First capital one payment - using to gain credit

Jay24888

Just a quick question, I finally got accepted for a capital one credit card classic to build my credit. They've gave me a £750 limit which I was suprised as I heard in a lot of reviews they usual start with a £100 limit especially to someone like me with no credit at all.

Anyway to the point... I got the card last Friday and i've been using it to pay some bills etc. This card is purely to build credit so I want to pay the balance in full everytime. At the moment I owe £250 on it.

I got paid today, can I pay the balance in full online now or should I wait until I get the bill through? Will it really matter which I do? Will it still have the same positive effect whichever way?

Thanks!

Any

You can make payment now, but if there will be any spend between now and the statement date you will have to make another payment to settle the card again.

Basically - the main point is that you always in full the amount stated on the statement as your balance by the date the statement says is a due date.

paulofessex

I would wait until you get the bill. Capital One have a great online account system, so if you can find out when your statement date is you can then pay online the very next day if you want. Also if you have PPI you won't know how much the fees are until the statement.

My statement date is the 10th of each month, it's handy because it also means l know that if l was to spend on the card on the 12th of June, payment for that purchase will not be due until 10th August.

I pay the balance in full however, best way to go of course with this card

Jay24888

I don't know when my first balance and statement is though, I think maybe I should pay this off now incase I get caught out and have to pay 34.4%! Then when I know when my statements will be I can pay them off whenever I recieve them.

lalande21185

Hi

Can you go "paperless" for this Credit Card and deal all online?

I want to apply ASAP.

Regards

Karl

Jay24888

Yeah that's what I done. I'm paperless.

lalande21185

That's great, cheers for that.

Any

Jay24888 wrote: »

I don't know when my first balance and statement is though, I think maybe I should pay this off now incase I get caught out and have to pay 34.4%! Then when I know when my statements will be I can pay them off whenever I recieve them.

What do you mean? You will have to pay once you get your statement anyway, even if there is just 1p. Otherwise it is late payment and 34.9% interest on the whole balance (ie the card must always be paid of in FULL on the due date to avoid any interest).

Pay now if you feel more comfortable (ie you always know how much money you have in your account), but make sure you watch out for the statements.

I am sure somewhere online it will say when is the statement due. All my accounts do (though I don't have cap one). And once the statement is produced you will be also able to view it online.

Jay24888

So the bottom line is, regardless of whether I pay now or later it will have the same positive effect on my credit?

Any

Jay24888 wrote: »

So the bottom line is, regardless of whether I pay now or later it will have the same positive effect on my credit?

As long as you pay by the due date (which will be stated on the statement...)

td_007

Jay24888 wrote: »

I got paid today, can I pay the balance in full online now or should I wait until I get the bill through? Will it really matter which I do? Will it still have the same positive effect whichever way?

Thanks!

Set up a direct debit for "full payment"- this way you do not have to worry about late payments-late fees-credit file screwed. Also, you do not have to worry to make additional payment for spends between the date you make a payment and when the bill is generated.