There were no late payments and I paid a lot more than the previous $89 minimum due and well before the due date, more than $1000 over trying to get everything under 49% utilization.
The only billing difference this month is they added $59 annual fee... But with the above math I'm worried they don't know what they're doing?
Or are they prepping to CLD or close the card?
Is my other accounts showing severe credit usage declines spooking them? Or that I paid down around half of my balance owed to them in one billing period? Nothing makes sense at the moment.
I was hoping for lower minimum payments to show on my credit reports on my remaining accounts while I'm paying everything down so this is not good for me and now they're at the top of my list for PIF.
So maybe this post is just an alert to others... Yet it still seems weird to me that they did this.
The variable interest rate is 33.24% .
The minimum payment was $86.00 last month with a balance of $2259.99.
This month I paid $1150 in two payments, one for $550 about a week before due, and the second one for $600 about 2 days before the due date, so basically a week apart. This month's statement balance showed these payments had both been credited prior to the new monthly statement.
If this is the new normal min. payment behavior they have to be PIF & live with virtual socks because I don't want randomness for mortgage DTI purposes.
credit limit 2800
days in billing cycle 31
previous balance 2259.99
payments & credits 1150.00
purchases 0.00
bal. transfers 0.00
cash advances 0.00
Fee Charged $59.00
Interest charged $54.78
New Balance $1223.77
Well that's the whole statement since I figured out how to scribble out personal details. I moved them up in the PIF priority list. So much for Prosper *shrugs* since nobody else could make it make sense either, I should probably stay away from using their card in the future. Sincere thanks for the comments!
@IsFiveCardsEnough wrote:EDIT: I figured it out!
Reading another thread where someone asked a similar question about minimum payments and interest, someone posted a description of how minimum payments are calculated on their card, and it seems yours is similar.
Minimum payments are the greater of either a set amount like $40, or a percentage of the balance (like 2 or 3%), or the total fees+interest plus 1% of the balance. This last part (total fees plus 1% of balance) in your case adds up to around $126 which is your minimum payment!
So, your annual fee of $59 + interest of $54.78 + 1% of 1,223 adds up to $126.
You are correct, and I was the one who posted the info in that post and didn't think about it for this post.
Need to be awake, have had my coffee and not be to late in evening or been drinking. 