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When does my balance report/ statements

Gingerbrew
Regular Contributor

When does my balance report/ statements

I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?
4 REPLIES 4
DollyLama
Established Contributor

Re: When does my balance report/ statements


@Gingerbrewwrote:
I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?

I pay mine at least 5 days ahead of my statement cut, to make sure it posts. As soon as my statement cuts I can charge ( I basically use it as my debit for purchases, ie cell phone bill, auto insurance, groceries, gas, yada, yada, then pay in one fell swoop to have the balance at zero. I then will either just use my bank debit, or another card (Discover, no cash rewards unless it fits the category for 5% cash back).  

 

The utilization you speak of 10% max sometimes over is only if you plan on it reporting a balance. ie, doesn't matter if your line of credit is 1000, you can literally charge 999 a month and PIF by statement date and it does not affect the reporting utilization. Only when you can not pay it in full, that you would want only really <8.99% of the total credit line to be reported. So you carry no balance say over $85 on a 1000 credit line. 

 

I like Cap 1 for cash back, and if you have the cash flow, can churn more of the limit during the month. Say you use it to pay a doctors visit, groceries and it is climbing to 700 mid month, pay in full then, and you can pay for bills or items again over the 300 since your credit limit will reflect 1000 available again. It all boils down to not exceeding the limit without payments if you need to, and PIF by statement cut. 

 

If you pay after statement cut, not the high balance reports, just whatever your balance is on that date. 

I hope I haven't confused you.  

Message 2 of 5
SomewhereIn505
Valued Contributor

Re: When does my balance report/ statements


@Gingerbrewwrote:
I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?

Which card do you have? We’re you told about being placed onto credit steps? When your on steps, you need to have a balance report to get your steps CLI.

 

You can definitely rinse and repeat (use it a lot and pay it right back down). But you definitely don’t want to allow more than $130 report. That is approximately 30% and anything over that will begin to not increase your scores much. 



9/16/17 FICO 9 TU-661 EQ-648 EX-607
12/27/17 FICO9 TU-706 EQ-672 EX-690
3/16/18 FICO9 TU-700 EQ-669 EX-716
6/26/18 FICO9 TU-750, EQ-672, EX-789


Message 3 of 5
Benmarkley3
Regular Contributor

Re: When does my balance report/ statements


@Gingerbrewwrote:
I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?

If your statement is on the 21st, your due date from the previous month would be the 18th. PIF by the 18th to be safe. Three days should ensure your 0$ balance. Just don’t use the card till the 20th or 21st to make sure of that $0 balance when it reports. 



Starting Score: 600
Current Score: Exp = 703 Tran = 706 Equ = 710
Goal Score: 800


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AAoA Exp = 12.2 Equ = 7.5 Tra = 7.4
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Message 4 of 5
budgetbell
Member

Re: When does my balance report/ statements


@Gingerbrewwrote:
I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?

 

The answer to your question is explained very well in this article.

https://www.hotpersonalfinance.com/paying-credit-card-balance-statement-closing-date/

Message 5 of 5
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