Make a payment before 1st statement-Capital One

[TimeLBK]

I was approved for the Cap One Platinum and Cap One QS for $500 each. I just received them about a week ago. I have a $5..lol, balance on one and $170 balance on the other. Should I make a payment BEFORE the 1st statement or just wait until the 1st statement? I am trying to make these cards have the BEST scenario cases of CLI.

[RonM21]

I think it's a mix of both. Either way, they want to see that you can handle the debt. If it's me, I pay in full one month, then pay a good portion the next month amd carry a small balance, then immediately pay in full after statement. It seems the more you show you can use most of your limit and pay it down, the faster it triggers a CLI.

[SouthJamaica]

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@TimeLBK wrote:

I was approved for the Cap One Platinum and Cap One QS for $500 each. I just received them about a week ago. I have a $5..lol, balance on one and $170 balance on the other. Should I make a payment BEFORE the 1st statement or just wait until the 1st statement? I am trying to make these cards have the BEST scenario cases of CLI.

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Yes pay them before statement cut.

[Kutuzov]

You don't need a statement to pay it, so why not?

[Loquat]

IMO, if utilization is an issue, pay before statement cuts.  In my experience, it didn't matter that I didn't pay before the statement cut nor did making mutiple payments a month seem to have any affect on a CLI or the ability to get other cards with them.  I paid one a month (and still do).  For me, playing the "pay before statement cuts" and keeping up with that on multiple cards quickly became a tedious task and a game I was no longer willing to play.  You have to do what's best for you...but use your card responsibly and pay when it's due and good things will come...

[NRB525]

Congratulations on the CapOne cards, truly a good place to start rebuilding.

Since your scores do need to rebuild, the scores won't see much improvement by managing utilization on these cards. You will be likely applying elsewhere later, so go ahead and let these balances report. Capital One only wants to be paid. Paying them after statement cut will let you report balances, not pay interest (because you can PIF after the statement cuts) and then let those balances push the $500 limit. That way, in the near term, you may get a CLI from Capital One, due to both nearing the limit and paying it off.

Good luck!