topic Re: Chase- how long does it take for them to update your available credit? in Credit Cards

Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 26 Aug 2024 19:59:31 GMT

Just got a chase card and I'm wondering. Those with chase cards Once you make your payment when does your available credit typically update ?

im asking because I was very disappointed with my capital one and how long it takes them to process payments. So I went with chase mostly because I heard they are very quick with this. But now I'm reading some posts from people saying they are just as slow as capital one in regards to updating available credit.

Re: Chase- how long does it take for them to update your available credit?

sccredit — Mon, 26 Aug 2024 21:00:29 GMT

This must be a YMMV thing because my Venture X card updates the available credit as soon as I hit submit on my payment. Same experience withe Chase on DW's CSP card.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 26 Aug 2024 21:13:20 GMT

@sccredit

Sorry what is ymmv?

also does DW mean da wife? lol

I have made 5-6 payments with cap one thus far and so far only 1 payment has immediately impacted my available credit. The others take 5 business days. I believe the reason this happened was because I charged half my credit line. Made a payment to pay it all off. And then charged the 2nd half of my credit line. And made a second payment to also pay that half in full. Meaning my balance was $0, but my available credit was $0 cause they were holding my payments for 5 business days. So if they did not instantly credit my 2nd payment, they would effectively be highjacking my entire credit line making me unable to use the card. And they probably didn't want that so they had no choice but to give me instant access to my available credit for the 2nd payment.

You also have a more premium card. The venture x being their top of the line card, same with chase sapphire preferred. So made that makes a difference?

have not made a payment with chase yet. I have heard mixed things, but the more research I do the more it looks like they are no better than cap one.

it appears Amex is the only company where everyone can agree that their payments are credited instantly. Every other company is very case by case. In terms of instant access to credit after a payment that is.

Re: Chase- how long does it take for them to update your available credit?

sccredit — Mon, 26 Aug 2024 21:28:21 GMT

YMMV is Your mileage may vary

DW is Dear Wife

I don't know if the level of card makes a difference. Frankly I cannot remember if my lower tier cards over the years were any different.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 26 Aug 2024 21:34:27 GMT

@sccredit

I don't see why the level of card wouldn't make a difference? think about it

Card issuers give the biggest perks and benefits to those that pay large annual fees for their cards and those who charge a lot more to the card right? Why wouldn't that include instantly updating your available credit?

it's a small thing but it can make a big difference, clearly there are people out there who care about that sort of thing. Evidenced by me asking about it right now. To me, that sort of thing matters way more than some of the other silly perks they offer. And if companies are going to take that risk, they would probably do it for customers who have a very low risk of returned payments(aka customers with a lot of money/high end cards)

at least that's how I see things?

Re: Chase- how long does it take for them to update your available credit?

sccredit — Mon, 26 Aug 2024 21:52:40 GMT

Oh, you could be 100% correct. Like I said, I can't remember if that was the case or not.

Re: Chase- how long does it take for them to update your available credit?

urbex — Mon, 26 Aug 2024 22:24:23 GMT

This could very well have a lot to do with _where_ the payment is coming from.

I've noticed that if I pull the payment from a Chase checking/savings account, it updates immediately. If I pull from an external account, it can take anywhere from 1-3 business days to update. Pulling from Cap1 is significantly faster than pulling from my local blink and you're through it town bank.

I've noticed similar behavior on my cards from NFCU and Cap1 as well, so I don't think it's really a Chase thing. Though to be fair, it's been a LONG time since I've paid any real attention to this, as I haven't had a need to even 50% any of cards to maximise any CB or other perks on them for an equally long time. So whether the available CL updates right now or next week isn't really a concern for me.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 26 Aug 2024 22:34:40 GMT

I just don't understand why companies don't allow customers the option to pay via a debit card for instant access to their credit line. When we pay our bills in full, They don't make money unless we are using our cards. 3% of the transactions amount every time we use our card.

And holding our credit limits hostage for 5 business days means we can't use the card until the available credit updates. Now, this isn't usually an issue for customers with larger credit lines. But still, even if 20-30% of their customer base suffers from this problem. That could be hundreds of thousands of people who are unable to use their card for 5 business days every time they make a payment. That kind of profit loss really adds up.

my credit one bank card offers the option to pay with a debit card and immediately update available credit. (Granted they charge $7 to do so but at least they offer it. I will gladly pay that fee to get instant access to my credit limit every single time a make a payment) right now it's mainly out of necessity due to low credit lines, but even if I had giant line of credit I would probably still pay the fee. call it stupid, call it ocd. Whatever.

I don't understand how a Deep subprime card issuer with a Terrible reputation offers such a simple perk while some of the best and most reputable issuers do not. Again, I understand it costs them more money to process debit card payments, but even if chase and capital one charged a fee for using a debit card that was 3% of your payment. That would be perfectly acceptable to me.

Re: Chase- how long does it take for them to update your available credit?

urbex — Mon, 26 Aug 2024 22:57:31 GMT

@SRT4kid93 wrote:
I will gladly pay that fee to get instant access to my credit limit every single time a make a payment) right now it's mainly out of necessity due to low credit lines, but even if I had giant line of credit I would probably still pay the fee. call it stupid, call it ocd. Whatever.

There is absolutely nothing "necessary" about this, and this behavior likely has an awful lot to do with why you're not getting CLIs. From a stats perspective, you're making yourself appear to be living beyond your means, about as far high as you can get on the "likely to default" risk scale, and there's not any amount of "explaining your unique situation to a human" that's going to alter that.

This is exactly how people get themselves in trouble when the big CL comes later, myself included at one point. This is the exact opposite of "responsible use of credit".

Ever since I was a little kid, Dad had a "Murphy's Law" poster hanging in the basement. One of the laws read "In order to get a loan, first you must prove you don't need it". There's an awful lot of truth to that in the credit card game as well. In order to get those higher CLs, first you must prove you don't need the higher CL, and that's not done by repeatedly running up the balance on the card.

Yes, paying that fee is beyond stupid, especially so on a card like a Credit One where you're already paying to use the thing. You're effectively wiping out any benefit you may have gotten running up the balance in the first place. This is why you only see this on the sub prime cards - they take advantage of people who don't realize they're only hurting themselves.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 26 Aug 2024 23:09:05 GMT

@urbex

I don't understand what your trying to say.

using your credit and then immediately paying it off shows you don't need that credit. It shows your are easily able to pay all those bills directly out of your bank account, but you are choosing to use your card for the rewards points. Why would I put all those bills on my debit card, when I get 3% back on my credit card?

I now, if I ran up my credit card and then couldn't pay it off. That would prove I needed that credit. And in that case I would tend to agree with you. But I my case, putting those bills and charges on my credit card is just smart.

But honestly, I'm not sure what to think, for many years I Thought the best way to get credit increases was low util ratio. Exactly what you just said. But since joining this forum the consensus seems to be that you should charge your bills to the card, and then pay it off. Showing usage.

the only reason I am making multiple payments and looking for my credit line to be released immediately is because of my low credit limit. Right now my monthly bills are 2-3x my credit limit. If I had a higher limit I would not need to do this.

So I am simply trying to get my limits raised and it seems nobody can agree on the best way to do this. So I have no idea what to do. I'm more confused now than ever. So who knows? You could be 100% right.

Re: Chase- how long does it take for them to update your available credit?

urbex — Tue, 27 Aug 2024 00:17:21 GMT

@SRT4kid93 wrote:
using your credit and then immediately paying it off shows you don't need that credit. It shows your are easily able to pay all those bills directly out of your bank account, but you are choosing to use your card for the rewards points. Why would I put all those bills on my debit card, when I get 3% back on my credit card?

I covered a bit of this in your PM reply (sorry..the autism kicked in, and I may have given you a bit much in the way of info, lol) What seems logical to you and I doesn't play out the same when the computer scoring algorithms get involved along with risk stats on how likely someone is to default. Much the same as how correlations have been drawn between people with low credit scores and their increased likelihood to file a larger home or auto insurance claim.

But the 3% part...Every time you blow $7 on a debit card payment, you have to spend another $250ish just to break even on the debit card payment fee. Even more if you have an annual fee on that card. Annual fees on cards rarely make good financial sense until you get in to some serious spending levels. If you're doing this multiple times a month, you're effectively just throwing away the majority of any rewards you may have accumulated.

Re: Chase- how long does it take for them to update your available credit?

CreditCuriosity — Tue, 27 Aug 2024 00:44:22 GMT

I have pretty big limits with Chase 40k, 30k, etc.. I honestly just pull a payment anytime charges post and I check every few days just my way of doing things with most lenders as treat CC's like cash and once I charge say $50-5k I just pay it when I logon and see the charge posts and it reflects being paid the next day with Chase and have the available credit. Maybe it is due to me being with them 10 years or maybe it has to do with my score or maybe it has changed over time but always available immediately the next day pulling from another CU to chase vs pushing. Everyone does there own things. Some people pay when charges post, some people pay weekly some people pay when statement cuts etc. I don't think there is a right/wrong answer for anyway other than late payments or bounced payments.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Tue, 27 Aug 2024 00:51:28 GMT

@CreditCuriosity

So in your experience how did you grow your chase credit limits? You are saying the charge then pay it off immediately practice worked for you? Or did you start off with those large credit lines?

Re: Chase- how long does it take for them to update your available credit?

MissLiz — Tue, 27 Aug 2024 00:52:41 GMT

@SRT4kid93 wrote:
Just got a chase card and I'm wondering. Those with chase cards Once you make your payment when does your available credit typically update ?

im asking because I was very disappointed with my capital one and how long it takes them to process payments. So I went with chase mostly because I heard they are very quick with this. But now I'm reading some posts from people saying they are just as slow as capital one in regards to updating available credit.

I can't speak for Chase, but IME with Capital One, when you make a payment, it automatically updates your available balance. If you make another payment before the previous payment clears, your available balance won't update until the first payment clears. I pull from my checking account and that has been my experience with both of my CapOne personal cards. With my Spark business card, it only updates the balance once the payment clears and it is typically one to two days, excluding weekends.

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Tue, 27 Aug 2024 00:56:03 GMT

I have been told this is true for your first payment. So let's say your statement closed and they say "here's your minimum payment"

you make that payment and the available credit updates instantly. But any additional payments throughout the month take longer. So basically, you get 1 free pass per month type deal?

Re: Chase- how long does it take for them to update your available credit?

CreditCuriosity — Tue, 27 Aug 2024 00:59:02 GMT

@SRT4kid93 wrote:
@CreditCuriosity

So in your experience how did you grow your chase credit limits? You are saying the charge then pay it off immediately practice worked for you? Or did you start off with those large credit lines?

I have always had decent limits on a few cards 20k+. Limits grown by SP CLI's or credit reallocate from other chase cards as well. I have 4 chase cards total 40k CSP, 30k RITZ, 5k FREEDOM, 5k, IHG and closed an Amazon Chase card with 10k remaining on it a year or so ago. Waiting to be under 5/24 then will get a Chase INK card. There is no right answer on how to get big limits other than FICO scores, Income, low DTI, track record of paying on time among 100's of other factors. When and how you pay in my opinion has no impact on a CLI as long as payments are on time and hopefully not paying any interest. After 6 months ask for a CLI online as it is a SP if you need one. Sometimes I pay Chase 10x a month for a given card and always credited to me next day from external pull.

Re: Chase- how long does it take for them to update your available credit?

TrapLine — Tue, 27 Aug 2024 07:27:14 GMT

For me ... usually within one day at Chase. At Citi Bank my update and available credit is immediately. Gave Cap1 up back in 2008 so no current experience.

Re: Chase- how long does it take for them to update your available credit?

nytokyobred79 — Tue, 27 Aug 2024 07:58:09 GMT

@SRT4kid93

My experience with Chase has been that if I make a payment from my external bank typically at start of the business day, my available credit and balance will be updated in 24-48 hours. For Cap 1, my available credit updates immediately but I think they may have held my first ever payment when they were getting used to me two years ago. Since then, no issue. Hopefully, the algorithm adjusts to your payment patterns and your credit starts updating immediately. All the best!

Re: Chase- how long does it take for them to update your available credit?

SRT4kid93 — Mon, 02 Sep 2024 15:10:04 GMT

Update:

I made my first payment with chase and it posted the next business day. Not only that, but it also affected my available credit the next business day as well. Very impressed!

The fact that it was my first ever payment. Makes it double impressive. And add in that today is a federal holiday and the payment still posted today makes it even more impressive.

capital one put a 10 business day hold on my first payment, chase said hold my beer!

Re: Chase- how long does it take for them to update your available credit?

JSUB — Mon, 02 Sep 2024 15:33:03 GMT

I have C1 Savor 1, QS1, and a BJ's cards. When I make a payment the available credit updates immediately. I just got an Chase Amazon Prime card and my first statement hasn't cut so I don't know how long they take yet.