Capital One available credit only $1 HUH?!

[Creditaddict]

Usually the way to fix this payment hold issue is to use your banks Bill Pay to submit payments to Cap1 instead of going to Cap1 and making the payment on their website to pull from your checking account.  Happens with HSBC all the time, even Macy's sometimes.... but 3-6 months and they will stop doing it or hold shorter time periods.

[LS2982]

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@Creditaddict wrote:

Usually the way to fix this payment hold issue is to use your banks Bill Pay to submit payments to Cap1 instead of going to Cap1 and making the payment on their website to pull from your checking account.  Happens with HSBC all the time, even Macy's sometimes.... but 3-6 months and they will stop doing it or hold shorter time periods.

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+1

[Anonymous]

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@LS2982 wrote:

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@Creditaddict wrote:

Usually the way to fix this payment hold issue is to use your banks Bill Pay to submit payments to Cap1 instead of going to Cap1 and making the payment on their website to pull from your checking account.  Happens with HSBC all the time, even Macy's sometimes.... but 3-6 months and they will stop doing it or hold shorter time periods.

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+1

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Takes a little longer for me.  I was at the 8 month mark for Cap One a couple weeks ago when they held a large payment for a full week.  I won't know when it stops though because I am only making small charges every couple months to keep the card active now.

[Wolf3]

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@Anonymous wrote:

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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The credit hold is for the amount of the payment.        It should last a few months or so,    Larger than normal payment or a different bank might also generate a hold.

Increasing the limit is a good idea but I would do it in steps.   When you add a security deposit,  It will take 2 weeks to see the credit limit change on your account.   This is every time, so expect it.

One of the big advantages of secured cards is you set the CL with your deposit.   Larger Limits can help you with future CL on unsecured cards.  

It worked very well with me and Capital One.   I have a $3500 CL cash back rewards card that is a direct result of a high deposit secured card ($2200).

[injustifiiable]

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@LS2982 wrote:

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@Creditaddict wrote:

Usually the way to fix this payment hold issue is to use your banks Bill Pay to submit payments to Cap1 instead of going to Cap1 and making the payment on their website to pull from your checking account.  Happens with HSBC all the time, even Macy's sometimes.... but 3-6 months and they will stop doing it or hold shorter time periods.

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+1

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+1000. I have Bank of America and they submit payments electronically through online bill pay. Say if I schedule a payment on a Monday, it will go in and post on Tuesday and available credit is updated by Wednesday. It's vital since I use my card for everyday purchases and make payments on it every two weeks when I get paid....