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I recently was approved for a Cap One Platinum card and I have a few questions. For those of you who are familiar with Capital One, if you pay early as in before your statement cuts, does that count as "paying on time"? I ask because I have been reading through "reviews" of Capital One and from what I've read so far, if you pay early it does not count as "paying on time". This concerns me because in order to qualify for a credit increase you need 5 months of "on time payments".
Furthermore, according to "CreditWise", (Capital One's own "Faco" score tracker) I have 0% of payments made on time even though I have made 3 successful payments on my Secured Discover card all of which were paid early and all have been reported to the credit bureaus. But wait, there's more. According to "CreditKarma", I have 100 % of payments made on time.
If they are both using VantangeScore 3.0 why is there a difference in my "on time payments"?
Or does Capital One really not count early payments as being made on time?
The payments count towards your Credit Steps. My Cap1 has a 0 payment due as of the statement date. I use it for small purchases, and pay off before the statement date, but still see the check marks for the credit steps....hope this helps
@Anonymous wrote:
There are only two types of payments - on time and late. You can pay anytime between the time the statement cuts and the date the payment is due. Regardless what CW says, as long as your payment is made on or before the due date and is at least enough to cover the minimum due, you are on time.
Just to be sure we're on the same page here, when I say I "pay early", I mean I pay my balance off before I even get a due date. As in I pay my balances the second they post to my account before a due date is even rendered. Which ultimately means I NEVER get a due date. At least not yet anyway.
So I'll ask again, do these "early" payments still count as being made "on time"?
@Anonymous wrote:The payments count towards your Credit Steps. My Cap1 has a 0 payment due as of the statement date. I use it for small purchases, and pay off before the statement date, but still see the check marks for the credit steps....hope this helps
Credit Steps? Um you're gonna have to explain because as of right now this is the first time I am hearing of these "credit steps". Regardless of the "credit steps", I would still like to know why CreditWise does not acknowledge my payments as being made on time?
@Anonymous wrote:So I'll ask again, do these "early" payments still count as being made "on time"?
Yes, early payments are on-time payments.
@Medic981 wrote:
@Anonymous wrote:So I'll ask again, do these "early" payments still count as being made "on time"?
Yes, early payments are on-time payments.
And you know this from experience, correct?
Please tell me "Yes".
I don't mean to be rude, it's just I am still bugging out over the whole CreditWise thing which for some reason no one here has cared to address. I just want to be absolutely sure of this. I don't like CreditWise telling me I have 0% of on time payments.
@Anonymous wrote:I recently was approved for a Cap One Platinum card and I have a few questions. For those of you who are familiar with Capital One, if you pay early as in before your statement cuts, does that count as "paying on time"? I ask because I have been reading through "reviews" of Capital One and from what I've read so far, if you pay early it does not count as "paying on time". This concerns me because in order to qualify for a credit increase you need 5 months of "on time payments".
Furthermore, according to "CreditWise", (Capital One's own "Faco" score tracker) I have 0% of payments made on time even though I have made 3 successful payments on my Secured Discover card all of which were paid early and all have been reported to the credit bureaus. But wait, there's more. According to "CreditKarma", I have 100 % of payments made on time.
If they are both using VantangeScore 3.0 why is there a difference in my "on time payments"?
Or does Capital One really not count early payments as being made on time?
If I am understanding you correctly, if you make a payment before the statement cuts, you want to know if it will count as an early payment, and that depends on how early it is paid. If the payment does not post before the new statement cuts then yes it will be an early payment on the new statement period. If however it is early enough, it might show as a payment on the previous month and show the payment on the new statement, and therefore not count as a payment on the new statement. Since the due date is usually about 25 days after the statement cuts, there is only 5 or 6 days that will be questionable which statement period the payment will apply to. It is only the days between the due date and the new statement cut date that can go either way.
@sarge12 wrote:
@Anonymous wrote:I recently was approved for a Cap One Platinum card and I have a few questions. For those of you who are familiar with Capital One, if you pay early as in before your statement cuts, does that count as "paying on time"? I ask because I have been reading through "reviews" of Capital One and from what I've read so far, if you pay early it does not count as "paying on time". This concerns me because in order to qualify for a credit increase you need 5 months of "on time payments".
Furthermore, according to "CreditWise", (Capital One's own "Faco" score tracker) I have 0% of payments made on time even though I have made 3 successful payments on my Secured Discover card all of which were paid early and all have been reported to the credit bureaus. But wait, there's more. According to "CreditKarma", I have 100 % of payments made on time.
If they are both using VantangeScore 3.0 why is there a difference in my "on time payments"?
Or does Capital One really not count early payments as being made on time?
If I am understanding you correctly, if you make a payment before the statement cuts, you want to know if it will count as an early payment, and that depends on how early it is paid. If the payment does not post before the new statement cuts then yes it will be an early payment on the new statement period. If however it is early enough, it might show as a payment on the previous month and show the payment on the new statement, and therefore not count as a payment on the new statement. Since the due date is usually about 25 days after the statement cuts, there is only 5 or 6 days that will be questionable which statement period the payment will apply to. It is only the days between the due date and the new statement cut date that can go either way.
No, I want to know if it will count as an "on time payment".
Okay, let's say, I just got my new card Today(which I did just get it today). And let's say my statement is going to cut on August 29th and my Due Date is going to be September 24th. Now let's say I go out and make a purchase RIGHT NOW TODAY August 17th and then let's say the transaction posts on August 19th and then let's say I pay off the charge I just made in full online immediately the same day it posts to the account and then let's say I make no further charges on the card for the rest of the billing cycle.
Are you following me?
Does that count as making a "payment on time"? Now, I know with Discover this sort of activity does count as making payments on time, however, I don't think that's the case with Capital One.
UPDATE-
I went ahead and called customer service just to be sure and to my surprise, these kinds of early payments DO NOT COUNT as being made on time and that is why CREDITWISE is saying I have 0% of on time payments.
Now I'm regretting getting this card.
Why was this post rejected?