Is paying too early, bad?

[Anonymous]

Hello, all

I am very excited that I just received my new capital one secured credit card and on my way to rebuilding my credit.  However, I was wondering if paying too early will have a negative effect on my credit score.  I am keeping my usage no more than 30%.  They charged me immediately $29 for the annual fee.  And I recently used my card to get it started and of course plan to pay off the balance in full each month.  I have not received my first bill yet, obviously.  But I want to pay this annual fee now.  Is there such a thing if I make payments for my credit card before I even get my bill?

[MarineVietVet]

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@Anonymous wrote:

Hello, all

I am very excited that I just received my new capital one secured credit card and on my way to rebuilding my credit.  However, I was wondering if paying too early will have a negative effect on my credit score.  I am keeping my usage no more than 30%.  They charged me immediately $29 for the annual fee.  And I recently used my card to get it started and of course plan to pay off the balance in full each month.  I have not received my first bill yet, obviously.  But I want to pay this annual fee now.  Is there such a thing if I make payments for my credit card before I even get my bill?

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You might run into the problem of not being able to set up a payment on Cap 1's website until the first statement posts on this new account.

What you can do is "push" a payment to Cap 1 via your banks (or CU's) online bill pay service if you have such a feature

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Or you can also go ahead and mail a payment now.

I have so far never had a problem with mailing a payment a week or so prior to when I'm expecting a bill to post to my credit card account.

[Hopelives2]

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@Anonymous wrote:

I am keeping my usage no more than 30%.  ...  of course plan to pay off the balance in full each month. 

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Usage = 30% or utilization = 30%; make sure it is the former, not the latter; your util should be less than 9% on your CR

If you do *push* payments via bank or CU, that is okay just know that it will only reflect as no payment due on your statement BUT your CR will still show anything you charge and do not pay off before due date.

For instance;

You owe $29 now.

You push $29 payment today to Cap 1.

Cap 1, being you are new, will show payment immediately, but will NOT reflect in available credit.  This is totally normal.  The company needs to get used to your style of payments/charges/payment clearing before they stop withholding available credit.

So now, you sit with $300 - $29 = $271 available credit and are WITHOUT the $29 cash in your account.  Right?

Your statement date, for this purpose we'll say is the 17th.

Whatever you charge between now - today's hypothetical payment - and the 18th (yes the 1 8 th) will show on your CR. 

Best option off the bat is to:

1)  find out your due date

2)  find out your statement date

3)  pay in full before due date

4)  do NOT charge anything else until after statement date (even things charge ON the statement date show up on your CR)

Hope that made sense.

[Anonymous]

I'm in the same boat. Can't make a payment yet but I'm going to call in and make it. I don't believe there's a problem with that.

[RockinRay]

I agree with MarineVietvet on this one.

Set them up with your bank and push the payment. Fast and easy.

I push payments weekly on the cards that I used the prior week. Never had been a problem.

Ray