Optimal time to pay my Capital One?

[Anonymous]

A little backstory..I applied on 3/08 and was approved,got the card 7-10 days later and made my first purchase on it.I received my first statement  3/19 for March.The due date is 4/19.My question is this: The total amount is 46 dollars and some change.This includes the 5 dollar charge that posted on the 23rd and will carry over on my next months statement.I always pay in full and early,but if I payed it today (12 days early) will it post to my credit? Im wanting to establish my credit and be responsible at the same time.Thanks for any input!

[Anonymous]

Before it is due is generally best.

[barbaralee]

I have everything set up to automatically pay on due date, but I think whatever date you want is good as long as it is not after the due date.  

[Anonymous]

If you're wondering if the payment will show up on your credit reports right away...most likely not. Most creditors only update to the bureaus once per month, and usually when the statement cuts. Pay now, by next week, pay whenever, just make sure you pay it by the due date and you'll be in good shape.

[Anonymous]

Yes I was wondering if it would show on my report.I went ahead and scheduled it for tomorrow which is a good thing because it will take 3 days to clear my account so Im good.I was nervous because its my first payment and I just wasnt sure how Capital One was at posting your payments.I did leave the 5 dollar charge for next statement though,I wasnt sure if it would benefit me to pay it,its small anyway....Thanks all for the responses,love this site!

[barbaralee]

I personally find it better to let the credit card company pull the money from your checking account. It is faster as opposed to using web bill pay, and sure to go through on the day you set it for. Good luck on your rebuilding! 

[Anonymous]

It will not show up on your report until 3 days after your due date . Chase is the only creditor I know that updates zero balance to credit reports mid cycle .

[takeshi74]

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@Anonymous wrote:

I always pay in full and early,but if I payed it today (12 days early) will it post to my credit? Im wanting to establish my credit and be responsible at the same time.Thanks for any input!

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If you want to reduce the reported balance for the current cycle then you need to pay before the report date.  Most cards report on statement date and IIRC, CO is the same.  Paying by the due date will not reduce the reported balance for the current cycle.  That payment will factor into the balance reported for the following cycle.

In short:

• Pay at least the minimum by the due date to keep your account current
• Pay the statement balance in full by the due date to avoid interest
• Pay prior to the report date to reduce the reported balance

[NRB525]

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@Anonymous wrote:

A little backstory..I applied on 3/08 and was approved,got the card 7-10 days later and made my first purchase on it.I received my first statement  3/19 for March.The due date is 4/19.My question is this: The total amount is 46 dollars and some change.This includes the 5 dollar charge that posted on the 23rd and will carry over on my next months statement.I always pay in full and early,but if I payed it today (12 days early) will it post to my credit? Im wanting to establish my credit and be responsible at the same time.Thanks for any input!

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The $41 and change ( your statement balance from March 19 ) will eventually report.

By paying $46 and change, your next Capital One statement will report zero, on about April 20-21.

You were only required to pay the $41 plus chage by 4/19 to avoid starting the interest rate clock, the $5 would normally be left to show as the 4/20 statement balance, then due about May 18 to avoid interest.

While the March 18 balance and associated payment may not yet be reported to the CRA, it will eventually, perhaps a month or two late, but catching up those prior months.

[Anonymous]

Thanks all for your contributions! I set my payment for today (late last night).I was worried bout being too early because I did that once when I payed my Commenty card for the first time and it looked like to me on my report that I had a zero balance which I did because I charged and then immediately payed it off.Im trying to be early but I do want it to report so that I may have history as well.