Your current balance will always show up on the app -- this allows you to keep track of spending.
Have you found out the two dates you need: (1) statement date and (2) payment due date? They are different.
What is your billing cycle? The last day of your billing cycle is your statement date. You need to pay down your $60 balance before this date. Your statement will show the amount left over after you pay down the balance. This is the amount that will be reported to the credit bureaus.
You can pay the remaining balance a day or two after your statement cuts, or any time before the due date. Your due date is the last day of your payment grace period. The standard grace period is 25 days after the statement date, but some cards may only offer 10 or 15 days. You can check the terms and conditions that came with your card to find out how many days of a grace period you get. The remaining balance needs to be paid by the last day of your grace period.
Have you found out the two dates you need: (1) statement date and (2) payment due date? They are different.
What is your billing cycle? The last day of your billing cycle is your statement date. You need to pay down your $60 balance before this date. Your statement will show the amount left over after you pay down the balance. This is the amount that will be reported to the credit bureaus.
You can pay the remaining balance a day or two after your statement cuts, or any time before the due date. Your due date is the last day of your payment grace period. The standard grace period is 25 days after the statement date, but some cards may only offer 10 or 15 days. You can check the terms and conditions that came with your card to find out how many days of a grace period you get. The remaining balance needs to be paid by the last day of your grace period.
Take a look at the above picture. It says now that my payment due date is Feb 11 now but min payment due is $0 although the balance is like $50 something.
Should I pay it all off or bring it down to $10 or so in balance due?
Ok, I totally see why you are confused.
You received your card on or around January 21st, correct?
Your last statement date was January 14th - before you received your card and made the $51.17 in charges. So the balance for your Jan 14th statement is $0. The payment due date for the billing cycle that ended on Jan 14 is Feb. 11 (the last day of your 25 day grace period). This is why your minimum payment due is $0 - you made no charges during the December 15 - January 14 billing cycle.
Your current billing cycle is January 15 - February 14. The $51.17 charges occurred during this cycle and will be billed on your February 14 statement, with a payment due by March 11.
You want to pay down the $51.17 to below 8.9% before this next statement cuts on Febrauary 14. The statement will reflect whatever the new balance is after payment and that is what will be reported to the bureaus. Then, you will need to pay the remaining balance before the due date of March 11th.
The dates on your app will update after the Feb 14 statement date. A new due date of March 11 will appear and the last statement date will say Feb 14.
You can make a payment right now if you want, but the card won't report again until February. You may continue to use your card and just pay it down when you get closer to your statement date.
Does all of this make sense?
You received your card on or around January 21st, correct?
Your last statement date was January 14th - before you received your card and made the $51.17 in charges. So the balance for your Jan 14th statement is $0. The payment due date for the billing cycle that ended on Jan 14 is Feb. 11 (the last day of your 25 day grace period). This is why your minimum payment due is $0 - you made no charges during the December 15 - January 14 billing cycle.
Your current billing cycle is January 15 - February 14. The $51.17 charges occurred during this cycle and will be billed on your February 14 statement, with a payment due by March 11.
You want to pay down the $51.17 to below 8.9% before this next statement cuts on Febrauary 14. The statement will reflect whatever the new balance is after payment and that is what will be reported to the bureaus. Then, you will need to pay the remaining balance before the due date of March 11th.
The dates on your app will update after the Feb 14 statement date. A new due date of March 11 will appear and the last statement date will say Feb 14.
You can make a payment right now if you want, but the card won't report again until February. You may continue to use your card and just pay it down when you get closer to your statement date.
Does all of this make sense?
Good! And you're very welcome.
Now that you understand how this whole billing cycle vs. statement date vs. due date thing works -- I think I should give you a heads up:
Your billing cycle may change at certain points throughout the year -- usually only during short months - like February. You may want to contact your card company and ask if your cycle will remain the same for the month of February given it only has 28 days as opposed to 30 or 31.
For example - my billing cycle for American Express is always from the 12th to the 11th -- but this will change in february. My billing cycle will now end on February 8th instead of the 11th. Which means my statement will cut on February 8th, instead of the 11th, and I'll have to paydown my balance earlier, prior to the 8th. All of my future cycles for this card will now be from the 9th - 8th. Not all companies do this (Amex is my only card that does it). But you may want to double check with your card company just to be sure. You may also be able see this information on your online account - as it sometimes provides more details than the mobile app.
Also -- test out how long it takes for your payments to post to your account. For your first payment, pay it at least 7 days before the statement date to give it enough time to post. Some companies post payments the same day, others take 2 or 3 days, some take 5-7 days. You need to know how quickly your payment will post so you can time your payments accordingly to make sure your first (paydown) payment posts before the statement cuts and that the second (remaining balance) payment posts before the due date.
I know this all seems like a lot to think about -- but you'll get the hang of it. Just pay attention to your account and enjoy your new credit!
Depends on how many inquiries you already have within the last 12 months. If you only have 1 or 2, and this is your 3rd inquiry, then no - not really, you may lose 1 or 2 points but nothing significant. Usually anything over 4 or 5 inquiries gets you hit with a 5 point loss. You start to gain back lost inquiry points as they age past 6 months. After 12 months, you'll gain all points back. After 24 months, the inquiries are removed completely.
You're welcome!!