topic Can't figure out Capital One statement date? in Credit Cards

Can't figure out Capital One statement date?

Anonymous — Tue, 16 Dec 2014 16:28:59 GMT

Hubby got approved for a capital one card mid November. I didn't activate till Nov 25. Used it several times and paying off nearly everything as soon as it lets me. It takes a few days for the transactions to clear and show a balance. I have it paid down to a $5 balance now, but would like to pay our electric and gas bill that are due by tomorrow. Since I can't pay until the transactions clear, aroubd Friday I'm guessing?, how will I know if will show in the statement? I'm sorry to be so naive but we have not had a real credit card in years so I'm kinda lost right now and don't want to screw up this second chance.

Re: Can't figure out Capital One statement date?

ScoreOrBeScored — Tue, 16 Dec 2014 17:51:49 GMT

If you have not generated a statement yet, call them and get your close date. But your close date should be in your online account

says something to the fact "As of " ....... ( date shown would be the billing cycle closing date )

Re: Can't figure out Capital One statement date?

Anonymous — Tue, 16 Dec 2014 18:08:40 GMT

So do I need to have my balance paid down before the close date?

Re: Can't figure out Capital One statement date?

CreditDunce — Tue, 16 Dec 2014 19:16:49 GMT

@Anonymous wrote:
So do I need to have my balance paid down before the close date?

No, once the statement cuts, there will be a due date. Be sure to pay the entire statement balance before the due date. Otherwise, you will be charged interest and loose your grace period to pay without interest.

If this is his only credit card, you should let a balance report each statement. When you are ready for your next credit card (at least 6 months from now, maybe longer), then prepay before the statement cuts so the balance reported is between 1-9% of the credit line. Note, this advice is good only for those who pay in full each month. If you carry a balance, it is best to always keep your balance below 30%.

Re: Can't figure out Capital One statement date?

Anonymous — Tue, 16 Dec 2014 21:03:02 GMT

Sorry, I should have been more clear in my post. I will for sure have it paid before the due date. But as far as the utilization goes, I'm trying to make sure it's under 10% (300 CL) before whatever date it would report to the credit agencies. So step one is to figure out what day of the month the statement cuts. And that leads me to my second question...how soon after the statement can I start charging it up again? I want to max it out often to get the rewards and also so they see that we need an increase. I will always pay whatever I charge up as soon as it lets me, and leave about a $5 balance.

Re: Can't figure out Capital One statement date?

gdale6 — Tue, 16 Dec 2014 21:12:47 GMT

@Anonymous wrote:
Sorry, I should have been more clear in my post. I will for sure have it paid before the due date. But as far as the utilization goes, I'm trying to make sure it's under 10% (300 CL) before whatever date it would report to the credit agencies. So step one is to figure out what day of the month the statement cuts. And that leads me to my second question...how soon after the statement can I start charging it up again? I want to max it out often to get the rewards and also so they see that we need an increase. I will always pay whatever I charge up as soon as it lets me, and leave about a $5 balance.

If you are keeping the utilization down by paying before it cuts to give you a due date then yes you would want to have the account paid on or before the statement date.

Re: Can't figure out Capital One statement date?

CreditDunce — Tue, 16 Dec 2014 21:32:47 GMT

Sorry if I misunderstood. Keeping your reported utilization low is certainly the safe bet.

Depending on your payment method, it can take a day or two for your payment to post. It is best just to see how long it takes in your case. You can start charging again immediately. In most cases, you can charge the day your statement cuts without any problems. It takes a day or two for pending charges to be finalized. Until they are finalized, they don't count.

There are a couple of things you might run into.

1) Sometimes a CCC will do an off cycle report when a credit card is maxed out. But it isn't a big deal, your credit score will recover next time it is reported with a low balance; 2) If you max out your credit line and pay it off, it can take a couple of days before the CCC releases the credit limit. This is especially true for new accounts;

3) Some banks restrict the number of times you can pay off the bill in a month. If so, just use the bill pay of your bank to push additional payments through. Pushing payments is also helpful when you want to pay before a charge has posted/finalized.

Re: Can't figure out Capital One statement date?

ScoreOrBeScored — Tue, 16 Dec 2014 21:33:01 GMT

Once you know your statement cut date, use the card as much as you like as long as you keep avail credit on it to use. Then pay your bill so

it reflects the balance you'd like to report 2 days before it cuts.

example of how I use my Quicksilver.

my statement cuts the 23rd of every month. So I run it up until the 17th. Allow all transactions to post. Make my payment on the 21st.

my payment will post to my account the same day .or the very next day.

I will begin to use my card again on the 22nd or the 23rd. Yes I know im using the card again before the statement cuts, but keep in mind

it takes 2-4 days for the new charges to post. So the new charges will post on the new billing cycle. Sorry if I confused you but that's how

I use my cards. I make my payment 2 days before the cut date and it still allows me to let the amount I want to report on my credit report.

Re: Can't figure out Capital One statement date?

Anonymous — Wed, 17 Dec 2014 00:22:21 GMT

@ScoreOrBeScored wrote:
Once you know your statement cut date, use the card as much as you like as long as you keep avail credit on it to use. Then pay your bill so
it reflects the balance you'd like to report 2 days before it cuts.

example of how I use my Quicksilver.

my statement cuts the 23rd of every month. So I run it up until the 17th. Allow all transactions to post. Make my payment on the 21st.
my payment will post to my account the same day .or the very next day.
I will begin to use my card again on the 22nd or the 23rd. Yes I know im using the card again before the statement cuts, but keep in mind
it takes 2-4 days for the new charges to post. So the new charges will post on the new billing cycle. Sorry if I confused you but that's how
I use my cards. I make my payment 2 days before the cut date and it still allows me to let the amount I want to report on my credit report.

My statement cuts on the 23rd also but my due date is the 19th. You're saying you pay on the 21st so your statement cuts 2 days after your due date?

Re: Can't figure out Capital One statement date?

ScoreOrBeScored — Wed, 17 Dec 2014 13:42:54 GMT

My payment is due the 19th also.

im saying that I pay my current charges 2 days before the statement cuts. I'm not talking about the due date.

Re: Can't figure out Capital One statement date?

JSS3 — Wed, 17 Dec 2014 15:35:46 GMT

From my experience with Capital One:

-It takes about a month after applying for your new account to show up at the bureaus.
-It takes a total of THREE days for your statement to close. If you know your due date, count three days and you'll know when statement cuts.
-You can call them and they'll let you know.

Re: Can't figure out Capital One statement date?

takeshi74 — Wed, 17 Dec 2014 17:05:52 GMT

@Anonymous wrote:
My statement cuts on the 23rd also but my due date is the 19th. You're saying you pay on the 21st so your statement cuts 2 days after your due date?

The due date is irrelevant. Balance is reported on statement date.

Re: Can't figure out Capital One statement date?

Anonymous — Sat, 21 Nov 2015 08:51:18 GMT

Cap One allows you to change your due date, but not your statement date.

I just recieved the e-mail with the statement for my Platinum card today, 11/21 with a due date of 12/16.

I get paid once a month at the beginning of the month. So if I wanted the statement date to fall around the 5th of the month so I can pay it down to 10% every month before the statement cuts. What would I select as a due date?

12/16 is 25 days after 11/21 so would it be safe to assume choosing a due date on the 30th would make my statement date fall around the 5th? Will the due date always be 25 days after the statement date?

Am I understanding this correctly or do I just sound like an idiot right now?

Re: Can't figure out Capital One statement date?

UncleB — Sat, 21 Nov 2015 12:34:06 GMT

@Anonymous wrote:
Cap One allows you to change your due date, but not your statement date.

I just recieved the e-mail with the statement for my Platinum card today, 11/21 with a due date of 12/16.

I get paid once a month at the beginning of the month. So if I wanted the statement date to fall around the 5th of the month so I can pay it down to 10% every month before the statement cuts. What would I select as a due date?

12/16 is 25 days after 11/21 so would it be safe to assume choosing a due date on the 30th would make my statement date fall around the 5th? Will the due date always be 25 days after the statement date?

Am I understanding this correctly or do I just sound like an idiot right now?

This thread is nearly a year old, but I think I can help with your question because I had almost the same exact situation.

I also get paid at the beginning of the month, and for simplicity I had Capital One set my due date to the 15th of the month. You're right about not being able to specify a 'statement date', but by changing the due date the statement (closing) date gets changed as well. My own statement closing date is usually the 18th, with my payment being due the 15th of the following month.

I see what you're trying to do, but I feel you might be over-thinking it. Keep in mind that unless you're applying for a mortgage or buying a car, it's not a horrible thing to allow a balance to post, and it can even be helpful (especially if you're wanting to get a CLI from Capital One - I got my largest after allowing balances to post for several months, but YMMV). I understand not wanting a 'huge' balance to post, but if you have a few fast-food purchases that miss your own 'cut-off' and make the statment, that's nothing to be too worried about.

Personally, I like allowing some balances to post... I've always felt it keeps lenders from being too 'jumpy' on those occasions I do carry a balance for a few months.