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love9boy

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Confused about Capital One due dates and statement closing date
Confused about Capital One due dates and statement closing date
Hi everyone! I am confused about statement end dates and due dates.

On my Capital credit card, my billing cycles are from the 15th to the 15th. I know my statement closing date is on the 14th of the month and know that my due dat is on the 12th of the next month. I am trying to rebuild my credit and boost my credit score as much as I can each and every month by paying on time and never carrying a balance and letting my card report a 1% to 9% utilization to the credit bureaus. my qustion is: How is this possible if my statement closing date is on the 14th of this month and my dues date is on the 12 of next month?

It is all so confusing. I thought I had this figured out last month, but now I am even more confused.Last month was the first month to pay on my new card and I managed to have that card report a 1% utilization to the credit bureaus, but this month I am trying to do the same thing, but my due date is two days before my statement closing date. Any and all information is helpful and I want to thank you in advance!

Also, my credit limit for this card is $500 and I want 1% to 9% reported to the credit bureaus.

Thank you again,
Matt

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Look at the Bottom of your Capital One Statement, 

you have  

Due Date,   New Balance,    Minimum Payment,   the there is a box for the Amount Enclosed.

You Need to Make sure that Capital One has YOU Current Statement Payment Before the Due Date.

Your Payment ( Amount Enclosed, what you are sending as a payment )  can be as little as the Minimum Payment so you will not get a LATE Charge BUT you will pay Interest on the remaining balance.   OR you Pay the New Balance in FULL and will not incure any Interest charges.

I  ALWAYS Tell everyone  PAY THE FULL BALANCE.   If you Can Not Pay your Credit Card off every Month then you should not be charging anything on it.

Hope that helps.

ALSO,   Send your Payment in when you Get your Statement,   DO NOT Try and time it close to the Due Date!  NEVER

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I been thinking about how to explain this for little while, as few have been asked before, I try my best to explain this as I know how, it's bit long winded, hopefully it won't cost further confusion.

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There are two "balances" on your account...

One is the "statement balance" or "balance due" which are the amount you need to pay before the due date to avoid interest...

Second is the "current balance", which is the amount you charged "after" last statement cut, plus balance from last statement. The amount from whatever you charge "after" the last statement cut? isn't due till next cycle, it's the so called "grace period".

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So if you only pay the "statement balance" before the due date? There is still balance left from whatever you used and that's the amount is been reported to the bureaus to calculate your utilization. 

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Example, say you have $100 from last statement cut, then you charge $50 after? your "statement balance" or "balance due" is $100, and your "current balance" is $150. You pay $100 before due date to avoid interest, you still have $50 shown on your account when next statement is cut. That $50 is reported to credit bureaus.

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You can pay more than the "statement" balance to show your desire level of utilization. Use the above example, your limit is 500, to show 1~9%? Then you need to pay $105 so it will have $45/9% left to report.

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Reply by
JohnnyRain127

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Helpful to 1 out of 2 people

Just to add...

if you didn't use your card after last statement cut? Then you can either let it report zero, or you can charge something small like buy some milk or something, to show 1~9%. But you don't really need to do that, the scoring difference between 0% utlilaztion to 1~9% are very small, maybe 5 points or less.

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