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New Cap1 CC. When can I pay and reuse credit card?

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New Cap1 CC. When can I pay and reuse credit card?

Good evening,

I hope this is the right section for my question, I was unable to find any past forum posts on my topic. So here it goes....

Heads up, I’m following the BK7 steps to 700 in 24 months...

I just activated my first credit card today, Cap1 Quicksilver One. Today, 1/18/18 it shows my annual fee in the balance as $39. On my Cap1 app it says payment is due March 5th, two months from now. My main question is, do I really have to wait until after March 5th to reuse my card so that it doesn’t count towards my monthly 10% utilization of my $300 CL?
Wouldn’t it make sense for my payment to be due on the 18th of the next month?

Thanks I’m advance.
Starting Score:475
Current Score:475
Goal Score:700


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Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: New Cap1 CC. When can I pay and reuse credit card?

March 5th is your probably your due date after your grace period, not your billing cycle end date.

For example:
I activated a card on the 28th of November, in the midst of the November 21 - December 20 billing cycle. I used the card between November 28th and December 20th and no payment was due until Jan 17th (dec 20- jan 17 was the grace period). I made a payment anyway though before the December 20th statement cut.

December 21st began my first full billing cycle, which will end on Jan 20th with payment due Feb 17th.

January 21 - Feb 20 will be my next cycle, and so on.

You can absolutely make a payment now if you want. You should be able to find your billing cycle dates on your paperwork or online. If not, call customer service.
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Message 2 of 9
Established Member

Re: New Cap1 CC. When can I pay and reuse credit card?

Time,

Thanks for your response. Appreciate it.

So with my annual fee of $39 in the midst of a billing cycle, would you say I should find out when this billing cycle ends so that I pay it down before it reports a balance to the credit bureaus? Or will it give me a break until my first statement actually cuts before the March due date?
Starting Score:475
Current Score:475
Goal Score:700


Take the myFICO Fitness Challenge
Message 3 of 9
Valued Contributor

Re: New Cap1 CC. When can I pay and reuse credit card?

Oh, it's going to report the $39 + whatever other charges you make before this current cycle ends. So yes, if you're concerned about util, find out your cycle dates so you can pay before the statement cuts.

I'm guessing, based on the March 5th due date (if it's a standard 25 day grace period) that your cycle ends on Feb. 8th (statement cut date) and began on Jan. 9th. Feb. 8th - March 5th is your grace period. But you should find out for sure.
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 760s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 9
Established Member

Re: New Cap1 CC. When can I pay and reuse credit card?

Tmr,

I just called, so yes.... my due date is the 5th and cycle/statement cuts on the 8th of each month. So I’m thinking maybe I should pay early anyways, before February 5th before the cycle Feb 8th. They told me it wouldn’t report until March 8th but then that would leave me with a balance February 8th.

Thanks again for your help.
Starting Score:475
Current Score:475
Goal Score:700


Take the myFICO Fitness Challenge
Message 5 of 9
Valued Contributor

Re: New Cap1 CC. When can I pay and reuse credit card?

I agree. Even if it doesnt report till March, pay it and get it over with!! It's good to get in the habit of paying early. Enjoy the new card, congrats!
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 760s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 6 of 9
Established Member

Re: New Cap1 CC. When can I pay and reuse credit card?

Tmr,

Thanks, gonna be a long ride to 700. Lol have a good night.

UsoDak
Starting Score:475
Current Score:475
Goal Score:700


Take the myFICO Fitness Challenge
Message 7 of 9
Valued Contributor

Re: New Cap1 CC. When can I pay and reuse credit card?

You'll get there. You're already on the right track -- obsessing over payments on a card that's less than a day old... lol. I have oodles of faith in you! Goodnight!
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 10/01/2019: EX 747 ✦ EQ 728 ✦ TU 756
Current FICO 9s | 10/01/2019: EX 765 ✦ EQ 765 ✦ TU 758
Highest FICO-8 Ever | 10/2018: 780 [on dirty report]

2019 Goal Score | 760s


My AAOA: 2.8 years not incl. AU / 2.11 years incl. AU
My AoOA: 6.8 years not incl. AU / 8.8 years incl. AU
Report Status: Clean

Tending my Garden til 2/2020


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 8 of 9
Valued Contributor

Re: New Cap1 CC. When can I pay and reuse credit card?

You can make as many payments as you want whenever you want.

The more you use and pay your card off, the more chance for good CLIs.

I had a $3500 card that got a $9,000 CLI from using a lot and making large weekly payments.

Cap One rewards loyalty and early payments.

 

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