Multiple payments per month to Cap 1

[bbrannan]

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!

[hoping2rebuild]

They have never done that to me

Have you ever had a payment returned to them?

[bbrannan]

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.

[proudnavymom]

I have never noticed that with my account.

[warpedlogic]

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. 

[bbrannan]

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.

[warpedlogic]

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.

[GregB]

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

[p-]

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@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!

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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.

[bbrannan]

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!