topic Re: Capital One Interest keeps reporting after statement closes!! Irritating. in Credit Cards

Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Sun, 27 Mar 2016 16:12:44 GMT

I finally paid down 6 cards 100%. Cap1 and Barclay report interest right afterward so it doesn't end up being zero on statement. $9.48 on Barclay, $2.55 on Capital One, $3.27 Capital One. The thing is, I've been struggling the last 12 months to pay down 100% on multiple cards. When I finally do, it doesn't report that way. 2% utilization instead of 0%. I don't understand how this is possible or how it works, can someone enlighten me? Thank you! Do you think my scores will be different as opposed to actual 0%?

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Sun, 27 Mar 2016 16:37:15 GMT

Please don't pay everything down to zero. I just did and took a 20pt drop. Always leave at least one card reporting, just under 10%.

It felt good to pay everything off. Now I have to wait a month for my points back. Good look.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Sun, 27 Mar 2016 17:54:36 GMT

I still have 3 cards reporting balances. Not there all the way yet. I was just really excited to have 7 cards report zero, but 3 really didn't. I don't understand how they can charge interest after the fact? Confusing.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Sun, 27 Mar 2016 18:08:33 GMT

Yeah its annoying. You either have to pay in full the day the statement cuts, or you need to push a payment from your bank account so there's a negative balance showing on the statement to account for interest.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Ysettle4 — Sun, 27 Mar 2016 18:48:00 GMT

@Anonymous wrote:
I finally paid down 6 cards 100%. Cap1 and Barclay report interest right afterward so it doesn't end up being zero on statement. $9.48 on Barclay, $2.55 on Capital One, $3.27 Capital One. The thing is, I've been struggling the last 12 months to pay down 100% on multiple cards. When I finally do, it doesn't report that way. 2% utilization instead of 0%. I don't understand how this is possible or how it works, can someone enlighten me? Thank you! Do you think my scores will be different as opposed to actual 0%?

It's mostly because you are getting dinged on interest on the statement before the last if there was a balance being carried over. Most banks have a 25 day grace period for carrying balances but that's on a per month cycle.

There are things you can do to be better prepped. First, calculating your projected interret at the end of a statement cycle:

1. Take your APR and divide it by 365 (days in a year). Example: if the APR is 15.99%, the math is .1599 / 365)

2. Multiply the result by the current balance on your card

3. Then multiply that result by the number of days you've been carrying that balance.

The ending result is what you'd pay in interest right before the statement is cut for the current statement cycle. Just take this amount and add the balance - this is what you need to schedule to pay on your due date.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

bobbay — Mon, 28 Mar 2016 01:37:19 GMT

@Anonymous wrote:
I still have 3 cards reporting balances. Not there all the way yet. I was just really excited to have 7 cards report zero, but 3 really didn't. I don't understand how they can charge interest after the fact? Confusing.

Capital one bills you interest in the month you carry a balance. When you pay your account in full you will still be billed interest until the following month, if you continue to pay in full you will not be billed for interest.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Tue, 29 Mar 2016 19:30:54 GMT

Gotcha. Thanks. Frustrating. I just checked myfico and it says balance changes $0- $4 and $300- $2 stupid!

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Tue, 29 Mar 2016 20:06:20 GMT

With capital one you are allowed to make a payment equal to 110% of your balance, so I usually overpay it by 5-10$ and that covers the interest

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

DoroLucky — Tue, 29 Mar 2016 20:12:30 GMT

@Anonymous wrote:
Gotcha. Thanks. Frustrating. I just checked myfico and it says balance changes $0- $4 and $300- $2 stupid!

Happened to me with Cap1 and they actually credited it back to my account.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Tue, 29 Mar 2016 20:15:45 GMT

Happens to me a last month when I was paying down my cards. Paid it down to $0 and thought all was good. Statement came out and I noticed a $27 charge on my account. Called and they actually refunded the amount. Now the card is just a sitting duck collecting dust.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Tue, 29 Mar 2016 20:20:57 GMT

call and ask for your closing date. That is when your statement cuts. Pay before that date and no interest should be charged. I always leave 20 dollars on my FHB card and they never charge me interest. I max my card every month and pay before closing. idk why i don't get charged interest. Anyone know? I had the card for 3years. I notice interest is only charged if i make new purchases and leave a huge balance. For about 5 -6months I have been leaving 1-5% utilization. Testing for score purposes.

Re: Capital One Interest keeps reporting after statement closes!! Irritating.

Anonymous — Wed, 30 Mar 2016 14:50:19 GMT

Also, if you play dumb and go online chat and inquire why you are being charged interest the next month, they will typically credit the interest amount to your account. The rep I had last time had to transfer me to another higher rep, but the process only took about 5 minutes. The last time II did it they also "reset" my grace period, so if I did charge something that month there would be no carryover interest.