I have found that capital one also updates my available credit immediately. but they only do that for the first payment after your statement posts. If you want to make any other additional payments through the month, it has a long hold.
Not so much an issue for people with larger credit limits. But could be an issue for people with smaller limits. You make a payment but your available credit doesnt update for 7-10 business days making the card unusable until your credit updates.
@Cblough93 wrote: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.
I had to stop.
your getting "3%" but paying $7 dollars every time you make a payment.
if you don't get it I'm clocking out.
dude what are you talking about?
First of all, that isn't on my chase card. The $7 is on a totally different card that I don't even use anymore. .
and you are failed to read what I said and then made assumptions and made yourself look dumb. You totally missed what I was saying about the fee.
all I said was that I believe companies should offer customers the option to pay a fee In Order to get instant access to their credit. Because not offering that option and then taking someone's money from their bank account, and then holding that money for 10 business days is terrible customer service.
so yes,
if I had to choose between paying 7 dollars, or having a bank take my money and hold it for 2 weeks without giving me access to my credit. I would pay the $7. Because I don't care. It's not about the money it's about the fact that they are screwing over valued customers who have done nothing wrong
imagine you went out to dinner and when you paid the restaurant locked in you a cell and said "sorry you aren't allowed to leave for 2 weeks cause we need to make sure your payment isn't returned" unless you pay this 7 dollar fee. Would you pay the $7? I seriously
hope so.....
It's 7 freaking dollars. It's not going to make or break me. I dont believe any bank should have the right to take someone's money and hold it for 2 weeks when the customer did nothing wrong. Now, if that customer had returned payments, fine hold the money for 2 weeks. Other than that, you trusted that customer enough to give them a credit card, and offer them a credit limit. But you don't trust that their payment will go through and not be returned? It's bull, it's wrong, and its terrible customer service.
If you are that worried about 7 dollars that's your problem. And that says a lot about you. It's often said that the fake "rich" complain about every little fee and dollar, they argue about the bill when they go out to dinner and embarrass everyone around them. They give terrible tips.
While the truely rich people tip $100, because they understand the value or customer service. And they don't care.
@Cblough93 Not going back to quote everything, but that's how it read - or very least how I understood it.
I'm glad you're no longer using 💩 cards just for being open. (I know the fee isn't on the chase) If you have too, use it (monthly fee cc) for the minimal amount of time and get rid of it. I cannot stand companies who take advantage of the poor, or those with no credit, and who feel that they have no choice, but "need" a credit card at a crap bank, get charged 36%apr if they don't have the capital to pay it off or feel the need to borrow. I just had my brother who is in a real tough spot right now asked me what kind of credit card should he get because he has no credit right now, and needs to borrow money. I told him don't get one because he's gonna get himself in trouble.
as for credit being immediately available, it's not a problem I have at the moment, but with chase I believe my credit is available as I make a payment. My limit it more than I need on my chase so it's not a concern for me atm. Payments post the next day for me, that may change for you, ie be quicker eventually, could be your checking account/ bank, not sure. History etc.
to each their own but I'd never pay a fee just to be able to use a credit line immediately after payment, that's ridiculous and I'd encourage you not to think that way. Chase is Evil (as are all mega banks) so use them, don't let them use you. Chase will grow pretty quickly. soft pull CLIs now are awesome too.
you can save the fake insults and judgements with the restaurants. Yup I ask not to be charged for a refill at the local diner if I get a free refill. Yeah I pay in cash to save 3.5%. Yeah I leave $5-6 for the waiter or 25-50% rather than the silly suggested 3.50 20% tip printed on the bottom of the $16 bill.
"Truly rich people" don't tip. I know from experience. Look at Reddit, the evidence is there if you look.
@Cblough93 wrote:
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?
I think that's wrong. I believe Your history with the credit card company, and also also your bank/Checking account plays more a role.
im sorry,
I felt you were attempting to bully/attack me and I got defensive and wanted to explain myself but I feel I didn't do it well and it came off angry which wasn't really my intent.
I also cannot stand companies that take advantage of customers. Which is why I cannot stand when companies take the money from your bank account and then held your credit for 2 weeks. That's just another really messed up way to take advantage of people. Especially people that need that money.
you force them to choose between paying their rent/bills and not paying their credit card bill
or
pay their credit card bill and then having their money held in limbo for 2 weeks, making them unable to pay their bills.
what kind of choice is that? Especially when the customer has never had a returned payment or done anything to deserve that kind of treatment.
personally I feel doing that to people and making them make that impossible choice is far worse than any $7 fee.
that's all I wanted to say and i apologize for how I came off.
Your fine. What bank is taking 2 weeks? 4 days has been the longest for me for a payment to come out of my account ( which is what I care about) and that's US bank.
Capital one was holding all my payments for 10 business days. The money would be removed from my account after 2 ish days, then they would hold my money for 10 business days and wouldn't update My available credit until after the hold was done. Although they seem to be getting better.
They sent me an email saying all I needed to do was link my account and my payments would be instantly applied from then on. So I linked my account through finicity. But I later learned that not every payment qualifies for early release and that linking your account only helps that specific payment get processed faster.
So when you make a payment, you need to wait for the email to see if it qualifies for early release through finicity, if it qualifies. You will get an email and then you need to link your account for your most recent payment. Then rinse and repeat for each payment you make.
in my experience when my payments qualified for early release they were released at 7 business days instead of 10. Barely better. What makes a payment qualify for early release? No idea, cap one couldn't tell me. They also claimed that the 10 day hold was to make sure my payments wouldn't get returned. And that the holds usually happen when someone has returned payments, or makes payments from a new account or used several different bank accounts: all my payments are made from the same account. So that was no help.
chase released my available credit the next day. No messing around with waiting to see if each payment qualifies for early release, then linking each payment. No games.
