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Valued Contributor
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Registered: ‎06-21-2012
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Timing payments to reflect better util

My Cap1 card has been reporting ~40% util for over 3wks now, but is paid off. I try to PIF each month, but i did let a bit revolve. My billing cycle runs the 17th-16th and is due on the 13th. So for example the most recent statement is May 17-June 16th and the due date is July 13th. Also, there were a small am ount of interest charges that accrued on the 16th of June. I usually pay multiple payments throughout the month, but here recently have been trying to keep most PIF each month. So given those are the dates for my billing cycle and due date. When should i make the payment so that when Cap1 reports it will reflect the most accurate balance on the card? It sucks having a zero balance on a card for nearly a month but it is reporting ~40% util.

 

Thanks,

 

John

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
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Valued Contributor
Posts: 1,174
Registered: ‎05-17-2010
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Re: Timing payments to reflect better util

If you're paying interest, pay by the due date.  If no interest, pay a day before the statement cuts.

 

I believe CapOne reports on the statement date so if you pay right after the statement cuts, you're still stuck with the UTIL reported for almost a month.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
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Re: Timing payments to reflect better util


visorboy1974 wrote:

If you're paying interest, pay by the due date.  If no interest, pay a day before the statement cuts.

 

I believe CapOne reports on the statement date so if you pay right after the statement cuts, you're still stuck with the UTIL reported for almost a month.  


The goal is to not pay interest. Cap1 the statement cuts on the due date? So a safe way to make sure they report a PIF each month would be to pay a couple days before the actual due date? Would this go for every card? I hear all the time the terms "statement cuts" & "statement date", and timing the payments to make sure they will report the way you want it to.

 

So will this do that?

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
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Valued Contributor
Posts: 1,174
Registered: ‎05-17-2010
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Re: Timing payments to reflect better util


j_casteel wrote:

visorboy1974 wrote:

If you're paying interest, pay by the due date.  If no interest, pay a day before the statement cuts.

 

I believe CapOne reports on the statement date so if you pay right after the statement cuts, you're still stuck with the UTIL reported for almost a month.  


The goal is to not pay interest. Cap1 the statement cuts on the due date? So a safe way to make sure they report a PIF each month would be to pay a couple days before the actual due date? Would this go for every card? I hear all the time the terms "statement cuts" & "statement date", and timing the payments to make sure they will report the way you want it to.

 

So will this do that?


Statement cut and statement date are the same thing.  If you pay the day before a statement cuts, you should be 0 or pretty close to that depending on how interest is calculated from your previous balance.  

 

I'm pretty certain CapOne does not report on the due date, but does report on the statement date.     

 

Quick question, did you pay that 40% utilization after your last statement cut?  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
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Re: Timing payments to reflect better util


visorboy1974 wrote:

j_casteel wrote:

visorboy1974 wrote:

If you're paying interest, pay by the due date.  If no interest, pay a day before the statement cuts.

 

I believe CapOne reports on the statement date so if you pay right after the statement cuts, you're still stuck with the UTIL reported for almost a month.  


The goal is to not pay interest. Cap1 the statement cuts on the due date? So a safe way to make sure they report a PIF each month would be to pay a couple days before the actual due date? Would this go for every card? I hear all the time the terms "statement cuts" & "statement date", and timing the payments to make sure they will report the way you want it to.

 

So will this do that?


Statement cut and statement date are the same thing.  If you pay the day before a statement cuts, you should be 0 or pretty close to that depending on how interest is calculated from your previous balance.  

 

I'm pretty certain CapOne does not report on the due date, but does report on the statement date.     

 

Quick question, did you pay that 40% utilization after your last statement cut?  


visorboy1974 wrote:

j_casteel wrote:

visorboy1974 wrote:

If you're paying interest, pay by the due date.  If no interest, pay a day before the statement cuts.

 

I believe CapOne reports on the statement date so if you pay right after the statement cuts, you're still stuck with the UTIL reported for almost a month.  


The goal is to not pay interest. Cap1 the statement cuts on the due date? So a safe way to make sure they report a PIF each month would be to pay a couple days before the actual due date? Would this go for every card? I hear all the time the terms "statement cuts" & "statement date", and timing the payments to make sure they will report the way you want it to.

 

So will this do that?


Statement cut and statement date are the same thing.  If you pay the day before a statement cuts, you should be 0 or pretty close to that depending on how interest is calculated from your previous balance.  

 

I'm pretty certain CapOne does not report on the due date, but does report on the statement date.     

 

Quick question, did you pay that 40% utilization after your last statement cut?  


I built up a bit of a balance on the card, and was making multiple payments per month. I made 2 payments in June: 1 before the due date and another just after the due date. The next due date is July 13th, and it says i have no payment due.

 

So since my due date is the 13th of each month...that is also the date it "cuts" aka reports to the CRA's?

 

-John

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
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Valued Contributor
Posts: 1,174
Registered: ‎05-17-2010
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Re: Timing payments to reflect better util

Best way to figure it out is to look at the balance on your statement and the balance on your credit report.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Valued Contributor
Posts: 1,927
Registered: ‎06-21-2012
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Re: Timing payments to reflect better util


visorboy1974 wrote:

Best way to figure it out is to look at the balance on your statement and the balance on your credit report.  


Ok, i guess i'll just go at it that way. I know its been a zero balance for nearly a month, but the balance reported hasn't been that high since early June.

| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Established Contributor
Posts: 726
Registered: ‎05-12-2012
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Re: Timing payments to reflect better util

[ Edited ]

If your statements cut on the 16th of each month, then you need to have your balance PIF a few days before the 16th in order to have a $0 balance reported on your reports.  That is the only way you will get a zero balance reporting.  You can not pay after the end of the cycle and achieve this, not with Cap1 anyway.


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Valued Contributor
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Registered: ‎06-21-2012
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Re: Timing payments to reflect better util

Ok so statement cut date is then end of the billing cycle. Just b/c you pay before or on the due date doesn't mean it will report with zero balance.

So if my billing cycle is the 17th-16th but my bill isn't due until the 13th. In order to make sure it reflects PIF on the CRA's I should pay by the 14th or 15th during the billing cycle?

I think I understand it better now.

I appreciate the easier explanation...I'm still learning and am ignorant to certain things still yet.
| Walmart $5k | Amazon $5k | NFCU $20k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $5.25k | CSP $5k | Marriott $5k | AMEX TE $18k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:714 TU:711
Goal Scores: 700
across the board
Valued Contributor
Posts: 1,174
Registered: ‎05-17-2010
0

Re: Timing payments to reflect better util


j_casteel wrote:
Ok so statement cut date is then end of the billing cycle. Just b/c you pay before or on the due date doesn't mean it will report with zero balance.

So if my billing cycle is the 17th-16th but my bill isn't due until the 13th. In order to make sure it reflects PIF on the CRA's I should pay by the 14th or 15th during the billing cycle?

I think I understand it better now.

I appreciate the easier explanation...I'm still learning and am ignorant to certain things still yet.

Or you PIF by the Due Date, don't use it the 3-4 days before the Statement Date and you'll still be reporting 0.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
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