Hi i am new to the forum...i need help in understanding when and how to make payments to my new Secured Capital One acct...They have a $200.00 CL...My balance is at $51.00..online the payment is scheduled for the first payment on 04/12/2011...i am paying the balance off this friday...my question is how much have already been reported to CR...$0 bal or $51.00 bal...yesterday it stated 0...then today i logged in it have $51.00 which is the amt i used....also after i pay the bal in full this week...how much should i make a charge and pay back before 04/12/2011...sorry if this sounds so confusing..please let me know New to credit...when the statement cuts and when to post to the payments before it hit the CR
Welcom to the forums! Whatever the 'statement balance' is that's the amount that is reported to the CRAs. You should see when you log in 'Current Balance, 'Statement Balance' and 'Amount Due'. The amount due may be less than the amount that you have to pay by the due date. But, if you want to avoid paying any finance fees, you'd have to pay the entire $51 by the due date.
If your statement has already generated, you can charge up to your available credit line and pay it off bofore a new statement generates after 04/12/11. Just remember to always pay the statement balance in full each month to avoid finance charges.
Capital One reports the "statement balance" about 3-5 days after your statement date (which works out to about a week and 1/2 after your due date). Here's my specific example and yours should not be too different (you will adjust your scenario based on your own statement date):
My bill due date: 3/4
My statement date: 3/8
Capital1 Reported my statement balance to credit bureau on 3/12
To make it easier on yourself, just plan on paying your card down to the amount you want them to report (like if you want to leave $10 showing) at least one week prior to your Due Date. that way, your payment will always be on time and you will know exactly what amount they will report.
Note that each credit card company does their reporting on different schedules so this won't necessarily translate to other credit cards.
First, welcome to the forums! You will find a wealth of information from the experienced members. Soon, you too will be providing advice to newcomers based on your experiences. For now, breathe-in... breathe-out and relax. Don't get yourself into a panic. Your first statement hasn't generated yet and you're still ALL GOOD with your new credit card. The credit score game is primarily used if you are looking to make a major purchase soon, but for month-to-month activity, it's not really a big deal because scores change often due to many other factors.
As DI and Ficofox stated in so many words, it's all about timing for what you want to appear on your report. Since you're making a payment in just a couple of days, you will be fine. Unfortunately, you plan to re-use the card immediately after that payment which will drive the balance up again prior to 4/12/2011. If you time it out right, you will make your payment prior to the statement end date, then hold off usage for several days, then reuse again.
Don't worry, it will take a statement or two to really get into the rhythm of it. Some veterans here have up to 50 cards they must track, but for now, congratulations on your Capital One account!
Thanks guys im new to credit and trying to raise my scores...Im paying the $51.00 this friday...i only used the card once...but i have been reading on the forums it is best to keep using the card as much as possible??? i really dont have any plans to purchase anything...should i just pay the $51.00 then wait until after 04/12/2011 to use the card again...not sure when to use the card again...if i do use it before 04/12/2011 after i make the payment will i just go ahead and pay another payment before the 04/12/2011 due date or will that be over paying way too much...example: Im paying the 51.00 this friday....i will wait for that payment to post to my account....then say if i make another purchase 03/25/2011....for $50.00 will i just pay back the $50.00 before 04/12/2011...confused a little but im learning...Thanks again for all the Help!!!
Im trying to breathe in and out i guess im just nervous about the entire credit thing....all of your help is greatly appreciated...i will learn as i go again THANKS!!!!
They may report the $51 this time. You can pay that off on Friday, but since your first statement already cut (it sounds like), they probably have already sent off your last statement balance to the bureaus. If they haven't generated a statement yet, then the next time your balance will be reported will be after your 4/12 due date. That means that you can make charges from now until your due date - pay that off, and still show $0 reporting on or around 4/18-4/20.
3/16 May have already reported $51 to credit bureau if 1st statement was generated. If not, $0 balance reporting as of today
3/18 Pay balance of $51
3/18 - 4/8 make new charges
4/8 Pay off new charges
4/12 Official Due date
4/16 (approximately) New statement date
4/20 (approx) Report 4/12 balance
You can use the card as much as you want as long as you pay it down to the amount you want the card to report before the statement date. Do like Ficofox said and just make sure the week or so before 4/12/11 that your balance on the card is what you want it to report.
Capital One doesnt report the activity or the amount you spent in a months time just what is left at the time of the statement.