Capital One statement closed a day before!

[HeavenOhio]

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@HeavenOhio wrote:

As far as I've been able to tell, Capital One has closed consistently for me at the close of business on the statement date. I've seen Chase and Barclays do it both ways, though.

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Yesterday, I had two Capital One cards close at the start of business on the closing date rather than at the end of the day. It's the first time I've ever noticed that happening. Along with that, it seems that the actual statements became available a few hours earlier than they normally would have.

The bottom line is that if we're advising people who wish to make a payment before their statements close, we should advise them that the statement may actually close in the morning.

[FinStar]

I was under the impression that for any payments made on a weekend, mainly on Sunday (or Holidays), then those would not be posted the same day, especially if either of those two fell on the closing date.

If the closing date was on a Saturday and a payment was made before the cut-off (8pm EST), then it would typically be honored for that day. Granted it could still be a YEMV situation.

When I tested this for my Venture account, just for GP purposes, and the closing date was on a Saturday, it always worked for me (morning or afternoon payment before 8pm EST). When submitted on a Sunday (i.e. closing date), the balance reported, payment posted by the next business day (Monday).

[MakingProgress]

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@Anonymous wrote:
Well I just spoke to Capital One about why they closed statement a day before. The CSR mentioned there were no pending transactions and their systems decided to close EOD on the 2nd because there was nothing to post. First time I heard that. Could that be? He also said it had nothing to do with the closing date being on a Sunday.

I'll be more careful going forward. I usually pay down the day of closing and the payment posts the same day. Hate that I messed up a perfect AZEO streak. No biggie. Thanks to all for your suggestions!

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I'm not so sure I belive what you were told.  You statement closing date and payment date should  be clearly shown anytime you sign on to your online account.  

[HeavenOhio]

@FinStar, when you tested, did you notice if the account information indicated whether the statement was open or closed? In this case, my "next payment due" changed early in the morning. Normally, that change would occur in the evening. Had I made a payment that day, I'm sure it would have been credited for that day. But if my statement was actually closed, I would think that any transactions for that day would be included on the next month's statement.

[HeavenOhio]

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@MakingProgress wrote:
I'm not so sure I belive what you were told.  You statement closing date and payment date should  be clearly shown anytime you sign on to your online account.  

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In the cases we're talking about, the statement did close on their assigned dates. The difference is that we saw statements close twelve to fifteen hours earlier than usual.

I've found that statement closing dates tend to be clearest when the banks shift them around from month to month. For instance, the next closing date on my AMEX card is front and center when I log into my account. For the cards that close on the same date each month, I tend to have to poke around a bit to find it.

[CreditRebuilder2020]

As someone who is rebuilding I know the frustrations of stuff like this happening. I have to say, it's really annoying. 

Especially when you're watching your FICOS like a hawk. I've had a statement close on the date but then, will do some spend on my card and then have the new balance on my card, not the statement balance reported to the bureaus screwing up my utilzation rates. Basically zero balance on the statement date, statement cuts, then 3 days later I do some spend on the card and that spend gets reported to the bureaus. 

I also have a situation right now where my statement on my QS1 card was high last month, the CL is only $300 and I had done a good amount of spend on that card and I just couldn't pay it off. So my scores dipped, understandable. However I paid off the card in full and we're now 7 days past the statement cutting and it still is showing up with the $285 balance on my Experian report.

We all know these companies and this system isn't perfect. I guess the big advice, as always, just pay the cards off immediately. 

[Anonymous]

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@CreditRebuilder2020 wrote:

 ... and we're now 7 days past the statement cutting and it still is showing up with the $285 balance on my Experian report.

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Experian seems to be having issues this month -- I've got accounts updated with TU and EQ for a week but still not showing on EX. My (limited) experience is they typically show updates first. 

[OmarR]

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@CreditRebuilder2020 wrote:

I've had a statement close on the date but then, will do some spend on my card and then have the new balance on my card, not the statement balance reported to the bureaus screwing up my utilzation rates. Basically zero balance on the statement date, statement cuts, then 3 days later I do some spend on the card and that spend gets reported to the bureaus.  

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A method that works for me is doing a PUSH payment for more than the balance, and doing it 2-3 days before the closing date. Alway closes at $0 and I don't have to worry about any spend on the closing date itself or the few days after it.