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I can't get my cards to report zero

Booner72
Senior Contributor

I can't get my cards to report zero

How do you guys do that?  The interest gets calculated the day they cut the statement, so it's impossible to get a zero balance.  

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 1 of 26
25 REPLIES 25
TannerK
Established Contributor

Re: I can't get my cards to report zero

PIF a few days before the statement generates.

Message 2 of 26
Booner72
Senior Contributor

Re: I can't get my cards to report zero

Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts.  I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.

 

So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they?  I can't seem to get ahead.  They won't let me pay ahead because they say there is nothing to pay.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 3 of 26
GregB
Valued Contributor

Re: I can't get my cards to report zero

If you are paying interest, then it could be a problem.

 

Online payment usually can't be more than amount owed but some allow amount owed + 10%. You can mail a check or push the online payment from a bank account with online billpay through your bank.

Message 4 of 26
Booner72
Senior Contributor

Re: I can't get my cards to report zero

Greg, I am going to the PO tomorrow to send a rush check to them.  Hopefully it will hit in time. 

 

Unfortunately I haven't done online billpay yet w/ my bank.  It seems too complicated, though I will do it eventually.  I usually go online and pay each account that way.  I guess that's motivation to get with the program.  Luckily I noticed this today or I'd be freaked.  I wish I could just close this stupid account (and my first premier).  I'm stuck for now.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 26
Uborrow-Upay
Valued Contributor

Re: I can't get my cards to report zero

 


@Booner72 wrote:

Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts.  I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.

 

So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they?  I can't seem to get ahead.  They won't let me pay ahead because they say there is nothing to pay.


Hey, Booner72!

 

If I'm understanding this correctly, you paid in full on 7/2.  You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero.  Am I understanding that correctly?

 

If that is your concern, then do not be concerned.  You won't be charged interest on the residual interest.  If you pay that amount now showing on your account by the due date, you'll be at zero.  

 

Rest easy!!  Smiley Happy

Message 6 of 26
Booner72
Senior Contributor

Re: I can't get my cards to report zero


@Uborrow-Upay wrote:

 


@Booner72 wrote:

Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts.  I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.

 

So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they?  I can't seem to get ahead.  They won't let me pay ahead because they say there is nothing to pay.


Hey, Booner72!

 

If I'm understanding this correctly, you paid in full on 7/2. YES   You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero.  Am I understanding that correctly?  I'm not seeing any amount of interest due at this point on the account online.  The CSR said nothing would be due.  Yet I fear that there will be, well I guess you could call it residual interest....anyway... interest that doesn't get calculated until the day the statement cuts from the period of time from the last statement 6/24 - when I paid in full 7/2/11.  My current balance is zero.

 

If that is your concern, then do not be concerned.  You won't be charged interest on the residual interest.  If you pay that amount now showing on your account by the due date, you'll be at zero.  There is no amount now showing.

 

Rest easy!!  Smiley Happy  Can I rest easy?  Is it paid in full?  I'm so confused because I've never paid in full before.  I've never had to care about this kind of thing, ie., my credit score..  

 

Thank you so much!


 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 7 of 26
Walt_K
Senior Contributor

Re: I can't get my cards to report zero


@Booner72 wrote:

@Uborrow-Upay wrote:

 


@Booner72 wrote:

Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts.  I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.

 

So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they?  I can't seem to get ahead.  They won't let me pay ahead because they say there is nothing to pay.


Hey, Booner72!

 

If I'm understanding this correctly, you paid in full on 7/2. YES   You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero.  Am I understanding that correctly?  I'm not seeing any amount of interest due at this point on the account online.  The CSR said nothing would be due.  Yet I fear that there will be, well I guess you could call it residual interest....anyway... interest that doesn't get calculated until the day the statement cuts from the period of time from the last statement 6/24 - when I paid in full 7/2/11.  My current balance is zero.

 

If that is your concern, then do not be concerned.  You won't be charged interest on the residual interest.  If you pay that amount now showing on your account by the due date, you'll be at zero.  There is no amount now showing.

 

Rest easy!!  Smiley Happy  Can I rest easy?  Is it paid in full?  I'm so confused because I've never paid in full before.  I've never had to care about this kind of thing, ie., my credit score..  

 

Thank you so much!


 


Yes, you can rest easy.  Here is what is going on.  You're normally used to carrying a balance, so you get charged interest each statement.  When your last statement was cut, let's say the balance was $500.  And they calculated the interest you owed to be $5.  So you had a statement balance of $505.  You paid the $505 by the due date.  But the $505 was the balance as of the date of the statement.  Since you're carrying a balance month to month, you're not in a grace period.  So there is interest accrual from the date your statement was cut until the date they received and applied your payment.  That interest is what you are seeing now, that is what is being referred to as residual interest.  But they don't charge interest on top of that.  Once you pay that, you'll have a zero balance.   


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 8 of 26
ferrari
Regular Contributor

Re: I can't get my cards to report zero

I always solved this problem by paying a little extra by using my bank's billpay service. I do that before the statement cuts and it should cover whatever interest that may accrue until my payment arrives. If the account has a negative balance it will report as 0. Then if you don't use the card anymore thay mail you a check with the balance.

Message 9 of 26
GregB
Valued Contributor

Re: I can't get my cards to report zero

He will have interest on the amount owed from the date of the statement (6/24) until the date it was paid (7/2 or whatever date it was recorded).

 

The amount owed does NOT cover the interest until the next due date.

Message 10 of 26
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