Credit Rating dropped by 60+ points

[seadoug]

I put everything that I can on my credit card so I can earn points/rewards. I paid my property taxes online last week by credit card. I moved the money from my brokerage account into my checking account almost immediately and did a Bill Pay to my credit card company. However, the bank is holding the money until Feb. 1.

In the interim, I received a notification from my credit card company that my credit score has gone from Excellent to Good because I exceeded my credit limit. I'm not planning on financing anything for the foreseeable future, but it makes me angry that Bank of America is taking so long to release the funds and lowering my credit rating. I'm hoping my credit score will go back up when the credit card bill is finally paid.

 

[mrstime]

Ask the bank how they would like it if you took your account to another bank!

 

[leastlongprime]

Technically you did a float transaction.

 

[TabbyAnn]

Years ago when I realized Credit rating companies were private for profit businesses selling information to businesses about people and not guaranteeing the accuracy of what they were selling, I determined not to provide them with any information about me or correct any faulty information they sold about me.

If a business wanted to believe them over me then I just didn't do business with that particular business. I have never checked my credit score in my life. I own my own home, got a fixed rate mortgage at low interest but I only finance through my local bank that I already have an account with.

The banker pointed out that the Credit rating company had the wrong address for me and I might want to correct it with them, I explained that I didn't go to McDonald's and help them cook better hamburgers and I wasn't going to the Credit rating company and help them sell better information about me. But I got the mortgage loan anyway, have an excellent record with the bank, and can finance anything else I want there.

 

[OneEyedDiva]

I'm thinking your score will go back up after the bill is paid but it may not happen immediately. Hopefully no later than the next couple of months.

 

[oldaunt]

I dumped the BOA crooks years ago for a local bank.

 

[fuzzybuddy]

Why did the bank withhold your funds until Feb 1? What explanation did they give? Also you mentioned that you moved funds into your checking account "ALMOST" immediately. How "immediately"?
And, sorry, exceeding your credit limit is a bad financial omen to credit card companies.
I routinely pay bills , like property taxes, with a credit card, and I've never had a problem. Are there more issues with your transactions?

 

[Jules]

However, the bank is holding the money until Feb. 1.

Very common. In theory it’s to protect themselves while they confirm it isn’t a scam. In the meantime it’s too their advantage to have extra sums sitting on their books. When moving money from one bank to another, I have them talk to each other to clear it.

 

[seadoug]

Why did the bank withhold your funds until Feb 1? What explanation did they give? Also you mentioned that you moved funds into your checking account "ALMOST" immediately. How "immediately"?
And, sorry, exceeding your credit limit is a bad financial omen to credit card companies.
I routinely pay bills , like property taxes, with a credit card, and I've never had a problem. Are there more issues with your transactions?

I requested a 2-day transfer on January 19, and due to the weekend it would have been moved to my checking account on January 23. I then paid the credit card bill on January 25, the day the statement closed. I have not contacted the bank because they are useless and will just offer excuses. I dealt with them a few years ago re: the payoff of a home equity loan and they were of absolutely no help. Same trying to close my mother's account when she passed away. It was a nightmare.

I've had no issues with transactions. I've used the card since, but I'm using another card right now so as not to further run up the balance. The money should transfer tomorrow.

 

[Packerjohn]

Well, it's sort of like the "battle of the sexes." On 1 side are the banks and the business community. They are sleeping in the same bed and they are very, very cozy. They work very, very hard to get as much money out of me as they can.

On the other side of the fence are ordinary consumers like me. I am always on guard because I know that the banks and the business community are out there to screw me something awful! I don't believe them, don't trust them and I stand on guard against them 24/7.