topic Re: Capital One.. New Statement in Credit Cards

Capital One.. New Statement

Jamielei24 — Sun, 13 Apr 2014 15:30:02 GMT

So I have been patiently waiting my statement to cut and be report to boost my score. It was one that was PIF with BT. Full payment posted the day before the due date and has been $0 for several days now.

Today I check Manilla and my Capital One shows a $16.43 balance. Log in and sure enough my new statement has cut and I now have this balance for "interest charges". I guess I feel I need a little education from my wise fellow myficoers in why I have interest charges on the PIF account? :/

I posted payment right away but I'm afraid now they will report the $16.43 to the bureaus and not a $0 that I have been longing for...grr!

Re: Capital One.. New Statement

BigBS — Sun, 13 Apr 2014 15:43:00 GMT

I may be wrong, but I think BTs incur interest from the day the transfer is made not at the end of the grace period (25/30 days after transaction posts). I would call Cap1 and see if there is a way to waive it, but I think it may be too late for this report cycle since the statement has cut.

Re: Capital One.. New Statement

mnavas — Sun, 13 Apr 2014 15:43:38 GMT

Even if you PIF or did a BT Cap 1 or Any CC company will still calculate the interest for the time you had a balance that is subject to interest

Re: Capital One.. New Statement

eagle2013 — Sun, 13 Apr 2014 15:46:47 GMT

Exactly - no grace period on interest for BTs. Even if they have a promo interest (0%) most will still levy a BT fee of 3-5% which is reflected once the BT posts

Re: Capital One.. New Statement

Jamielei24 — Sun, 13 Apr 2014 15:48:31 GMT

Thanks! That was my thought process but was thinking about everyone on here talking about PIF before statements cut to avoid IC. Lesson learned.

Re: Capital One.. New Statement

RCFL — Sun, 13 Apr 2014 18:05:31 GMT

Not sure if this help but it happened to me before. Say I paid off my balance on the 2nd and CapOne charged me interest on the 3rd - I chat with the representative online and was able to waive the interest charge.

Re: Capital One.. New Statement

Jamielei24 — Sun, 13 Apr 2014 19:29:13 GMT

Thanks I will try that!! Actually I will be calling in for a PC change offer and be discussing this however...I think the damage is done for my $0 reporting

Re: Capital One.. New Statement

Chris679 — Sun, 13 Apr 2014 22:28:13 GMT

They are not going to waive your interest charges because there is no grace period for BT. The other poster should not have been charged interest and that's why they were able to get it removed. The only way for you to avoid the interest reporting would have been to pay $20 over the balance and have a small credit report instead.

Re: Capital One.. New Statement

Jamielei24 — Sun, 13 Apr 2014 23:36:42 GMT

I thought I read on here somewhere that a credit or neg balance can be harmful to your credit score?

Re: Capital One.. New Statement

Chris679 — Mon, 14 Apr 2014 00:04:35 GMT

In my experience it will report as zero. I can't see any way it could be seen as negative.

Re: Capital One.. New Statement

Anonymous — Mon, 14 Apr 2014 00:10:59 GMT

@Chris679 wrote:
In my experience it will report as zero. I can't see any way it could be seen as negative.

Depends on the bank and the card. On the Wells Fargo rewards card, people are getting called and threatened with closure if their balance becomes a credit (and in many cases WF said it did even when it didn't). This is because they are looking for people overpaying or paying "too early" to free up limits for more manufactured spend.

Shouldn't be such an issue with normal cards with normal banks!

Re: Capital One.. New Statement

Jamielei24 — Tue, 15 Apr 2014 16:31:37 GMT

Interesting update:

paid the $16.23 (previous posted stated $16.43, sorry), it posted and now I have a $0.01 credit. Apparently paying it right away had something to do with it as they credited my the penny for "interest charge reversed".

My Citibank statment cut today... And $0 balance. No new "interest charges " for balance carried from last statement or new charges from March. So I guess I will have that reported. Still confused about Capital One. Also my Amazon pif that statement cut $0 yet no SW even with balance change. Bummed.

This credit waiting game sucks. Just saying

Thank you everyone that replied!