Regular Contributor
Posts: 197
Registered: ‎01-07-2012

New Card Holder "Capital One" Question

Hello Everyone, today I just got my first revolving account Cap One card. I am aware that I should leave 1%-9% of the total balance, but when is it that I must send the payment in order to leave a 7% balance? Is it before the closing date of the cycle or after the cycle closes or should I wait until I receive the statement and send the payment? I am planning on using it right away to start giving it some action. Thanks in advance

Starting: 547 +Score EX, 541 MyFico EQ,562 MyFico TU (Dec 2nd)

Current: 736 FCR "EX" (Nov. 5th), 668 MyFico "EQ" (Nov. 5th), 748 MyFico "TU" (Nov. 5th)

CC: BB&T $2,500 CL 3/2013, BarclayCard $3,000 CL 4/2013, WellsFargo $300 CL 7/2012 & Cap1 $451 CL 5/2012

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Community Leader
Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009

Re: New Card Holder "Capital One" Question

You will need to find out from Capital 1 when your statement closing date is. That is the date to be aware of. Prior to that date, pay the balance down to the amount you would like reported and do not charge anymore until that date passes. If you want to avoid paying interest you will need to pay the remaining balance before the next statement closing date. And most importantly make sure that you pay whatever may show up after that as the minimum payment due by the due date. Once you are set up with your on-line account both the statement date and the due date will show up there.


WOW, I think I made that confusing!!! The only reason we discuss controlling the amount reported is for maximum FICO scoring purposes. If you are not applying for new credit soon it is not a major concern. You can adjust the reporting on the next cycle and it won't matter what it was last month.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Established Member
Posts: 22
Registered: ‎06-15-2012

Re: New Card Holder "Capital One" Question

Hi, you are on the right track.   my suggestion is to charge to the limit of the card or what you can afford then pay it down to the 7% 1 week prior to the card due date.  then make no more charges until after the statement closes and capital one emails you the statement is available then that is your signal you can charge again.  





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