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Swipe vs USAGE - Daily PIF

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Valued Contributor

Re: Swipe vs USAGE - Daily PIF


@mountaindewvoltage wrote:

Most card lenders won't let you pay your balance off early.


Lenders do not have any control over when you make your payments when you push the payment from your bank.

 

In OP's case I'd just push a $1k payment to Cap One and use the card normally so I didn't have to pay it every couple days.  Note that with Capital One it won't increase your available credit... some lenders it does work.    Last time I tried it with Cap One was almost a year ago, though.

EQ08 BE: 776 | TU08: 812 | EX08: 797
Chase Ink [21.5k], Citi DC [20k], Alliant [15k], GICU [15k], QS1 [14.7k], Amex OBC [10k], Sportsman's Guide [9.4k], Blispay [7.5k], PenFed [6.5k], Chase Amazon [6.5k], Discover it [5.2k], Citi TYP [5.2k], Chase Freedom [5k], Fidelity Amex [5k], Consumers CU [5k], Wyndham [5k], Synch/Amazon [5k], Synch/Paypal [5k], Elan [4.5k], Ft.Knox [2.5k], BofA BBR [2k], Victoria's [1.7k], BofA 123 [500!]
Message 11 of 28
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Frequent Contributor

Re: Swipe vs USAGE - Daily PIF


@core wrote:

@mountaindewvoltage wrote:

Most card lenders won't let you pay your balance off early.


Lenders do not have any control over when you make your payments when you push the payment from your bank.

 

In OP's case I'd just push a $1k payment to Cap One and use the card normally so I didn't have to pay it every couple days.  Note that with Capital One it won't increase your available credit... some lenders it does work.    Last time I tried it with Cap One was almost a year ago, though.


I was going to mention this as well.  Just push a payement, then spend as usuall.  

EQ Fico 8 - 807
TU Fico 8 - 804
EX Fico 8 - 781
As of 09/03/17
Message 12 of 28
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Super Contributor

Re: Swipe vs USAGE - Daily PIF


@mountaindewvoltage wrote:

Most card lenders won't let you pay your balance off early.

 

If you try to pay online or whichever method you use, the lender will only let you pay up to the amount that's the current balance on the card, nothing more. The current balance is a total of cleared transactions that have posted to the card. If you have a card with a $5,000 credit line for example, you can have a $4,600 current balance and only $100 in avaliable credit because you just made a $300 purchase---at that point you'd only be able to pay ONLY on the $4,600, and not $4,900 of it.

 

Unless you have some bank or credit union with an outdated system that just lets you "transfer" funds from one account to your credit card with no checks in place, you cannot over pay on your credit card, and with those outdated systems, the bank would just send you a check for the negative balance on your account.

 

 


well, let's be clear about timing. With Capital One, you can certainly pay the card down to zero, based on posted charges, and that is exactly what OP is planning to do:

Charge on day 1

The item posts to the account in 2 or 3 days.

Schedule an immediate payment through the Capital One site

Payment clears in 2 or 3 days.

I'm not certain on the exact number of days involved, but it's 3 on the outside for Capital One, they update rather quickly.

 

And this cycle can be repeated multiple times during the month. Charge, pay to zero, charge pay to zero.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 13 of 28
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Super Contributor

Re: Swipe vs USAGE - Daily PIF


@fallingforward wrote:

Thanks for the feedback NRB. I have a few questions to clarify to make sure that i am on the same page as you.

 

"Yes, by all means use $290 of that $300 QS card. Get the rewards. Pay it daily if necessary."

So with this statement i am understanding that i use up $290 in a single day gainning 1.5% on that for cash back.

If i were to go home that night and post a payment to the card I would just be waiting for the payment to clear and then....

DO IT AGAIN !!! AHAHAH!! (Voice of Dextor Laboratory)

 

That leads me to the next part

"Utilization may appear "high percentage " but that's only a point in time measure, and really only relevant when the statement prints, not during the month."

I am not following on this part. If i am paying it on a daily basis the only people that would know it is a high utilization is the Cap one folks ( Who are seeing me pay it daily) and myself.

When it goes to report ( which i am still trying to understand when it reports vs when it is due) Just make sure the balance is small 8-10%

This would then be only 3% of my total CL as i have the 2 other secure cards at 300 as well.  Is That ok ?

 

 

Now for another thought that came to mind based on this statement.

"It shows good payment activity to Cap One and gets you a nice reward for your effort.
When you app for your next Cap One it will reflect well. "

 

Do you have experience with QS or CAP1 as to whether they like this type of behavior or not or is this a universal duh thatmost CC like  ? Sorry for the ignorance.

Also will i get rewards on all the money spent to the card even if it is more than the 300 limit ?

 

Thank again 

Smiley Happy

 


Yes, you would earn the cashback on all the charges during the month, even if you managed to run $3k through there in new charges.

The amounts need to post to be certain you can schedule the payment, but that cycle should not take too long.

 

All CCC like you to use their card. AMEX puts some limits on how fast you can pay early on, but even they get used to the more-frequent payments. Capital One is one of the best for watching user behavior and then rewarding with higher limits on the next app. Sometimes folks get a CLI on the existing card, and given your $300 limit, this might happen after a few months, but I have no direct experience with that, only notes from many others here.

 

My Cap One experience is having a $10k Platinum card for years, getting it PC to a QS last year, getting denied for many CLI requests, then apping Venture and getting a $30k limit.

 

Yes, the mid-month utilization thing is only between you and Capital One. They have given you a $300 credit limit which you are free to use. They only want to be paid the money back, according to the terms you agreed to in your card agreement. The Utilization they report will only be from the statement balance, at that instant in time.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 14 of 28
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Frequent Contributor

Re: Swipe vs USAGE - Daily PIF

I had scores in the 620-650 range when I got the card. I used it FOR EVERYTHING and I would pay several times a month. My limit was a couple Grand so it was easier but I used it alot. I think maybe month 4 I asked for a CLI and I got one I belive $2000, which made my limit 4k. Then I got another one like two months later for $4500 and then my credit steps. Use it and pay in full! That card opened the door for me. It actually made a year this werk that was my first car in repair.
Nov 2014 500s April 2016 TU 707 EQ 690 EX 663 May 2017 TU 718 EQ 708 EX 701
CSR 12K United Explorer 12k Cap One QS 10.6K Discover 7.8k Freedom 4k Unlimited 4.4k AMEX Platinum NPSL
Message 15 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

And this is why this site rocks!

Seriously thank you to all the folks who have chimed in to help me get a clearer picture of what i am trying to do and the insight to make informed decisions.

 

One question to AGC Henry. (As well as the rest of the group)

I just want to make sure i understand the effects here or desired outcome if you will.

I belive that you said in your experience that cap1 reports 3 days after due date, and that I should let it report.

Does it matter if i let the card report a hefty balance or a lean balance when it is cap 1 CLI that i have in my targets more than getting another card ? If i was targeting another card i think i would want to have low balances correct ? but right now i am looking to just get on the cap 1 good side if you will.

 

Looking forward to hearing thoughts on this.

 

Thanks again folks!!Smiley Happy



When referring to CRA on PFD legality for a TL on request of consumer.
"It's sort of like someone telling you, "Joe, you should maybe brush your teeth after eating those spicy chili dogs." And if he doesn't, what are you going to do? Take away his birthday?" - O6
Message 16 of 28
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Regular Contributor

Re: Swipe vs USAGE - Daily PIF


@fallingforward wrote:

And this is why this site rocks!

Seriously thank you to all the folks who have chimed in to help me get a clearer picture of what i am trying to do and the insight to make informed decisions.

 

One question to AGC Henry. (As well as the rest of the group)

I just want to make sure i understand the effects here or desired outcome if you will.

I belive that you said in your experience that cap1 reports 3 days after due date, and that I should let it report.

Does it matter if i let the card report a hefty balance or a lean balance when it is cap 1 CLI that i have in my targets more than getting another card ? If i was targeting another card i think i would want to have low balances correct ? but right now i am looking to just get on the cap 1 good side if you will.

 

Looking forward to hearing thoughts on this.

 

Thanks again folks!!Smiley Happy


The due date is for the previous month's statement.

 

If you're looking for a CLI, you should pay off all your cards' balances except leaving one card with 1% utilization.

 

You don't necessarily have to leave the 1% on the card you're seeking a CLI on.

 

And to touch again on your original question about PIF, you can use your card again once the payment posts and if there's available credit.

I'm not sure if Cap1 has an over-the-limit fee.

 


EX08: 731 | EQBankcard08: 752 | TU08: 803 | Total Utilization: 1% | Total Credit Limit: $26,900
Message 17 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

So i wanted to layout the take aways from this post so far.

 

A. Even though the credit limit is 300 i am able to pay in a single day up to that limit and then pay it off as soon as it posts.

 

B. I think i am seeing from folks posts that I make a large payment early on (Early Pay) and then just use the card as normal and the payments will be taken as the purchases HIT.

 

C. I collect CB from all purchases not just up to the CL of the card

 

D. Cap 1 like to see heavy usage during the month at least anecdotaly . (not at the time of posting to statment) 

 

E. Leave  a 1% balance on  Card while paying all the ohters to 0 so that it shows on the statment and reports to CR utilization

 

If i am missing something or have interpreted something incorrectly please let me know so that others can use this at a later time at least for a basic refrence with my credit profile at the time as well as the things that stand as currently true for the QS1 for someone of my CR level.

 

Kind Regards.

 



When referring to CRA on PFD legality for a TL on request of consumer.
"It's sort of like someone telling you, "Joe, you should maybe brush your teeth after eating those spicy chili dogs." And if he doesn't, what are you going to do? Take away his birthday?" - O6
Message 18 of 28
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Super Contributor

Re: Swipe vs USAGE - Daily PIF


@fallingforward wrote:

So here is the question.

I have a QS1 with a measily 300 limit.

It has 1.5% CB which is nice enough for a beginner unsecure card.

My quesiton is can i make a charge of say 150 and next day pay it of and after it is paid off the following day again make another 150 card purchase etc. up to a few days before the  report date of the card.

Then come time to report just leave a small 10% or < balance to report.

 

A would i get my cashe back on all the purchases spent and B am i safe doing this as long as i pay daily on the card.

 

I currently have 2 secure cards a 53rd and PNC.

Neither graduate in my experience and neither will offer me a an unsecure based on SP.

 

so my only choices here are run the carad game with QS1 and show i am good for spending and paying etcc, and then at 62 days do the CLI request and then wait for the 5-6month CLI auto and just wait till my CR gets a little better with some of the baddies falling off .

 

Is there a best reccomendation plan for using the others ? 10% no % rotate which ones get some percent etc... ?

 

Thaks for the tips .

You folks are pretty awesom in these parts Smiley Happy

 


Yes that's the best way to use all of the cards.

 

Just make sure that you have available balance for purchase you are making,

since even your instant payments don't always translate immediately to credit available.

 

 


Total revolving limits 653000 (575000 reporting)

Message 19 of 28
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Super Contributor

Re: Swipe vs USAGE - Daily PIF


@palmdale wrote:

@core wrote:

@mountaindewvoltage wrote:

Most card lenders won't let you pay your balance off early.


Lenders do not have any control over when you make your payments when you push the payment from your bank.

 

In OP's case I'd just push a $1k payment to Cap One and use the card normally so I didn't have to pay it every couple days.  Note that with Capital One it won't increase your available credit... some lenders it does work.    Last time I tried it with Cap One was almost a year ago, though.


I was going to mention this as well.  Just push a payement, then spend as usuall.  


Yes except that Capital One will frequently send you a refund if you have a credit balance on the statement cut.


Total revolving limits 653000 (575000 reporting)

Message 20 of 28
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