Can't figure out Capital One statement date?

[Anonymous]

Hubby got approved for a capital one card mid November. I didn't activate till Nov 25. Used it several times and paying off nearly everything as soon as it lets me. It takes a few days for the transactions to clear and show a balance. I have it paid down to a $5 balance now, but would like to pay our electric and gas bill that are due by tomorrow. Since I can't pay until the transactions clear, aroubd Friday I'm guessing?, how will I know if will show in the statement? I'm sorry to be so naive but we have not had a real credit card in years so I'm kinda lost right now and don't want to screw up this second chance.

[ScoreOrBeScored]

If you have not generated a statement yet, call them and get your close date. But your close date should be in your online account

says something to the fact "As of " ....... ( date shown would be the billing cycle closing date )

[Anonymous]

So do I need to have my balance paid down before the close date?

[CreditDunce]

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@Anonymous wrote:

So do I need to have my balance paid down before the close date?

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No, once the statement cuts, there will be a due date.  Be sure to pay the entire statement balance before the due date.  Otherwise, you will be charged interest and loose your grace period to pay without interest.

If this is his only credit card, you should let a balance report each statement.   When you are ready for your next credit card (at least 6 months from now, maybe longer), then prepay before the statement cuts so the balance reported is between 1-9% of the credit line.  Note, this advice is good only for those who pay in full each month.  If you carry a balance, it is best to always keep your balance below 30%. 

[Anonymous]

Sorry, I should have been more clear in my post. I will for sure have it paid before the due date. But as far as the utilization goes, I'm trying to make sure it's under 10% (300 CL) before whatever date it would report to the credit agencies. So step one is to figure out what day of the month the statement cuts. And that leads me to my second question...how soon after the statement can I start charging it up again? I want to max it out often to get the rewards and also so they see that we need an increase. I will always pay whatever I charge up as soon as it lets me, and leave about a $5 balance.

[gdale6]

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@Anonymous wrote:

Sorry, I should have been more clear in my post. I will for sure have it paid before the due date. But as far as the utilization goes, I'm trying to make sure it's under 10% (300 CL) before whatever date it would report to the credit agencies. So step one is to figure out what day of the month the statement cuts. And that leads me to my second question...how soon after the statement can I start charging it up again? I want to max it out often to get the rewards and also so they see that we need an increase. I will always pay whatever I charge up as soon as it lets me, and leave about a $5 balance.

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If you are keeping the utilization down by paying before it cuts to give you a due date then yes you would want to have the account paid on or before the statement date.

[CreditDunce]

Sorry if I misunderstood.  Keeping your reported utilization low is certainly the safe bet.

Depending on your payment method, it can take a day or two for your payment to post.  It is best just to see how long it takes in your case.  You can start charging again immediately.    In most cases, you can charge the day your statement cuts without any problems.   It takes a day or two for pending charges to be finalized.  Until they are finalized, they don't count.

There are a couple of things you might run into. 

1) Sometimes a CCC will do an off cycle report when a credit card is maxed out.  But it isn't a big deal, your credit score will recover next time it is reported with a low balance; 2) If you max out your credit line and pay it off, it can take a couple of days before the CCC releases the credit limit.  This is especially true for new accounts;

3) Some banks restrict the number of times you can pay off the bill in a month.  If so, just use the bill pay of your bank to push additional payments through.  Pushing payments is also helpful when you want to pay before a charge has posted/finalized.

[ScoreOrBeScored]

Once you know your statement cut date, use the card as much as you like as long as you keep avail credit on it to use. Then pay your bill so

it reflects the balance you'd like to report 2 days before it cuts.

example of how I use my Quicksilver.

my statement cuts the 23rd of every month. So I run it up until the 17th. Allow all transactions to post. Make my payment on the 21st.

my payment will post to my account the same day .or the very next day.

 I will begin to use my card again on the 22nd or the 23rd. Yes I know im using the card again before the statement cuts, but keep in mind

it takes 2-4 days for the new charges to post. So the new charges will post on the new billing cycle. Sorry if I confused you but that's how 

I use my cards. I make my payment 2 days before the cut date and it still allows me to let the amount I want to report on my credit report.

[Anonymous]

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@ScoreOrBeScored wrote:

Once you know your statement cut date, use the card as much as you like as long as you keep avail credit on it to use. Then pay your bill so

it reflects the balance you'd like to report 2 days before it cuts.

example of how I use my Quicksilver.

my statement cuts the 23rd of every month. So I run it up until the 17th. Allow all transactions to post. Make my payment on the 21st.

my payment will post to my account the same day .or the very next day.

 I will begin to use my card again on the 22nd or the 23rd. Yes I know im using the card again before the statement cuts, but keep in mind

it takes 2-4 days for the new charges to post. So the new charges will post on the new billing cycle. Sorry if I confused you but that's how 

I use my cards. I make my payment 2 days before the cut date and it still allows me to let the amount I want to report on my credit report.

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My statement cuts on the 23rd also but my due date is the 19th. You're saying you pay on the 21st so your statement cuts 2 days after your due date?

[ScoreOrBeScored]

My payment is due the 19th also.

im saying that I pay my current charges 2 days before the statement cuts. I'm not talking about the due date.