Capital One Baffles Me

[Anonymous]

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@Gmood1wrote:
Not you to "Thecreditgame". I thought I've seen you post about NOT paying these balances off too fast? 😉

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I know... i know.

>=/  The one time i screw up, and its counter to my own advice.

[Gmood1]

I know it's not you. Someone here has the newer members thinking they build credit by making 25 payments a month on the same card.😂

[Anonymous]

Wow, thank you for this post.   I guess I was lucky.     This is my 6th month and I this was my first time letting statement cut without a balance.  (I wanted to see what AZEO would do to my score and let another card report a 9% balance).

 Today I got my $500 increase (SL was $1K).    I have a new CO1 account (only $500 SL) and it is also in credit steps.  I guess I will have let that card show a statement balance for the next few months so I can get the increase.      

[Anonymous]

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@Anonymouswrote:

So essentially I learned today that Capital One Credit Steps is EXACTLY like the Amex Everyday probationary period.  You must generate a statement balance each month and make at least a minimum payment.  Do not pay off to zero more than one month at a time or you will skip months and delay your steps increase.

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So I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

[UpperNwGuy]

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@Anonymouswrote:

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@AnonymousSo I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

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Exactly.  Many on this board will disagree with me, but my five rules for payments are:

1.  Only make one payment a month.

2.  Pay either the statement balance or the current balance, not some other amount.

3.  Don't attempt to pay pending transactions.

4.  Make that payment after the statement cuts, never before.

5.  Use the "pull" method for paying.  Don't "push" the payment from your checking account.

[AverageJoesCredit]

I agree with UpperNwGuy. Just let a statement generate. Its not like someone still cant make a payment. If you are on credit steps , just use your card, make sure you let them generate a statement with a balance due then pay it. I just pay my creditors from their websites so i guess thats called pulling? So long as money is 8n checking should be no problems.

Spread the word Gmood, spread the truth

[Dalmus]

And here's the big thing that people always overlook in their obsession with reporting a $0 balance...   Assuming your UTIL is under control, it simply doesn't matter whether you PIF before or after the statement cut.  

[Anonymous]

I don't know who started the multiple payments per month, pay before the statement generated pablum. But it is the exact wrong approach for a CLI from Cap1. I know from experience that the easiest way is to use the cap1 card as your sole credit card for a few months (I ran a $1000 a month), let the statement generate, then pay THE STATEMENT BALANCE (not the total balance);by the due date. Do that for 6 months and you will likely get a CLI.

[SarahJo]

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@Anonymouswrote:

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@Anonymouswrote:

So essentially I learned today that Capital One Credit Steps is EXACTLY like the Amex Everyday probationary period.  You must generate a statement balance each month and make at least a minimum payment.  Do not pay off to zero more than one month at a time or you will skip months and delay your steps increase.

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So I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

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The two programs are NOT the same, I have been through them both.  Capital One Credit Steps is most certainly different than the Amex program.  In my experience, your card "graduation" date may have changed, I can't tell you why, but I will say mine followed the exact same timeline.  I never once let a balance report on the Capital One card, and paid several times throughout the month to make it so.  As for the Amex, I started with my $500 limit and, as it states in the paperwork, you must let a small balance report, which I did.  $10-$20 balance, statement cut and paid off.  Capital One starter Platinum Card with a beginning $300 limit in 2016 is now a Venture One card, and Amex has graduated to the limit in my signature in 7 months. 

[Anonymous]

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@UpperNwGuywrote:

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@Anonymouswrote:

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@AnonymousSo I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

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Exactly.  Many on this board will disagree with me, but my five rules for payments are:

1.  Only make one payment a month.

2.  Pay either the statement balance or the current balance, not some other amount.

3.  Don't attempt to pay pending transactions.

4.  Make that payment after the statement cuts, never before.

5.  Use the "pull" method for paying.  Don't "push" the payment from your checking account.

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The only one that matter is #4.  Other ones have no effect on anything.  I got my Amex BCE 7 months ago with a 1k limit.  Now it is 6k.  Followed zero of those rules.  Didn't even use it after the first month and got my 250 dollar sign-up bonus.  Made multiple  payments, made them of various values.  Let no balance hit.