If you’re a First Premier credit cardholder and notice that your available credit is not updating correctly, it can be concerning and frustrating. Your available credit is an essential aspect of managing your credit card and financial health. In this article, we’ll explore the possible reasons why your available credit might not be updating and provide actionable steps to resolve the issue.
Contents
1. Understanding Available Credit
Before delving into the issue, let’s briefly understand what available credit means. Available credit refers to the amount of credit that you have left to use on your credit card. It is the difference between your credit limit and your current credit card balance. As you make purchases and payments, your available credit should change accordingly.
2. Possible Reasons for Available Credit Not Updating
There could be several reasons why your available credit is not updating as expected:
2.1. Pending Transactions
One common reason is that you have pending transactions that have not yet been processed by the credit card issuer. These transactions may not be reflected in your available credit until they are fully processed, which can take a few business days.
2.2. Payment Processing Time
If you recently made a payment towards your credit card balance, the processing time for the payment might be causing the delay in updating your available credit. Electronic payments are usually faster, while mailed checks may take longer to be processed.
2.3. Credit Reporting Timeframe
Credit card issuers typically report your account information to credit bureaus once a month. If your available credit is not updating, it could be because the credit bureau has not received the updated information yet.
2.4. Credit Limit Increase Delay
If you recently requested and were approved for a credit limit increase, the update to your available credit might take some time to reflect on your account.
2.5. Account in Default or Closed
If your credit card account is in default or has been closed due to non-payment or other reasons, your available credit will not update until the issue is resolved, and the account is in good standing again.
3. Steps to Resolve the Issue
If your available credit is not updating, here are some steps you can take to address the problem:
3.1. Review Recent Transactions
Check your recent transactions to see if there are any pending charges or transactions that have not yet been processed. Keep track of your spending to ensure that your available credit accurately reflects your current balance.
3.2. Verify Payment Status
If you made a recent payment, confirm its processing status. If it has been more than a few business days since you made the payment, consider contacting the credit card issuer to inquire about the delay.
3.3. Contact Customer Support
If you believe there is an error or discrepancy with your available credit, reach out to First Premier Bank’s customer support. Explain the issue and provide any relevant details to help them investigate and resolve the problem promptly.
3.4. Check Credit Limit Increase Status
If you requested a credit limit increase, verify its status with the credit card issuer. If it has been approved, ask when the update will reflect on your account.
3.5. Verify Account Status
Ensure that your credit card account is in good standing and not in default or closed. If there are any issues, work with the credit card issuer to resolve them.
Conclusion
A discrepancy in your available credit can be a cause for concern, but it’s essential to address the issue proactively. By understanding the potential reasons and taking the appropriate steps to resolve the problem, you can ensure that your available credit is accurate and up-to-date. Regularly monitoring your credit card transactions and staying in touch with customer support can help you maintain control over your credit and financial well-being.
FAQs (Frequently Asked Questions)
1. Why is my available credit not updating on my First Premier credit card? There could be several reasons for this, including pending transactions, payment processing time, credit reporting timeframe, or delays in credit limit increase updates.
2. How long does it usually take for available credit to update after making a payment? The processing time for payments can vary, but it typically takes a few business days for the available credit to update after a payment is made.
3. Can I check my available credit online? Yes, most credit card issuers provide online account access where you can check your available credit and recent transactions.
4. What should I do if my available credit is consistently not updating correctly? If the issue persists, contact First Premier Bank’s customer support to report the problem and seek assistance in resolving it.
5. Can a credit limit increase affect my available credit? Yes, a credit limit increase can positively impact your available credit, as it increases the total amount of credit available to you.