 times I call to ask though. Sometimes, as in the case of Chase and Discover, they can tell you the closing date upfront before you purchase anything. Other times I've been told it depends on if I make a purchase before a certain date(as with my Paypal account).

Discover IT-[17,600] Double Cash-[10,000] Home Projects Visa-[7,700] Walmart Mastercard-[7,500] Paypal Xtras Mastercard-[6,000] Overstock-[5,100] Chase Amazon-[5,000] SYNCB Amazon-[5,000] Slate-[5,000] Sallie Mae-[5,000] QuickSilver-[4,000] Double Cash-[4,000] Bclays Rewards Mastercard-[4,000] Quicksilver-[4,000] Mypoints Visa-[3,750] Discover IT-[3,750] Ebates Visa-[3,200] Chase AARP-[3,000] BOA Cash Rewards-[2,500] Sony Visa-[2,150] Vicky's Secret-[1,750] DSW Visa-[1,500] Diamond Preferred-[1,500] Simplicity-[500]{Paypal Credit- 7,200/ Newegg Preferred-2,000} TCL:[113,500] EX-(21) TU-(16) EQ-(11) Last app: 6/6/15
Frequent Contributor
Posts: 427
Registered: ‎09-08-2010
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Re: High balance in-between credit statements & spending more than the credit limit.

Oh, you don't know your limit?  Call them and find out!!! Smiley Happy

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Frequent Contributor
Posts: 443
Registered: ‎09-23-2013
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Re: High balance in-between credit statements & spending more than the credit limit.


codimom wrote:

Oh, you don't know your limit?  Call them and find out!!! Smiley Happy


well, I decided to wait so that I might get a fun surprise this week, I just got my card in the mail an my limit is $5,800 and APR of 12.99%!

 

I expected $1,000 - $1,500 with an APR of 18-20% at best. Haha Smiley Happy *happy dance*

AMEX Surpass: $32,000 | Capital One Quicksilver: $10,000 | Chase Sapphire Preferred: $9,400 | Capital One QS1: $6,500 | US Bank Cash+: $7,000 | US Bank Cash Rewards: $5,000 | Discover IT: $4,000 | Chase Freedom: $2,000 | AMEX BCP: $1,000 | Auto Loan: $7000/$18,000 | AU Accounts: AMEX BCE: $18,000 | PNC Points: $17,500 | PNC Everyday: $12,000 | Fidelity Investments: $10,000 | JCPenny Store Card: $7,500

TU: 819 EX: 809 EQ: 787

05/12/15
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