I don't understand??

[CoreyGSHS]

Hi all! So on my BankAmerica Cash Rewards Credit Card that I've only had for a few weeks now that I got to start building credit, it shows online, "Due on: 07/02/14"...... HOWEVER, it says that my next closing date is 07/03/2014? 

Doesn't usually the statement close before the due date? I spoke with a personal banker at BoA and she said to pay a day before the due date (so they can't attack me with late payments, etc) and to keep my credit uitlization below 30%, which I have been doing. 

I am asking when would the best time to pay my credit card balance to help boost my credit score? I'm confused on the whole due date being before the closing statement date..... Aren't you supposed to let your balance report to the three credit agencies when the statement ends to at least show you are using your card? How would I be able to do that if I have to pay it off before it can even report? 

Thank you all very much for the help!! 

[Anonymous]

The payment for the previous month is due on the first date, the statement for the current month closes on the second date.  YOu will then have a few weeks to pay the amount due on the statement that closes 7/3

[Bman70]

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@CoreyGSHS wrote:

Hi all! So on my BankAmerica Cash Rewards Credit Card that I've only had for a few weeks now that I got to start building credit, it shows online, "Due on: 07/02/14"...... HOWEVER, it says that my next closing date is 07/03/2014? 

Doesn't usually the statement close before the due date? I spoke with a personal banker at BoA and she said to pay a day before the due date (so they can't attack me with late payments, etc) and to keep my credit uitlization below 30%, which I have been doing. 

I am asking when would the best time to pay my credit card balance to help boost my credit score? I'm confused on the whole due date being before the closing statement date..... Aren't you supposed to let your balance report to the three credit agencies when the statement ends to at least show you are using your card? How would I be able to do that if I have to pay it off before it can even report? 

Thank you all very much for the help!! 

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 No because they want to see if you paid the minimum/balance before they cut the statement... That way they know whether to charge you interest or not on the statement.

[CoreyGSHS]

This is the first payment I will make on my card, seeing that I've had it for just a few weeks now. I just need someone like you guys who are skilled at this stuff to help me and tell me when you would pay if you were in my situation.  

[Bman70]

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@CoreyGSHS wrote:

This is the first payment I will make on my card, seeing that I've had it for just a few weeks now. I just need someone like you guys who are skilled at this stuff to help me and tell me when you would pay if you were in my situation.  

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If you're building your score, I would pay at least the minimum due (of course), but not all of it. Let about 5-10% utilization remain so the statement will cut with that and report it to the bureaus. 

To find out what 5% util would be, do this calculation: credit limit times .05. That will tell you how much to leave on there for 5 percent. If you want to report 10 percent, do credit limit times .1. Just in case you didn't already know that

[coldnmn]

Next time you should have the statement closing date and then the grace period before your due date. So your statement closing date is the third for next statement so you should have about 25 days grace before your next  payment is due. The payment due on the second everything was crunched down because your account was so new. So your current payment is due the second. It will straighten out once your account is established. 

[gh17]

It's probably just confusing because it's the first month.  Most likely you don't even have anything due yet if you don't have a statement yet.  What's it say your minimum payment is?  I'd guess 0, since you haven't received a statement yet.  If you have received a statement, pay the full amount on the statement before the due date.

The statement on the 3rd will have a later due date.  This upcoming due date is either for a statement you received in the past or is just a "due date" for $0 for a statement you never got.

Just make sure you avoid any interest by paying off the balance on your last statement (if you had a statement) in full.  Otherwise pay it down to <10% of your limit before the next statement generation, and then pay that in full by the following due date.

[CoreyGSHS]

Okay, so you are saying that since my Bank America Cash Rewards card currently holds a balance of $220.93 and I was approved with a $700 CL, I should pay $198 on the due date which is on the 2nd, then pay the rest (10%) off on the evening of the 3rd whenever my statement ends? I dont have any interest until a year, but i still dont want it to show up that im not paying my bills on time.

I'm sorry, haha. I know I am probably making this more complicated. 

[CoreyGSHS]

If this may help provide any additional information, this is what is posted whenever I go under my account summary online:    

  Account Summary

Current balance:

$213.38

Total credit available:

$478.08

Cash credit line available:

$200.00

Rewards

Total Cash Rewards: 0.00 Cash Rewards

Card Details

Total credit line:

$700.00

Cash credit line:

$200.00

Amount over total credit line:

$0.00

Next closing date:

07/03/2014

Last payment date:

Last payment:

$0.00