Despite much begging on my part, FCNB wouldn't release the hold on my large payment any earlier than 10 days. I was told that you have to make three large payments ($1,000 or more) before you can be considered for an exemption from future holds. The rep also mentioned an internal FCNB scoring system based on your credit profile and payment history. Has anyone heard anything about such a system? Finally, it was confirmed $1,000 is threshold for holds. Less than $1,000 won't be held and will instantly be applied to your credit limit. The good news is I was able to survive the hold without too much difficulty.
Re: FCNB large payment follow- Shyguy, They put a hold on your credit line because you make a large payment. How silly is that? What happens if you make a large payment with an uneven number like $3423.14? Would they still put a hold on your line for 10 days? Some of things these credit card companies come do...unreal. Dani
Re: FCNB large payment follow- It isn't that uncommon for some credit cards to put a hold on your account when you make a large payment. Chase does it on some accounts. The simple solution, write checks under the threshold and send them in a day apart. You get the same effect (paying off large amounts) without triggering the hold.
Re: FCNB large payment follow- I HAVE TO MAKE LARGE PAYMENTS ON DISCOVERCARD...due to the fact that I charge on a slow month $2,000... DISCOVERCARD SAID PAY EXACT AMOUNT DUE OR IFYOU WANT TO OVER-PAY DON'T PAY EVEN $$$ ($3,000.00) SEND LIKE $3,589.81 (NO HOLD). DISCOVERCARD said 90% + of all bounced checks end in $X,000.00. You can also pay large payments through another credit card like NEXT CARD that has free balance transfers...
How FCNB hold works If you make a payment of $1,000 or more, FCNB credits the payment to your account -- lowering your balance -- but doesn't apply it to your available credit for 10 days. So your balance goes down by your payment, but your available credit doesn't increase a penny. I was told this is a pretty common industry practice. If you build a history of large payments with FCNB, it will stop the holds. But the first month it can be a shock, especially if you didn't realize $1,000 was the cutoff. (I had been making what I thought were large payments.)
Re: How FCNB hold works THE FIRST TIME DISCOVERCARD PUT A "HOLD" ON MY PAYMENT...I put their card "ON HOLD" (no purchases for two months)...THEY NEVER TRIED IT AGAIN... They lost ~ $5,000.00 those two months!!!
