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New Member
GoalGirl
Posts: 10
Registered: ‎02-25-2012
0

Capital One available credit only $1 HUH?!

Hi all,

I got my first cc cap one secured last month, CL $200

I spent $150 (includes AF) then made a $100 payment 2 weeks later before the first statement generated,

then i used the card again the statement cut at a $150 balance

i used it again bringing total balance to $195,  then I paid in full $195. (a few days later)

 

Now my available credit is only at $1.00

I don't get it!

 

I am so glad I logged in to check on the capital one  account, as I was about to switch like 10 small monthly bills onto the card, as my debit card is about to expire. Thank goodness I didn't do that, all my bills would've been declined and then I'd have some serious problems!!

 

I was also going to send in an additional deposit to increase my credit line and run all my monthly debit bills on it, but I am certainly rethinking that. If they are going to get stingy and unpredictable with my money, I think I will forget about adding money to the credit line and only use the card once a month for something small that's not an auto debit bill, like a cheeseburger at mc donalds.

 

Geez I was so excited about capital one giving me a card but now I am getting worried about the way they go about things.

 

I was going to apply for the orchard secured card too, so that i could have several cards start aging from now, but it says that capital one may be processing the app so I don't want to do that now either.

 

Anyone else have this issue? How long will it take to update the avail credit?

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Capital One available credit only $1 HUH?!


GoalGirl wrote:

Hi all,

I got my first cc cap one secured last month, CL $200

I spent $150 (includes AF) then made a $100 payment 2 weeks later before the first statement generated,

then i used the card again the statement cut at a $150 balance

i used it again bringing total balance to $195,  then I paid in full $195. (a few days later)

 

Now my available credit is only at $1.00

I don't get it!

 

I am so glad I logged in to check on the capital one  account, as I was about to switch like 10 small monthly bills onto the card, as my debit card is about to expire. Thank goodness I didn't do that, all my bills would've been declined and then I'd have some serious problems!!

 

I was also going to send in an additional deposit to increase my credit line and run all my monthly debit bills on it, but I am certainly rethinking that. If they are going to get stingy and unpredictable with my money, I think I will forget about adding money to the credit line and only use the card once a month for something small that's not an auto debit bill, like a cheeseburger at mc donalds.

 

Geez I was so excited about capital one giving me a card but now I am getting worried about the way they go about things.

 

I was going to apply for the orchard secured card too, so that i could have several cards start aging from now, but it says that capital one may be processing the app so I don't want to do that now either.

 

Anyone else have this issue? How long will it take to update the avail credit?


Are you seeing pending transactions on the website?




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Contributor
AtlantaWill30339
Posts: 58
Registered: ‎11-24-2010
0

Re: Capital One available credit only $1 HUH?!

Cap1 is notorious for putting payment holds on new accounts. They tend to hold the payment amount for the 6 six months on any large payments. If your payment has cleared via your bank, call up Cap1 and let them know. They'll do a 3 way call with the bank and remove the hold immediately.

 

Good luck!

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Capital One available credit only $1 HUH?!


AtlantaWill30339 wrote:

Cap1 is notorious for putting payment holds on new accounts. They tend to hold the payment amount for the 6 six months on any large payments. If your payment has cleared via your bank, call up Cap1 and let them know. They'll do a 3 way call with the bank and remove the hold immediately.

 

Good luck!


+1

 

A hold takes about a week to clear unless you call and get the mto do a 3-way call with your bank.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
MarcinXP
Posts: 307
Registered: ‎09-06-2011
0

Re: Capital One available credit only $1 HUH?!

Ok..what does your Balance say???

 

Sometimes Capital One will hold your funds for 10 days...this is typical if you have a new account or if you make multiple payments in the same month. Capital One is known to randomly preselect customers to hold their funds..if you made the $195 payment your Balance should be $5 and if your available credit is $1 then that means they are holding your funds for 10 business days to verify that they come through and everything is fine..I was amazed at this policy until I talked with one of the supervisors at Capital One that told me that in some cases people open up $300 credit cards...run up the limit and make a payment and run up the limit again...sometimes people would run up $900 bucks...made 3 payments for $300 each and then either banks would say funds were no good and pull back all $900 or customers would report to their banks that they did not authorize payments...either way if you have an account that is less than 6 months old and make multiple payments be aware that Capital One might do this to you once or twice...the longer the account and they see a pattern of this as a Business as Usual for you then they will less likely hold your funds..but right now to them you are unknown so they will kind of SLOW you down and make sure they protect themselves.

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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Capital One available credit only $1 HUH?!


MarcinXP wrote:

Ok..what does your Balance say???

 

Sometimes Capital One will hold your funds for 10 days...this is typical if you have a new account or if you make multiple payments in the same month. Capital One is known to randomly preselect customers to hold their funds..if you made the $195 payment your Balance should be $5 and if your available credit is $1 then that means they are holding your funds for 10 business days to verify that they come through and everything is fine..I was amazed at this policy until I talked with one of the supervisors at Capital One that told me that in some cases people open up $300 credit cards...run up the limit and make a payment and run up the limit again...sometimes people would run up $900 bucks...made 3 payments for $300 each and then either banks would say funds were no good and pull back all $900 or customers would report to their banks that they did not authorize payments...either way if you have an account that is less than 6 months old and make multiple payments be aware that Capital One might do this to you once or twice...the longer the account and they see a pattern of this as a Business as Usual for you then they will less likely hold your funds..but right now to them you are unknown so they will kind of SLOW you down and make sure they protect themselves.


I would say after 3 months of history and payment pattern the hold issue should go away.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Capital One available credit only $1 HUH?!


GoalGirl wrote:

Hi all,

I got my first cc cap one secured last month, CL $200

I spent $150 (includes AF) then made a $100 payment 2 weeks later before the first statement generated,

then i used the card again the statement cut at a $150 balance

i used it again bringing total balance to $195,  then I paid in full $195. (a few days later)

 

Now my available credit is only at $1.00

I don't get it!

 

I am so glad I logged in to check on the capital one  account, as I was about to switch like 10 small monthly bills onto the card, as my debit card is about to expire. Thank goodness I didn't do that, all my bills would've been declined and then I'd have some serious problems!!

 

I was also going to send in an additional deposit to increase my credit line and run all my monthly debit bills on it, but I am certainly rethinking that. If they are going to get stingy and unpredictable with my money, I think I will forget about adding money to the credit line and only use the card once a month for something small that's not an auto debit bill, like a cheeseburger at mc donalds.

 

Geez I was so excited about capital one giving me a card but now I am getting worried about the way they go about things.

 

I was going to apply for the orchard secured card too, so that i could have several cards start aging from now, but it says that capital one may be processing the app so I don't want to do that now either.

 

Anyone else have this issue? How long will it take to update the avail credit?


Since you are a new user, they are going to wait up to 10 days before they release the credit.   This will go on for a few months until you develop a payment pattern.  It is normal for new accounts with many credittors.

 

After a few months, you can expect them to clear the available credit the next day.    They may also hold if you make an unusual large payment.

 

If you are in a bind, you can call and they will conference call your bank to verify the payment has cleared.

 


 

Valued Contributor
jamesdwi
Posts: 1,970
Registered: ‎09-16-2011
0

Re: Capital One available credit only $1 HUH?!


LS2982 wrote:

AtlantaWill30339 wrote:

Cap1 is notorious for putting payment holds on new accounts. They tend to hold the payment amount for the 6 six months on any large payments. If your payment has cleared via your bank, call up Cap1 and let them know. They'll do a 3 way call with the bank and remove the hold immediately.

 

Good luck!


+1

 

A hold takes about a week to clear unless you call and get the mto do a 3-way call with your bank.


+1  

 

and they may except the payment and say all is good but still not recalculate the availbile credit for 2+ weeks, not fun at all  I am a AU on my wife's CAP One rewards card, made several $200-$300 dollar payments over a 3 week period while the payment cleared and the amount owed was reduced, the availbiel credit didn't reset up till we got to a $10 availbile credit was listed a couple days later it recalculated availible credit to $950. It was quite nerve racking the numbers didn't match up at all without a through analysis, couldn't figure out what my wife was buying as the Avalilble credit kept falling and she said she was only buying gas and a few groceries. 


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Last APP 12/15/2014
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Capital One available credit only $1 HUH?!


jamesdwi wrote:

LS2982 wrote:

AtlantaWill30339 wrote:

Cap1 is notorious for putting payment holds on new accounts. They tend to hold the payment amount for the 6 six months on any large payments. If your payment has cleared via your bank, call up Cap1 and let them know. They'll do a 3 way call with the bank and remove the hold immediately.

 

Good luck!


+1

 

A hold takes about a week to clear unless you call and get the mto do a 3-way call with your bank.


+1  

 

and they may except the payment and say all is good but still not recalculate the availbile credit for 2+ weeks, not fun at all  I am a AU on my wife's CAP One rewards card, made several $200-$300 dollar payments over a 3 week period while the payment cleared and the amount owed was reduced, the availbiel credit didn't reset up till we got to a $10 availbile credit was listed a couple days later it recalculated availible credit to $950. It was quite nerve racking the numbers didn't match up at all without a through analysis, couldn't figure out what my wife was buying as the Avalilble credit kept falling and she said she was only buying gas and a few groceries. 


I had quite a few heated exchanges with Cap1 early into my history with them for fraud dept. shutting my cards down, payments holds. It was EXTREMELY nerveracking!!

 

Glad I stayed the course tho, no problems since!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
GoalGirl
Posts: 10
Registered: ‎02-25-2012
0

Re: Capital One available credit only $1 HUH?!

Thanks for all the info.

I had no idea this was standard practice with new accounts...good to know!

I guess I have to wait it out a little longer to get my credit back.

 

BTW   Balance $0    Amount  Due $0    Pending $0  

 

So if I up my limit and stay below it, the only portion that will hit a delay is the amount I used, right?

 

For example,

I started with a $200 limit,

if I add $200 and the overall limit is $400,

then I spend $200 and PIF $200

they will only freeze the $200 not the whole $400...???

 

I just feel nervous sending in cash that I need access to and having them freeze it all!

I was going to deposit $1200 to increase my limit, but to be on the safe side I think I'll be sending in smaller amounts that I can afford a delay on if I increase the limit.


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