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

[urbex]

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@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?

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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. 

[CreditCuriosity]

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.

[SRT4kid93]

@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?

[MissLiz]

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@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. 

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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. 

[SRT4kid93]

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? 

[CreditCuriosity]

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@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?

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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.

[TrapLine]

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.

[nytokyobred79]

@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! 

[SRT4kid93]

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!

[JSUB]

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.