topic Re: HELP! in Credit Cards

HELP!

Rkalynsmith — Sun, 17 Nov 2013 19:35:47 GMT

Okay I'm kind of freaking out. Cap1 LIED and told me my statement wouldn't be cut Nov 26.........well I received an email TODAY saying my statement was ready to view. I was going to pay if off This Friday but now I don't no what to do. I read somewhere they report 3 days after the statement is cut. Question is if I was to pay it off today what balance will it report? Thanks

Re: HELP!

djc1puno — Sun, 17 Nov 2013 19:50:03 GMT

payment due date is different from payment cut off...for example, my due date is the 5th, but it cuts on the 8th...any payment UP to the 8 is counted and is reported as the ending statement balance to the crs

Re: HELP!

Creditaddict — Sun, 17 Nov 2013 19:51:00 GMT

@Rkalynsmith wrote:
Okay I'm kind of freaking out. Cap1 LIED and told me my statement wouldn't be cut Nov 26.........well I received an email TODAY saying my statement was ready to view. I was going to pay if off This Friday but now I don't no what to do. I read somewhere they report 3 days after the statement is cut. Question is if I was to pay it off today what balance will it report? Thanks

nothng you can really do now but pay it and see.... but worse case you know for next month when to pay to beat the statement.... where you trying to apply for new stuff this month or something?

Re: HELP!

djc1puno — Sun, 17 Nov 2013 19:53:31 GMT

i don't want to freak out the OP even more, but whenever cap1 sends me an email that my statement is ready for view, it's already past the statement cut off, hence the new statement is ready to view.

Re: HELP!

09Lexie — Sun, 17 Nov 2013 19:54:25 GMT

The 26th is 9 days from now. When was your payment due? Is thus your first bill with them? Did you make a payment this month?

Re: HELP!

Rkalynsmith — Sun, 17 Nov 2013 20:13:00 GMT

This is the first bill. Due date is not until Dec 9. I didn't make any payments becus I was given a different date when my statement was to be cut. I had planned on applying for something this month but I guess I will have to wait. I'm a lil upset about this becus my utilization will be 40% if this posts.

Re: HELP!

Creditaddict — Sun, 17 Nov 2013 20:14:45 GMT

@Rkalynsmith wrote:
This is the first bill. Due date is not until Dec 9. I didn't make any payments becus I was given a different date when my statement was to be cut. I had planned on applying for something this month but I guess I will have to wait. I'm a lil upset about this becus my utilization will be 40% if this posts.

What did you want to apply for?

are the 580 current scores?

Re: HELP!

djc1puno — Sun, 17 Nov 2013 20:30:19 GMT

i'd agree that since it's your first statement, the change in due date won't take effect til the 2nd billing...the thing i would be more worried about is cap1 reporting that you were late so i would just call cap1 and ask for "forgiveness" if you are late.

Re: HELP!

Rkalynsmith — Sun, 17 Nov 2013 20:47:32 GMT

Late? I'm not late. Bill isn't due until 12/6/2013. I wanted to PIF before the statement came out.

Re: HELP!

Rkalynsmith — Sun, 17 Nov 2013 20:50:35 GMT

My scores are over 600 FAKO. I just haven't update my signature. Lol I was going to apply for an auto and I wanted a nice lil boost before applying.

Re: HELP!

djc1puno — Sun, 17 Nov 2013 21:25:45 GMT

@Rkalynsmith wrote:
Late? I'm not late. Bill isn't due until 12/6/2013. I wanted to PIF before the statement came out.

i'm now confused...lol..trying to understand here so i can better give my opinion...you said in your first post that the statement doesn't cut til the 26th of this month? then you say it's due on the 6th of dec? but a new statement has been generated that you got notification for? on your first bill, what was the due date? sorry i'm just trying to grasp your situation

Re: HELP!

Rkalynsmith — Sun, 17 Nov 2013 23:07:53 GMT

LOL okay here it goes. This is the FIRST statement ever. When I received the card from CAP1 they stated to me that the statement will be the 26th of every month. I wanted to pay the balance in full before the statement comes out. Today I received an email stating my Statement was ready! Meaning I wasn't able to pay the balance off before it hit. The DUE DATE is Dec 6. Why did they LIE and say my statement date will be the 26th of every month. Do i have time to pay now before it hits my credit report. My utilization is 40% right now

Re: HELP!

djc1puno — Sun, 17 Nov 2013 23:15:18 GMT

ok so it is the first statement...is it asking for a minimum payment already? if i'm now understanding it correctly, i think you should be ok if you pay your balance off before the due date of your first statement, which is the 6th...do you know if that card is already reporting? usually cap1 won't report to the crs until after your first statement cut off.

Re: HELP!

Anonymous — Mon, 18 Nov 2013 00:13:16 GMT

Not sure what the confusion is here! The OP just wanted to PIF before the statement cut, he/she was told that the statement date would be 26 of each month, and now finds out a statement has been generated. So with others I believe that it is too late, that the balance on that statement is what will be reported (although one poster suggests that payment between now and when they report it will reduce the balance. Never heard of that but maybe).

But OP, not a great problem, except it sounds like it will prevent you apping this month. Next month will be ok

Re: HELP!

FinStar — Mon, 18 Nov 2013 00:20:42 GMT

@Anonymous wrote:
Not sure what the confusion is here! The OP just wanted to PIF before the statement cut, he/she was told that the statement date would be 26 of each month, and now finds out a statement has been generated. So with others I believe that it is too late, that the balance on that statement is what will be reported (although one poster suggests that payment between now and when they report it will reduce the balance. Never heard of that but maybe).

But OP, not a great problem, except it sounds like it will prevent you apping this month. Next month will be ok

OP - not sure about this whole "LIE" stipulation you made but it's possible that if the account wasn't fully set up when you contacted them that they estimated that date to be the "approximate" closing date. I doubt they 'lied" about the specifics and perhaps provided just some incorrect information unless some signals got mixed up and your statement truly generated on the 16th vs. the 26th. At the end of the day, what's done is done. Thus, the account will report with whatever balance was generated on your statement, and as longtimelurker pointed out above, next month should be fine. Not the end of the world.

Re: HELP!

Rkalynsmith — Mon, 18 Nov 2013 04:08:59 GMT

A LIE was what it was and what I called it............ANYWHO just got off the phone with CAP1 and the statement date is the 15th of every month even tho they emailed me today saying the statement was ready. My due date is the 12th even tho it says the 9th. This whole operation is messed up. She says they report every 30-60 days so I guess I couldn't get the loan this month even if I wanted too. January? LOL

Re: HELP!

zerobacan — Tue, 19 Nov 2013 06:12:45 GMT

OP... capone will cut the first stament about 10 days since you are approved for the card. That is what happened to you. CSRs sin by lack of knowledge in our myfico specifics... just wait for the next statement to report...

Re: HELP!

09Lexie — Tue, 19 Nov 2013 06:18:01 GMT

I would suggest looking at the dates on your statement. Emails statements are usually sent out a day or so after the statement cuts. If your statement ended on the 15th, it would be inline with 24-48 hours of you receiving the email.

Re: HELP!

TiggerDat — Tue, 19 Nov 2013 07:22:30 GMT

If you are doing this to get a car loan then you should wait until Jan. anyway since that is the best time to buy a car. Additionally, if you only have the one Capone card you probably won't get the best rate. You might need to read a bit more about this and ask some more advice. When you are at the signon screen there is a nice pamphlet about credit and FICO scoring which you would be better off reading now than putting it off.

Re: HELP!

Anonymous — Tue, 19 Nov 2013 07:26:41 GMT

if your top priority was to get a car loan at a good rate, you shouldn't have applied for any new accounts right before you were going to get a loan.

Now that the damage is done anyhow, talk to your dealer. Sometimes they can work out some wiggle room as well, since their top priority is to sell the car. If you're 10-20 points away from their best prime rate for example, usually they'll still give it to you.