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Swipe vs USAGE - Daily PIF

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Super 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


To optimize your FICO scores it's best to have one credit card reporting a balance of 9% or less, and the others reporting zero balances.


Total revolving limits 653000 (575000 reporting)

Message 21 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

Not a very good idea to let them report 90% utl. I never let them report more than 9%. So i make sure to have 0 or close to 0 balance 3 days after statement due date. I started with a Qs1 with 1k sl. Use the crap out of it ( ran 17K thru it in 4 1/2 months) and after the 3 statement cut pressed luv button and got card bumped to 4.5k. I do have a large income(may have helped). Cap one has been good to me. Got me a cap one auto navigator loan at 3.9 apr. (61 month loan) they did ask me to provide bank statements for proof of income.(self employed) where it showed 14k/mo income that may have helped with the auto finance, but never asked for income verficatiion when they uped limt on QS1. and few days ago asked for upgrade to QS and they said sure. Even upgraded my wifes $800 platinum to qs and they said sure too. Put a lot of load on the card and after 3rd statement press luv button. worked for me.

Good Luck!!

Message 22 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

(saw your post after i posted mine lol) What he said.

Message 23 of 28
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Valued 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.


Pushing it from your bank would take longer. Typically 2-3 business days for electronic (depending on the bank), or 3-5 days for ACH, and then it needs an additional day to reflect on the balance. By the time the OP is done "pushing" it to Capital One, the charges will have probably posted by then anyways.

 

What I was referring to is when you try to pay online through their website, which from my experience, is what most people do to pay their balance.

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Message 24 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF


@mountaindewvoltage 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.


Pushing it from your bank would take longer. Typically 2-3 business days for electronic (depending on the bank), or 3-5 days for ACH, and then it needs an additional day to reflect on the balance. By the time the OP is done "pushing" it to Capital One, the charges will have probably posted by then anyways.

 

What I was referring to is when you try to pay online through their website, which from my experience, is what most people do to pay their balance.


Oddly enough if i make an online payment before 7PM ET (on a week day) they credit my account the next day. That same night i see the draft pulled from my bank account.( I us BOA to pay them)

Message 25 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

Thank you for the heads up AGCHenry!

I am also in a large income boat (10k+ a month) So this is great news for me to hear on your cap one experience.

 

I am still trying to figure out if i am able to do a payment of more than my balance (which i dont think i can) and then it will post positive credit if you will and just use the card as need be .

I know that folks have said that if there is extra at the end of the month that CAP1 will send a check, which is fine, i really just want to be able to use the card heavily to get the credit increase as quick as possible.

 

 

 



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 26 of 28
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Valued Contributor

Re: Swipe vs USAGE - Daily PIF

I've tried paying more than the balance, but it will not allow me. Actually, I haven't found one that does. I can see them sending a check if there is extra though.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 27 of 28
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Valued Member

Re: Swipe vs USAGE - Daily PIF

 


@fallingforward wrote:

Thank you for the heads up AGCHenry!

I am also in a large income boat (10k+ a month) So this is great news for me to hear on your cap one experience.

 

I am still trying to figure out if i am able to do a payment of more than my balance (which i dont think i can) and then it will post positive credit if you will and just use the card as need be .

I know that folks have said that if there is extra at the end of the month that CAP1 will send a check, which is fine, i really just want to be able to use the card heavily to get the credit increase as quick as possible.

 

 

 


For me, the only time i got a check back from them was when i left $1.63 credit in an account for more than 3 months (didnt use it for that amount of time). But on a few occasions I've had more than a ($20.00) credit on statement cut. Cap one will let you pay 10% more than your balance (at least for me).

Message 28 of 28
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