First Premier Bank - Payment Slowwww

[glamchick]

I made a payment to FPB on feb 5th to pay the card down to 10% utl and its still saying available balance $23.00 So I called them and asked them whats going on???  They told me when you send a check for payment it takes 20 days to clear!!!!!!!!!

Can you believe this? 

[Anonymous]

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glamchick wrote:

I made a payment to FPB on feb 5th to pay the card down to 10% utl and its still saying available balance $23.00 So I called them and asked them whats going on???  They told me when you send a check for payment it takes 20 days to clear!!!!!!!!!

Can you believe this? 

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They are required by law to post your payment to your account on the day they receive the funds.

I'm not sure what you mean by "available balance."  Is that available credit, or is that balance?  Are you saying they are holding your payment and not applying it to the balance, or are they just not releasing your available credit right away?  There is an enormous difference.

If it's the latter, they're allowed to do that, and unfortunately it's a common tactic among lenders like the one you mentioned.

[Red1Blue]

You should look into setting up billpay through your bank and let the funds deposit to CC account as soon as possible. Check with your bank about billpay. It is a free service and there is no charge for the service.

[glamchick]

It says payment received $227 on FEb 4th sorry... Available balance $23.00.  Once the balance applies the balance should be $50.00.  They have already cashed the check, I check my bank account.  But they said it will take 20 days???    I will never pay by check again

They report to the CB's on the 14th of every month.  What do you think my credit report will say?

[Anonymous]

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glamchick wrote:

It says payment received $227 on FEb 4th sorry... Available balance $23.00.  Once the balance applies the balance should be $50.00.  They have already cashed the check, I check my bank account.  But they said it will take 20 days???    I will never pay by check again

They report to the CB's on the 14th of every month.  What do you think my credit report will say?

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I'm sorry, I still don't understand.  I don't know what "available balance" means.

Is it "balance" or is it "available credit?"

Has the payment actually been applied to your current balance?  I don't mean your available credit, I mean the balance that you see on the website right now.

Message Edited by cheddar on 02-13-2008 08:59 AM

[Red1Blue]

Some times credit card companies put a hold on the payments for 10-15 days. This could happen for the credit cards that are in early stage of issual. This is to prevent if there were any problems with the payment. After few months of usage and ontime payment, they would remove that restriction. FPB is one of those low limit starter card issuer, probably they are enforcing on you.

[glamchick]

yeah ive very confused to

Online it says

Current Balance $35.00

Available Credit 23.00

[glamchick]

ahhh I see.  They didnt mention that on the phone.  

The credit card had some missed payments back in 2004. I was unable to pay due to job loss so I called and asked them to reinactivate the card for full payment in 2005.  On my credit report its under revoloving credit but will remain under bad accounts until 2012.  So maybe thats why.

[Anonymous]

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glamchick wrote:

yeah ive very confused to

Online it says

Current Balance $35.00

Available Credit 23.00

OK, there you go.  Current Balance is $35.  Which means your payment has been applied to your current balance, which they are required by law to do once they receive the funds.

Available credit is $23.  That means that even though they have applied your payment to your balance, they are placing a hold on releasing the available credit back to you for 20 days.  This is a crappy practice, but unfortunately is completely legal.  It's also not uncommon among lenders like this one.

Sorry.  But there's not much you can do about this except ditch them as soon as you are able to.

[glamchick]

Will do.  Thanks!

But what do you think will happen when they report to the CB's?  I really wanted my score to go up I started with a score of 601 when I started reading and doing the suggestions on here and now im down to 577