topic Re: Cap One Frustration in Credit Cards

Cap One Frustration

woodsie1 — Sun, 02 Aug 2015 13:31:06 GMT

I am beyond frustrated right now. I recently activated my quicksilver on 7/13/15. I have been using it heavily. And I already made a payment towards it. I was going to make another payment today, but I woke up this morning and saw that a statement had already been cut, yesterday. Now I'm worried that my CR will show 50% UTI on this card. Is this normal? I didn't realize the statement would cut so soon. I haven't even had the card for a month. Maybe I'm naïve but I thought I had a bit more time. Any advice on how to rectify this, or am I screwed for this month?

Re: Cap One Frustration

GoldSorata — Sun, 02 Aug 2015 13:33:07 GMT

Unless you were planning to app for something this month, don't worry about it. You are planning to pay it down anyway and next month your util would be back down.

Re: Cap One Frustration

Anonymous — Sun, 02 Aug 2015 13:42:33 GMT

Don't lose sleep over it. Like previous poster said, it will clear next month when you pay. Utilization has no memory.

Re: Cap One Frustration

Anonymous — Sun, 02 Aug 2015 13:43:36 GMT

@GoldSorata wrote:
Unless you were planning to app for something this month, don't worry about it. You are planning to pay it down anyway and next month your util would be back down.

Exactly. Far too many of us worry about balances reporting. It's a temporary at worse effect on your credit score. Don't get frustrated or lose any sleep over it.

Re: Cap One Frustration

woodsie1 — Sun, 02 Aug 2015 13:55:37 GMT

Thank you guys for your reassurance. This forum always have a way of calming nerves lol.

Re: Cap One Frustration

NRB525 — Sun, 02 Aug 2015 15:01:39 GMT

Should not be an issue, but update this thread with what the change in score is (if anything).

Re: Cap One Frustration

kdm31091 — Sun, 02 Aug 2015 15:25:30 GMT

Yes it's not worth worrying about (and there's nothing you can do about it anyway). Once you pay it down, and the new util reports next month, all will be well

Re: Cap One Frustration

Anonymous — Sun, 02 Aug 2015 15:51:20 GMT

@woodsie1 wrote:
I didn't realize the statement would cut so soon. I haven't even had the card for a month. Maybe I'm naïve but I thought I had a bit more time. Any advice on how to rectify this, or am I screwed for this month?

Well you're in luck. Your balance probably won't report until September.

Cap1 is usually very slow at reporting new credit cards for the first time. My new Cap1's usually don't show up on my Credit Report for 2 months

Re: Cap One Frustration

Anonymous — Sun, 02 Aug 2015 15:50:25 GMT

For future reference, when you get a new credit card, don't charge it up right away until you see when the statement closing date is. With Macy's and Bloomingdale's it is 2 days after you open the card. Just keep it under 25% of the balance.

Re: Cap One Frustration

Anonymous — Sun, 02 Aug 2015 16:07:06 GMT

Like others said no need to worry

Re: Cap One Frustration

woodsie1 — Sun, 02 Aug 2015 16:45:48 GMT

That's good to know, thanks for the info.

@Anonymous wrote:
@woodsie1 wrote:
I didn't realize the statement would cut so soon. I haven't even had the card for a month. Maybe I'm naïve but I thought I had a bit more time. Any advice on how to rectify this, or am I screwed for this month?
Well you're in luck. Your balance probably won't report until September.

Cap1 is usually very slow at reporting new credit cards for the first time. My new Cap1's usually don't show up on my Credit Report for 2 months

Re: Cap One Frustration

NRB525 — Sun, 02 Aug 2015 17:23:05 GMT

@Anonymous wrote:
For future reference, when you get a new credit card, don't charge it up right away until you see when the statement closing date is. With Macy's and Bloomingdale's it is 2 days after you open the card. Just keep it under 25% of the balance.

Well, if one has $3k of spend to complete in 90 days, and an item that needs to be paid which will help in that spend goal, waiting to find out when the statement cuts may be a bad idea.

If you've got charges that go on the card, either for bonus spend or ongoing rewards earning, and you will be paying the bill anyway, just charge it. Too much worry about utilization, which in these scenarios is temporary.