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Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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How long after PIF for credit limit to be freed up?

I paid my Cap1 card in full on 6/29.  The payment officially posted to my bank account 7/2.  When can I expect Cap1 to put this amount back on my available credit? Right now, my available credit is as if I had never made the payment.



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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: How long after PIF for credit limit to be freed up?

When's your next statement date?

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Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
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Re: How long after PIF for credit limit to be freed up?

Capital One likes to put holds on large payments (i.e. anything over $10) so generally you will have to place a call to Peggy and ask kindly that they remove the hold and they will make the credit available for purchases only (cash advanced will not be available until the 2 to 10 day hold period is over).

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Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: How long after PIF for credit limit to be freed up?

Next statement date will be cut 7/24.  (Util is based off balance not CL available, correct?)



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: How long after PIF for credit limit to be freed up?

Then you'd have to wait until around 07/26 for that to show, since you paid after your last statement date.

Statement date is 07/24 but could take a day or two for them to update to CRA's.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
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Re: How long after PIF for credit limit to be freed up?

Yes it is based on the balance and Capital One generally reports balances to CRA's a couple days after your due date.

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Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
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Re: How long after PIF for credit limit to be freed up?

Cap one is very conservative, they will usually wait ten days or so before releasing credit being offset by current payments to be sure the payment clears. You can speed that time frame up by doing auto pay from your checking/savings instead of mailing a payment in.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
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Valued Contributor
injustifiiable
Posts: 1,867
Registered: ‎03-30-2012
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Re: How long after PIF for credit limit to be freed up?

Did you do it from their website or from your bank's bill pay service?

 

I've found that "pushing" payments through the bank electronically usually gets the payment to increase available credit faster. Like I said in the other post, I push a payment in and it usually leaves my account later that night, gets posted to the account the next day, and then the available credit increases the day after that.

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jetsfan2012
Posts: 208
Registered: ‎05-28-2012
0

Re: How long after PIF for credit limit to be freed up?

You may want to call their cust svc area. Sometimes a rep will be able to release it sooner, or worst case call the bank it is drafted off of to verify it has cleared.

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LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: How long after PIF for credit limit to be freed up?

Call Peggy and ask for the hold to be lifted, they will more than likely put you on a 3 way call with your bank to confirm the payment cleared.




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