Just an update. I spoke with Chase today and they contacted my bank to confirm the payment has cleared and subsequently freed up my credit. Unfortunatly, they indicated this will continue to happen for the first four months of the card and they were unable to tell me what amounts of payment would trigger a hold. So I suggested that I just make smaller payments to avoid having my credit frozen. Then I was advised if I make multiple smaller payments like three small payments that can also trigger a hold on my credit. The only suggestion they had was that I could ask for CLI, but of course that would require a HP which I am not willing to take. This puts me in a tough position because I have upcoming travel plans and a number of expenses I wanted to put through my chase card, but if they are going to freeze my credit up like this for a week and a half at time I'm not going to be able to use it throughout my trip. I'm really disappointed that Chase wasn't willing to work something out, especially after I've already put 4-5k through on the card and PIF prior to the due date.
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My payments are electronic debits directly from my bank account. Normally its credited the same day if I make payment by 8pm. The problem is chase in certain situations will drop a hold for a week and a half even if the money is readily available. If I had a chase account I probably wouldn't run into issue but I'm not opening an account with them just to pay credit cards. Maybe it would be quicker if I paid in cash, but that would require going down to the branch carrying a large amount of cash (after having withdrawn it from my bank) and thats not really feasible either. In the end if it happens again and I need access to the credit I will have to repeat the whole process of having chase call my bank to confirm the funds cleared.
I will look into a push service and see if that helps avoid/shortens the holds.
for example your CL is $2000 and have $300 balance
push a payment of $1300 before you make any purchase.
after a week or 10 days
your will have a credit balance of $1000, and your available credit is STILL 2000.
then you make a purchase of 800, your available CL will be reduce to 1200 until charge is POST, at that time your will have a credit balance of 200 and available credit will go back to 2000.
from purchase to post usually take 2-3 days, much faster than the hold time you have right now
it may be too late to help now, but if you plan ahead 2 weeks, it may work
EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
@noobody wrote:for example your CL is $2000 and have $300 balance
push a payment of $1300 before you make any purchase.
after a week or 10 days
your will have a credit balance of $1000, and your available credit is STILL 2000.
then you make a purchase of 800, your available CL will be reduce to 1200 until charge is POST, at that time your will have a credit balance of 200 and available credit will go back to 2000.
from purchase to post usually take 2-3 days, much faster than the hold time you have right now
it may be too late to help now, but if you plan ahead 2 weeks, it may work
Hmm. I will have to give this a try. If paying through the chase site I know they limit the amount I can prepay.
