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

Valued Contributor

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.



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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Message 1 of 22
21 REPLIES
Blogger

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

When's your next statement date?

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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Message 2 of 22
Established Contributor

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).

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

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Message 3 of 22
Valued Contributor

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

Take the FICO Fitness Challenge
Message 4 of 22
Blogger

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+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 5 of 22
Established Contributor

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.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 6 of 22
Established Contributor

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)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 7 of 22
Valued Contributor

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.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 8 of 22
Contributor

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.

Credit Karma - 636 8-12-12 USAA
Credit Rebuilding Mode - Cap 1 Plat(500CL) SHOW MC(300CL)
Clean Up Mode - Goal - No New Apps till 6/2013
Message 9 of 22
Mega Contributor

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.




EQ FICO 548 3/3/16
Message 10 of 22