topic Re: Multiple payments per month to Cap 1 in Credit Cards

Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 15:07:34 GMT

Is it a common thing for Capital One to place a hold on available credit when you make multiple payments each month? In order to keep my utilization down, I send in multiple payments each month, but I always have to call them about it because the place a hold on my funds. They post the payment against my account so my balance does reflect the payment, but it does not show on my available credit for about 14 days unless I call them. I was just wondering if this is common practice with all major CC or is this a Cap1 policy? Thanks!

Re: Multiple payments per month to Cap 1

hoping2rebuild — Thu, 17 May 2012 15:10:36 GMT

They have never done that to me

Have you ever had a payment returned to them?

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 15:17:45 GMT

No. Never had any payments returned, never been late. I called them to ask why and that was the reasoning that they gave me. Because I had been making multiple payments per billing cycle. I suppose as long as it applies against the balance, that is fine but it just made no sense to me why they would apply it to the balance but not the available credit.

Re: Multiple payments per month to Cap 1

proudnavymom — Thu, 17 May 2012 15:33:01 GMT

I have never noticed that with my account.

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 15:37:46 GMT

It's definitely not happening to me, either. I make multiple payments per month, and I have the credit available again after the payment is processed.

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 15:44:54 GMT

Interesting. Wonder why they seem to have singled me out? Like I say, I have never had any late payments, never had any returned payments, never gone over my limit...nothing. But again, it just did not make sense why they would apply it to the balance but not the available credit. I could understand this if I had a history of returned payments, but I have never even had one returned payment so that just seems odd to me... I guess its just "one of those things", huh? Until they decide to stop doing that, I suppose I will simply have to keep calling them when I make a payment and request a payment verification so that they can release the hold.

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 15:58:28 GMT

You could try calling the backdoor number and trying to find out exactly what the issue is and if they could stop doing it. If anyone could tell you why or have them stop, it'd be the backdoor people as they have more info than the normal csr's.

Re: Multiple payments per month to Cap 1

GregB — Thu, 17 May 2012 15:58:37 GMT

I frequently make several payments and the have always made credit available by next day. Do you have one of CapOne's rebuilder cards?

Re: Multiple payments per month to Cap 1

p- — Thu, 17 May 2012 16:01:55 GMT

@bbrannan wrote:
Is it a common thing for Capital One to place a hold on available credit when you make multiple payments each month? In order to keep my utilization down, I send in multiple payments each month, but I always have to call them about it because the place a hold on my funds. They post the payment against my account so my balance does reflect the payment, but it does not show on my available credit for about 14 days unless I call them. I was just wondering if this is common practice with all major CC or is this a Cap1 policy? Thanks!

The obvious question is "What method are you using to pay?"

Most of us use our own bank's billpay service to "push" midcycle payments to the card issuer. If you are sending a paper check, or using their own online payment portal, it may be the cause.

Using Wells Fargo billpay, I have never had an issue. The limit updates usually the day after the payment posts.

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:01:56 GMT

I will call the backdoor number and see if they can shed some light on it. I dont believe that this is a builder card. It is a Cash Rewards green card. Not the one sited for "excellent credit" but for "average credit". I will keep you posted on what they inform me. Thanks for everyone's input!

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:04:04 GMT

I have my Wells Fargo account set up as a payment source and just make online or mobile payments directly from either Cap 1 site or mobile app.

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:05:58 GMT

You have a valid point. I will try sending my next few payments using my Wells Fargo billpay instead and see if that makes any difference. I will let you know. Thanks again!

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 16:06:45 GMT

@bbrannan wrote:
I have my Wells Fargo account set up as a payment source and just make online or mobile payments directly from either Cap 1 site or mobile app.

This is exactly how I'm paying them as well, but I have a secured card. Maybe that's the difference?

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:09:17 GMT

But you have never had a hold placed on a multiple payment? Not on the balance but only on the available credit. You would think if they were going to reflect a paid balance, that they would also reflect avail. credit too. IMO

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 16:13:08 GMT

Correct, no hold on avail credit ever. I'm making, on avg, 2-3 payments a month. One to 2 to get my balance down to where I want it to be when it's reported, then the last one when I get my statement. You'd think that if they were going to pull this with anyone, it'd be their rebuilder group. lol

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:18:20 GMT

FINALLY got my answer! This is a new account (only 2 months old) and that is the reasoning for it. (At least that is the reason that they just told me.) I will try sending in my payments through my bank's billpay and see if that makes a difference as well. I will post my results and let you know! Thanks!

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 16:26:05 GMT

Glad you got an answer that makes sense!

Re: Multiple payments per month to Cap 1

GregB — Thu, 17 May 2012 16:31:32 GMT

I would suggest you always use the CC online payment and pull from your checking account. That way you have a record and a confirmation number for the payment.

There might be some need to use your bank online payment to push an payment to the CC such as when you want to pay more than the online balance but that is very dangerous to rely on that for a payment to be made on the due date. From my experience at work managing several hundred online payments per month, using you banks billpay WILL cause you problems.

Re: Multiple payments per month to Cap 1

bbrannan — Thu, 17 May 2012 16:35:38 GMT

Good to know. I will admit that it is much more convenient to be able to just log in on my phone and press a button to make the payment. Perhaps they will stop holding funds soon and all will be good again.

Re: Multiple payments per month to Cap 1

warpedlogic — Thu, 17 May 2012 16:47:32 GMT

@bbrannan wrote:
Good to know. I will admit that it is much more convenient to be able to just log in on my phone and press a button to make the payment. Perhaps they will stop holding funds soon and all will be good again.

Well, my account is 5 months old and for the past 2 months, for sure, I have not had avail credit held. I didn't notice for the previous 3 months. Maybe they will stop it this month or next month.