Waiting after due date to start using credit card again...?

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4 posts
leev18
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Location: California

Waiting after due date to start using credit card again...?

Postby leev18 » Thu Aug 29, 2013 1:34 am

Hello, I'm still pretty much new to the credit card world and just made a full payment on my credit card before its very first due date.

Should I wait after the due date, so I can start using my credit card again, or can I start using it now after making a full payment on it and not have to worry about it getting added to the current monthly bill?


JSS3
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Joined: Sat Mar 09, 2013 12:24 pm
Location: Pennsylvania

Postby JSS3 » Thu Aug 29, 2013 7:51 am

leev18 wrote:Hello, I'm still pretty much new to the credit card world and just made a full payment on my credit card before its very first due date.

Should I wait after the due date, so I can start using my credit card again, or can I start using it now after making a full payment on it and not have to worry about it getting added to the current monthly bill?

I'm assuming it's due next month? if so, it won't get added to this month's bill. If you paid in full, you should see the minimum balance and amount owed reset. Now the slate is clean. You'll get another due date for (about) 23 days after your next purchase. So no, it won't be bought and due in the same month.

As far as paying before your due date and then shopping again---keep in mind your credit limit and desired utilization(ie on a card that has a $500CL, you don't want more than $150 reported). Also figure out if it's important to you for a 0 balance to be reported to the bureaus. Considering you paid in full before your due date, I'm "guessing" you did so with the intention of having a 0 balance reported. If that's the case, then wait until your statement reports to use the card again.

Your choices:
1.) Wait until after your balance reports, then use the card again
2.) Use the card before it reports, but utilize less than 30% of your available credit, if you want a balance reported.
3.) Use however much you'd like to now and pay it all back again before the due date/statement date if you want a 0 balance reported.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

takeshi
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Postby takeshi » Thu Aug 29, 2013 10:40 am

leev18 wrote:Should I wait after the due date, so I can start using my credit card again, or can I start using it now after making a full payment on it and not have to worry about it getting added to the current monthly bill?

Your new statement period begins as soon as the prior one ends. You'll be in the next statement period before the due date for the prior statement period. Once the statement cuts your new charges are going to be part of the following statement period.

JSS3 wrote:Use however much you'd like to now and pay it all back again before the due date/statement date if you want a 0 balance reported.

The wording here can be a bit confusing. Paying by the due date won't reduce reported utilization. Paying before the statement closes will.

JSS3
Platinum Member
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Posts: 57
Joined: Sat Mar 09, 2013 12:24 pm
Location: Pennsylvania

Postby JSS3 » Thu Aug 29, 2013 10:47 am

takeshi wrote:The wording here can be a bit confusing. Paying by the due date won't reduce reported utilization. Paying before the statement closes will.


+1

Oops... forgot "closing" when I wrote due date/statement date. Yeah, that's important he/she understands that.
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000



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