topic Re: New Capitol One. Should I Pay today? Advice. in Credit Cards

New Capitol One. Should I Pay today? Advice.

Outdoorstech1 — Thu, 14 Aug 2014 18:22:38 GMT

Advice Please

I got a new Capitol One 0% card $1,000 limit in July. Current balance is $892.00. First Statement closes tomorrow. Should I let the statement close with the $892 balance or pay $200 before it closes so itll close w/ the $692 balance. It's not that big of a difference I don't think.

I can use that extra 200 to use for other things since the card is 0%. Or is that a bad habit to get into. All my other cards will report with a low 10% balance.

Re: New Capitol One. Should I Pay today? Advice.

Closingracer99 — Thu, 14 Aug 2014 18:26:44 GMT

NOOO! I would pay off about $850 of that balance right now through their website so it gets there tomorrow so you can post $50 balance which is below 30%. You never want a card to show higher then 30% and definitely now near maxed out

Re: New Capitol One. Should I Pay today? Advice.

Membersince2013 — Thu, 14 Aug 2014 18:33:03 GMT

Yes.. Pay it please.. For the sake of your utilization, please pay it now and leave like $5 unpaid.

Re: New Capitol One. Should I Pay today? Advice.

Membersince2013 — Thu, 14 Aug 2014 18:33:50 GMT

yah, do what closingracer says..

Re: New Capitol One. Should I Pay today? Advice.

Outdoorstech1 — Thu, 14 Aug 2014 18:43:35 GMT

I put a couple large purchases on there because it was 0% and can pay it off over time. That was the reasoning behind it. 692 is better than 892 right?

Re: New Capitol One. Should I Pay today? Advice.

Membersince2013 — Thu, 14 Aug 2014 18:43:49 GMT

Oh.. I see! 0% APR.. Depending on your total amount of credit lines, you might just be fine if you only pay triple the minimum. The monthly is probably $25...

Re: New Capitol One. Should I Pay today? Advice.

Closingracer99 — Thu, 14 Aug 2014 18:44:54 GMT

@Membersince2013 wrote:
Oh.. I see! 0% APR.. Depending on your total amount of credit lines, you might just be fine if you only pay triple the minimum. The monthly is probably $25...

+1 Though my general rule is put down $100 min and everything should be fine ( per month)

Re: New Capitol One. Should I Pay today? Advice.

Membersince2013 — Thu, 14 Aug 2014 18:47:34 GMT

Yeah, $100 is an excellent choice. I don't believe $200 is necessary. The whole point is to take advantage of the 0% APR....So enjoy.

Re: New Capitol One. Should I Pay today? Advice.

Irisa — Thu, 14 Aug 2014 19:39:51 GMT

@Closingracer99 wrote:
NOOO! I would pay off about $850 of that balance right now through their website so it gets there tomorrow so you can post $50 balance which is below 30%. You never want a card to show higher then 30% and definitely now near maxed out

Well first, 30% of a $1000 CL is $300, so OP doesn't have to pay $850 to stay below 30%.

Also, I don't agree that one should never have a card show a balance higher than 30%. There is nothing wrong with carrying a balance if you're not paying interest. If OP isn't planning any apps in the near future, it's ok to take advantage of a 0% APR promo. Yes, CS will lose points while utilization is higher, but CS has no memory once the balances are paid down.

Re: New Capitol One. Should I Pay today? Advice.

Irisa — Thu, 14 Aug 2014 19:01:53 GMT

@Outdoorstech1 wrote:
I put a couple large purchases on there because it was 0% and can pay it off over time. That was the reasoning behind it. 692 is better than 892 right?

If you're not planning any apps soon, you can even let the statement close with the current balance since no payment is due yet. As long as you pay more than the minumum by the due date on the statement, you should be fine.

You score loses points when utilization is high, but recovers when you start paying down.

Re: New Capitol One. Should I Pay today? Advice.

Closingracer99 — Thu, 14 Aug 2014 19:09:07 GMT

@Irisa wrote:
@Closingracer99 wrote:
NOOO! I would pay off about $850 of that balance right now through their website so it gets there tomorrow so you can post $50 balance which is below 30%. You never want a card to show higher then 30% and definitely now near maxed out
Well first, 30% of a $1000 CL is $300, so OP doesn't have to pay $850 to stay below 30%.

Also, I don't agree that one should never have a card show a balance higher than 30%. There is nothing wrong with carrying a balance if you're not paying interest. If OP isn't planning any apps in the near furture, it's ok to take advatage of a 0% APR promo. Yes, CS will lose points while utilization is higher, but CS has no memory once the balances are paid down.

Of course but I prefer to not lose those points ... My self let my discover post a maxed out card and it dropped from 730 range to 650.

Re: New Capitol One. Should I Pay today? Advice.

Anonymous — Thu, 14 Aug 2014 19:36:25 GMT

@Closingracer99 wrote:
@Irisa wrote:
@Closingracer99 wrote:
NOOO! I would pay off about $850 of that balance right now through their website so it gets there tomorrow so you can post $50 balance which is below 30%. You never want a card to show higher then 30% and definitely now near maxed out
Well first, 30% of a $1000 CL is $300, so OP doesn't have to pay $850 to stay below 30%.

Also, I don't agree that one should never have a card show a balance higher than 30%. There is nothing wrong with carrying a balance if you're not paying interest. If OP isn't planning any apps in the near furture, it's ok to take advatage of a 0% APR promo. Yes, CS will lose points while utilization is higher, but CS has no memory once the balances are paid down.
Of course but I prefer to not lose those points ... My self let my discover post a maxed out card and it dropped from 730 range to 650.

The points come back. You have been doing pretty good with cards lately so I'm guessing it didn't hurt you too bad.

Re: New Capitol One. Should I Pay today? Advice.

Closingracer99 — Thu, 14 Aug 2014 19:49:47 GMT

@Anonymous wrote:
@Closingracer99 wrote:
@Irisa wrote:
@Closingracer99 wrote:
NOOO! I would pay off about $850 of that balance right now through their website so it gets there tomorrow so you can post $50 balance which is below 30%. You never want a card to show higher then 30% and definitely now near maxed out
Well first, 30% of a $1000 CL is $300, so OP doesn't have to pay $850 to stay below 30%.

Also, I don't agree that one should never have a card show a balance higher than 30%. There is nothing wrong with carrying a balance if you're not paying interest. If OP isn't planning any apps in the near furture, it's ok to take advatage of a 0% APR promo. Yes, CS will lose points while utilization is higher, but CS has no memory once the balances are paid down.
Of course but I prefer to not lose those points ... My self let my discover post a maxed out card and it dropped from 730 range to 650.
The points come back. You have been doing pretty good with cards lately so I'm guessing it didn't hurt you too bad.

Took me about 3-5 months to get my TU score back from where it was. I was lucky most CCC were pulling my EX and EQ

Actually I think the only cards I applied for that pulled TU got declined which was the Barclay's ring and SM cards.

Re: New Capitol One. Should I Pay today? Advice.

Dw4250 — Thu, 14 Aug 2014 19:51:20 GMT

@Irisa wrote:
@Outdoorstech1 wrote:
I put a couple large purchases on there because it was 0% and can pay it off over time. That was the reasoning behind it. 692 is better than 892 right?
If you're not planning any apps soon, you can even let the statement close with the current balance since no payment is due yet. As long as you pay more than the minumum by the due date on the statement, you should be fine.

You score loses points when utilization is high, but recovers when you start paying down.

+1. And if you are like me, chances are the card has not even popped up on your credit report (just got the Venture last month and still nothing on the CR).

It seems usually (not always) it takes a couple of cycles for a new Cap One to show on the report...so you will be fine. But definitely make a payment (maybe 3x the minimum?) before the payment is due.

Re: New Capitol One. Should I Pay today? Advice.

Closingracer99 — Thu, 14 Aug 2014 19:52:49 GMT

@Dw4250 wrote:
@Irisa wrote:
@Outdoorstech1 wrote:
I put a couple large purchases on there because it was 0% and can pay it off over time. That was the reasoning behind it. 692 is better than 892 right?
If you're not planning any apps soon, you can even let the statement close with the current balance since no payment is due yet. As long as you pay more than the minumum by the due date on the statement, you should be fine.

You score loses points when utilization is high, but recovers when you start paying down.
+1. And if you are like me, chances are the card has not even popped up on your credit report (just got the Venture last month and still nothing on the CR).

It seems usually (not always) it takes a couple of cycles for a new Cap One to show on the report...so you will be fine. But definitely make a payment (maybe 3x the minimum?) before the payment is due.

My cap one posted today and even my brand new Bank of America card did and I just got it in the mail lol. Got the Cap 1 QS around mid July i guess

Re: New Capitol One. Should I Pay today? Advice.

Outdoorstech1 — Thu, 14 Aug 2014 21:17:23 GMT

Thanks everyone!! Yepp... It's 0% until May. All my other cards have a low low balance every month so I wasnt sure if it was a big deal or not. Thank you for the tips. This forum rocks