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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Making multiple payments causes 7 day hold


tcbofade wrote:

In my experience, different credit card companies have different policies here.

 

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.


Never had a problem with HSBC, next day funds available always make 2-3 payments a month.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
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EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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RockinRay
Posts: 1,947
Registered: ‎08-13-2007
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Re: Making multiple payments causes 7 day hold


CS800 wrote:

I dont think that initially it was like that, AMEX tends to learn your habits and let you loose.


You use USAA right? I just use their Bill Pay and shove it down the CC throats!

 

Works every time...  :smileyvery-happy:

 

Ray

Ray

** Every Card has a Job, and Every Card does its Job **

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tcbofade
Posts: 2,462
Registered: ‎09-26-2011
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Re: Making multiple payments causes 7 day hold


LS2982 wrote:

tcbofade wrote:

In my experience, different credit card companies have different policies here.

 

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.


Never had a problem with HSBC, next day funds available always make 2-3 payments a month.


Read that again.  I think that we're saying the same thing...almost.

 

I pay my Household every Friday, and never have an issue.

 

If a holiday effects my payroll schedule, I have to be VERY careful, because making payments LESS THAN SEVEN DAYS apart, causes a hold on the payment.  (in my case, anyway...)


Current Scores: EX 694 (FCR) TU08: 641 Wally.11/27/14
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Making multiple payments causes 7 day hold


bcdudley wrote:

I do typically charge up to the limit and pay it off almost completely. I have a $2000 limit and I run it all the way up and down. I have only had the card for a few months so I doubt a credit increase would be in order yet. When I called the first time to ask about the hold, the csr did mention an increase, but then he saw how new the card was and said it would likely not go through.

 

I also have another credit card with them as well as my checking account and a $6500 atv loan.

 

Oh well, I will just restructure the way I make my payments. Thanks.


(SIAP, but I lost track of the original questions while the thread went zooming off on American Express, Cap One, HSBC, etc.)

 

I wonder if the fact that the card is new is relevant. It's not unusual for lenders, especially conservative ones like USAA, to keep you on a short leash initially until you've built up a payment history/ pattern.

 

How long have you been a member of USAA, and how long have you had the other card and the ATV loan?

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Making multiple payments causes 7 day hold


haulingthescoreup wrote:

bcdudley wrote:

I do typically charge up to the limit and pay it off almost completely. I have a $2000 limit and I run it all the way up and down. I have only had the card for a few months so I doubt a credit increase would be in order yet. When I called the first time to ask about the hold, the csr did mention an increase, but then he saw how new the card was and said it would likely not go through.

 

I also have another credit card with them as well as my checking account and a $6500 atv loan.

 

Oh well, I will just restructure the way I make my payments. Thanks.


(SIAP, but I lost track of the original questions while the thread went zooming off on American Express, Cap One, HSBC, etc.)

 

I wonder if the fact that the card is new is relevant. It's not unusual for lenders, especially conservative ones like USAA, to keep you on a short leash initially until you've built up a payment history/ pattern.

 

How long have you been a member of USAA, and how long have you had the other card and the ATV loan?


+1

 

Cap1 was like that, then stopped. Now its just the computer PMS'ing every now and then :smileyvery-happy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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Open123
Posts: 4,194
Registered: ‎02-23-2011
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Re: Making multiple payments causes 7 day hold

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  

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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Making multiple payments causes 7 day hold


Open123 wrote:

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  


1) If its a rewards card (esp. cash) running big normal bills though it gets you $$$

 

2) I feel like it shows the bank i'm responsible with their card and they can trust me.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Making multiple payments causes 7 day hold


tcbofade wrote:

LS2982 wrote:

tcbofade wrote:

In my experience, different credit card companies have different policies here.

 

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.


Never had a problem with HSBC, next day funds available always make 2-3 payments a month.


Read that again.  I think that we're saying the same thing...almost.

 

I pay my Household every Friday, and never have an issue.

 

If a holiday effects my payroll schedule, I have to be VERY careful, because making payments LESS THAN SEVEN DAYS apart, causes a hold on the payment.  (in my case, anyway...)


Gotcha.

 

I'm about 2 weeks between when I make payments and never had an issue.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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tinuviel
Posts: 4,875
Registered: ‎11-02-2010
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Re: Making multiple payments causes 7 day hold


tcbofade wrote:

In my experience, different credit card companies have different policies here.

 

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.


 

That was one of the things that I hated about First Premier. If I made more than one payment in a month, they would hold the additional payment for 10 days. Now with Cap1, I pay them at least once a week and the never hold my payments; my CL is restored the following day.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
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tinuviel
Posts: 4,875
Registered: ‎11-02-2010
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Re: Making multiple payments causes 7 day hold


Open123 wrote:

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  


 

For me, it's because I get cash rewards on my Cap1 card, but the CL is only 750. So, if I want to run a significant amount of monthly spending through it to earn the rewards, I have to pay more than once a month.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k

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