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Paying Before Statement closes?

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Anonymous
Not applicable

Paying Before Statement closes?

i didnt know which Forum to post this... but here we go..

 

ohkay so on my Capital One Account (secured mastercard) my statement balance is 29.00 but isnt due till the 25th. but i used the car for gas (i only use it for gas) now the total is 70 dollars total but only the stement balence of 29 is due on the 25th which is right but i was wondering if i paid the whole 70 off (always pay it off in full) would that help my credit score/report even tho the 40 i used for gas technacally hasnt been posted in a statement yet? make sense sorry its consufusing to me as well.. Smiley Sad

Message 1 of 4
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JayRizzo
Established Contributor

Re: Paying Before Statement closes?

Naaaaah, it's not confusing.  This is another topic we were just discussing with another member... statement closing/ending date.  Yes, you can pay as often and as much as possible to Capital One.  Unfortunately, their online "Pay Now" (pull) feature will only allow you to pay the balance that's owed any given day.  If you've set Capital One up as Bill Pay within your local bank account, you can PUSH the entire payment to Capital One.  Also for a fee (last resort, if necessary) you can pay via Moneygram and Western Union.

 

This is what we call, "The Statement Game".  As long as your balance is zero when your statement is generated, it will ALWAYS be reported to the CRAs as 0% utilization which is a very good thing for your report and score.  It also gets you in the habit of PIF and not rolling over a balance to incur interest fees.

Message 2 of 4
Anonymous
Not applicable

Re: Paying Before Statement closes?

ohkay so paying it off by the time the statement is due is a really good thing? if so then im paying it off  ahead of time all the time as long as it will let me, but again what if i dont use the card at all does that help my credit score?

Message 3 of 4
JayRizzo
Established Contributor

Re: Paying Before Statement closes?

Sorry for the delay, but here's your answer... having a credit card and not using it list much like going to school everyday, but just sitting in class doing nothing.  You won't be penalized, but your your report won't show that you've done anything either.  Everyone in the forum says at least make a small purchase each month and pay it off in full before your statement is generated.  This will avoid carrying a balance over into the next billing cycle as well as interest charges.  Then, your credit report will show something happened for that month.  Some cards do not update if you don't have any activity at all. 

Message 4 of 4
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