I'm hoping someone can help me determine how this might play out with capital one.
My cap1 CC statement says:
Nov 16, 2018 statement
"Oct 17, 2018 - Nov 16, 2018 | 31 days in billing cycle." Minimum payment due on Dec 13.
Dec 16, 2018 statement
"Nov 17, 2018 - Dec 16, 2018 | 30 days in billing cycle." Minimum payment due Jan 13.
Jan 16, 2019 statement
"Dec 17, 2018 - Jan. 16, 2019 | 31 days in billing cycle." Minimum payment due Feb 13 (today). -already processing min. mo pymt-
Experian showing balance updates: Sep 16, Oct 16, Nov 16, Dec 15, Jan 16
I want to pay more down on the balance so it reflects on my CRs when they report. I expect it to report to Credit Bureaus on 2/16, but maybe 2/15 I guess. My question is, if I set up an autodraft payment for 2/15, is that too late for Capital One to process the payment and have it report on 2/16?
You are on the same schedule as me. You need to go ahead and pay right now if you want this reporting cycle to show the new one. You may can push it a day or so, but not sure if it will post before the statement cuts. The balance when the statement cuts is what is going to be reported.
That's exactly what I needed to know. Making an additional payment today versus scheduling it for tomorrow or Friday (payday, lol).
When you look at the dates. "Last Statement Date" is when what ever was left on the account will report to the CRA's. "Payment due Date" is the date the previous cycle "Last Statement Date" has to be paid by so you dont incur lates fees. Best practice is to pay what you want to show on the CRA's by the "Payment Due Date". Dont use the card for 3 days or until "Payment Due Date" changes to the next month. You'll never be late and never pay interest.
