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Dumb Question Of The Day

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Established Member

Dumb Question Of The Day

One of my credit cards is a Cap One card with a 300.00 limit.  They say  make your first 5 minmum paymwnts on time and we raise your limit to 500.00 or whatever it is.  At first, I thought ok.  I will only charge 120.00 on it and do the 5 payments and then pay it off on Payment number 5.  (I ended up paying it off in full because I didn't like having a balance) 

 

 but here's the dumb question of the day:   

 

Do i still get ' credit'  for making the 'minmum payments" if there isn't a balance at all.  Or should I use this card specifically for a small purchase, let it register  and  pay it off in full  thus meeting their 'minmum paymnet' requirement to get the credit line increase  and I keep with the good practice of  paying it off.   

 

 Sorry if this is dumb. I am just wndering. 

Message 1 of 15
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Super Contributor

Re: Dumb Question Of The Day


@LenaLuthor wrote:

One of my credit cards is a Cap One card with a 300.00 limit.  They say  make your first 5 minmum paymwnts on time and we raise your limit to 500.00 or whatever it is.  At first, I thought ok.  I will only charge 120.00 on it and do the 5 payments and then pay it off on Payment number 5.  (I ended up paying it off in full because I didn't like having a balance) 

 

 but here's the dumb question of the day:   

 

Do i still get ' credit'  for making the 'minmum payments" if there isn't a balance at all.  Or should I use this card specifically for a small purchase, let it register  and  pay it off in full  thus meeting their 'minmum paymnet' requirement to get the credit line increase  and I keep with the good practice of  paying it off.   

 

 Sorry if this is dumb. I am just wndering. 


I don't know, but I have a hunch they want you to demonstrate for 5 months that you will make at least the minimum payment. So I would charge something small each month and then pay it off. I don't think it will matter if you pay it off after the statement cuts, or before, just so long as you make the payments for 5 months.


Total revolving limits 644000 (568000 reporting)



Message 2 of 15
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Super Contributor

Re: Dumb Question Of The Day

With Cap1's starter cards. They like heavy usage and PIF each month. You'll still get your credit steps increase. But in some cases it could lead to higher CLI's at the end of the program, or when you ask for a SP CLI 6 months after your completion of the credit steps. Dont worry about the percentage used. You can use it all to pay bills. Just PIF. After 3 months if it's a Plat. You can upgrade to the QS for cash back. No QS1. Good Luck!

 

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 15
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Community Leader
Super Contributor

Re: Dumb Question Of The Day

Not sure. Amex specifies that a balance has to report and you have to make a payment each month, but I've never seen anything like that for capital one. I would do it anyways, just in case.







Message 4 of 15
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Established Member

Re: Dumb Question Of The Day

Its paid off now, but I think what I will do is just put next month's cell phone bill on it. May the payment in full to get the credit for making an 'on time payment" and repeat.
Message 5 of 15
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Valued Member

Re: Dumb Question Of The Day

mine clearly states that if you pay before the balance post and there is no amount due when payment is made it will not count toward  the steps increase. I recently got the Cap1 QS1 butnhad then Cap1 PC and i think i screwed myself with it because it wasnt clearly laid out anywhere.

 

Hope this helps

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Curent Accounts:
2 auto loans $18439, Discover It Secured $200, Cap 1PC partially secured $200, Total Visa $300, MoneyLion CBL Bal $253, & FingerHut FreshStart $72 bal, Cap1 QS1 $300
Message 6 of 15
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Established Member

Re: Dumb Question Of The Day

OO good to know!! Thank you
Message 7 of 15
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Moderator

Re: Dumb Question Of The Day

Let the small balance report, then pay it off after statement is generated. It does not have to be more than $5.00 if you're not comfortable with balances reporting. 

 

 

Message 8 of 15
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Community Leader
Senior Contributor

Re: Dumb Question Of The Day

I don't believe that you ever benefit by cutting a positive statement balance with Capital One. Making a payment during each billing period should work. But if you want to be absolutely sure, do as suggested by letting your statements cut with a small balance and paying it off promptly.

Message 9 of 15
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Established Contributor

Re: Dumb Question Of The Day

I have paid my CAP1 card before the statement cuts and they are still checking me off for the monthly steps. I have been using it a lot, but only for things I normally buy/purchase. Paying it off a couple of times a month.

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