I'm not sure what Chase's problem is, but my Freedom has a 3K limit. The statement just cut a few days ago and I had like $2300 outstanding. So I submitted a payment for the full amount plus a little extra for some charges coming through. The payment went through a few days ago and its reflected in my statement as having cleared. My balance is actually -$5 at this point. However, they still show my available credit as being only $500. Not the credit line which still says $3000 but my available credit. Anyone else had this problem?
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Is this a new card? I haven't had this problem with Chase necessarily, but have with CapitalOne and Citi. From what I understand, the bank has put a hold on your available credit to ensure that your payment is legitimate. It will clear within a few days, and usually occurs due to a large payment or the first payment. They want to make sure you and your bank account are trustworthy. Feel free to call them if you need the available credit for a large purchase or you just want to check on the situation. Calling a lender will always get you more accurate answers than our speculation in payment situations.
For both CapOne and Citi, after the first few payments this stopped happening and my available credit now clears the next day.
For both CapOne and Citi, after the first few payments this stopped happening and my available credit now clears the next day.
@SnackTrader wrote:
Is this a new card? I haven't had this problem with Chase necessarily, but have with CapitalOne and Citi. From what I understand, the bank has put a hold on your available credit to ensure that your payment is legitimate. It will clear within a few days, and usually occurs due to a large payment or the first payment. They want to make sure you and your bank account are trustworthy. Feel free to call them if you need the available credit for a large purchase or you just want to check on the situation. Calling a lender will always get you more accurate lenders than our speculation in payment situations.
For both CapOne and Citi, after the first few payments this stopped happening and my available credit now clears the next day.
+1...probably because you paid by check as well? either way, i'm sure it'll reflect soon on your avaiable balance...
Yes, there will often be a delay with Chase. I have had it happen more than once, and I always pay with my Chase checking, so there is no excuse. It should only be a day or two at most, if it is longer than that, you should call them to ask what's happening.
This happened with my Discover. I returned an item and because I PIF, it resulted in a $300 credit which took about a week to show. Four months later there is still about $150 left because I make small purchases and get $20 or $30 cashback just to show activity on the card until I use it during the holiday season...
Starting Score: TU 595 EX 600 EQ 585
chase and my credit union do the same, espcially when it was larger amounts. Now that my checking is with chase its instant or the next day with my chase cards.
I called Chase. Unfortunately, they decided to credit my account but place a hold on freeing up my credit for a week and a half because it is a newer card and I made a large payment. I voiced my displeasure and was told that the payment team is not available today, but if I call back tomorrow they "should" be able to help me by calling my bank. This really messes me up because I had vacation plans coming up which requires a lot of downpayments for rentals/hotels/etc. Its not like I haven't made prior payments on this card from this very same bank account. I am starting to remember now why I moved my checking accounts away from banks like Bank of America and Chase. Its this type of thing.