topic Re: Question about interest in Rebuilding Your Credit

Question about interest

jrubedjmp311 — Fri, 07 Jul 2017 13:21:31 GMT

so i have been on the rebuild!

I have a $300 limit card i recently got.

Due Date is July 5.

I paid balance weeks ago.

I believe statement date is the 9th.

Will I get charged interest on the 9th for my current balance?

How does this work exactly?

Re: Question about interest

Anonymous — Fri, 07 Jul 2017 13:38:12 GMT

when a balance cuts, if you pay it in full before your due date no interest will be charged. as long as you keep doing this, you'll be fine.
Only problem would be if it's a subprime lender; some charge interest as soon as a charge posts

Re: Question about interest

jrubedjmp311 — Fri, 07 Jul 2017 13:40:53 GMT

So it cuts on the 9th...but as of a few days ago my balance was zero with no payment due....since i have a balance now, even though im not due until august, ill still get interest because theres a balance?

Re: Question about interest

rmduhon — Fri, 07 Jul 2017 13:45:02 GMT

Is this your first statement?

Re: Question about interest

Anonymous — Fri, 07 Jul 2017 15:35:23 GMT

It shouldn't if this is just your first statement. Who is it with?

Re: Question about interest

Anonymous — Fri, 07 Jul 2017 15:59:15 GMT

@jrubedjmp311 wrote:
So it cuts on the 9th...but as of a few days ago my balance was zero with no payment due....since i have a balance now, even though im not due until august, ill still get interest because theres a balance?

If you paid your balance to $0 then there should be no intereset. You will get a new statement for the new amount that will be due in August and you should pay that in full.