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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.
@Anonymous 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.
@Anonymous 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.