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Pay before statement cut

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Contributor

Pay before statement cut

Your first payment will be due Oct 17. We'll let you know the minimum amount after Sep 20

My question is when does my daughter pay down her credit card to 8% so it will report. She only has a cap 1 card.
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13 REPLIES 13
Valued Contributor

Re: Pay before statement cut

A few days before the due date. That time allows the payments to post before the actual due date.
Message 2 of 14
Valued Contributor

Re: Pay before statement cut

Payments applied by 8pm EST, even on your due date, will still be credited to your account whether the funds have posted or not.  Your statement closing date is what is important if you want to micromanage balances.

 FICO 8
Message 3 of 14
Community Leader
Mega Contributor

Re: Pay before statement cut

If I understood your question correctly, you want to know when to pay so reported balance is under 9%

If that's what you're asking, she should pay a few days prior to closing date, which is day before the statement, so September 19 is her closing day.
EX 759 EQ 774 TU 753


Message 4 of 14
Established Member

Re: Pay before statement cut


@Liable0827 wrote:
Your first payment will be due Oct 17. We'll let you know the minimum amount after Sep 20

My question is when does my daughter pay down her credit card to 8% so it will report. She only has a cap 1 card.

In addition to all the advice already given, just wanted to add a friendly reminder that your daughter should try not to use the card the week of your statement close date. And also keep in mind that if there is a pending transaction on the day you decide to pay, make sure to include that in your payment so that it doesn't add to your balance after you've already made payment but before the statement has cut.



Message 5 of 14
Contributor

Re: Pay before statement cut

So pay a couple days before sep 17th of oct? Because I thought they report on the 20th of sep when they let me know the minimum payment
Starting Score: No Score
Current Score: No Score
Goal Score: 700


Take the myFICO Fitness Challenge


Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 14
Contributor

Re: Pay before statement cut

So pay balance down on the 19? So after it cut I'll be ok to get back spending
Starting Score: No Score
Current Score: No Score
Goal Score: 700


Take the myFICO Fitness Challenge


Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 14
Senior Contributor

Re: Pay before statement cut


@Liable0827 wrote:
Your first payment will be due Oct 17. We'll let you know the minimum amount after Sep 20

My question is when does my daughter pay down her credit card to 8% so it will report. She only has a cap 1 card.

And my question is why is she micro-managing her credit?

 

When you're attempting to build credit (as I assume your daughter is doing) its important to let the balances report "as is" to the credit bureaus.  That way your credit report will include your highest balances so other lenders can see that she has established a record of paying her account.  Of course, this also assumes she intends to eventually open other credit accounts.  





Message 8 of 14
Contributor

Re: Pay before statement cut

She will be showing a balance but 8% of her balance
Starting Score: No Score
Current Score: No Score
Goal Score: 700


Take the myFICO Fitness Challenge


Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 14
Valued Contributor

Re: Pay before statement cut

Is this a recently acquired card for your daughter? If so, I recall my first statement due date was (+-)55 days after account approval, opening.

What does it show on the online portal for your due and close dates?

You can start using the card again after the close date.
Message 10 of 14
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