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Does credit card cash advance affect my credit score ?

Discussion in 'General Business' started by nabi1981, Jul 14, 2007.

  1. #1
    Does taking credit card cash advance repeatedly affect my credit score ?? I pay most of the amount before payment due date.
    SEMrush
     
    nabi1981, Jul 14, 2007 IP
    SEMrush
  2. marketjunction

    marketjunction Well-Known Member

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    #2
    Anytime your reported balance changes, your credit is affected.

    Your CC company most likely reports monthly and they may report before you make your payment.
     
    marketjunction, Jul 14, 2007 IP
  3. eddy2099

    eddy2099 Peon

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    #3
    Banks wants you to make credit card cash advances because that is where they earn the big bucks from. As long as you make pay the necessary minimum on time, it should not affect your credit ratings. Also if you overdrawn your credit limit, you just have to return the amount which is above and beyond and you be fine.

    I do cash advances at time as part of an unsecured bridging loan or when I need some money when I travel and I was told that I still have excellent credit ratings.
     
    eddy2099, Jul 14, 2007 IP
  4. leede

    leede Guest

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    #4
    return money or pay before any dead line should be safe from it.
     
    leede, Jul 14, 2007 IP
  5. nabi1981

    nabi1981 Peon

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    #5
    Thank you great info
     
    nabi1981, Jul 15, 2007 IP
  6. moratraffic

    moratraffic Banned

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    #6
    The credit reports will never know as long as you pay on time and the account never goes to collections. You can have a continuous loan for 2 years and the credit bureau would never know, so do what you need to do as long as you pay them back!
     
    moratraffic, Jul 15, 2007 IP
  7. marketjunction

    marketjunction Well-Known Member

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    #7
    Like I said, as long as it's not reported, you're fine. If it is reported, it lowers your credit score *some*.

    You said you're paying it off by the due date, so you're most likely beating the report date. No all CC companies are the same. Some might not report the advance as an increase in credit liability to the major CRAs, others might.

    However, there is a caveat. Let's say your credit report shows a total available credit of $100,000 and a liability of $5,000. Today you get a cash advance of $5,000 and it reports. Your new credit liability is now $10,000 or 10%. Your credit score itself won't really move much at all (a few points most likely). The magic number is 30%. Go over that and your credit can be hit by 100 points.

    I spent years in credit law and collections and I'm just speaking on my own experience. Most consumers have no real idea about how credit works.

    If you're paying it off quickly, you're fine should you want to obtain a mortgage or car loan--since they manually review your credit.
     
    marketjunction, Jul 15, 2007 IP
  8. stubsy

    stubsy Well-Known Member

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    #8
    It won't affect your credit score but when applying for credit banks look at your debt to income and affordability, so if your monthly repayments on credit were 800 and you only had 1000 coming in they would refuse you on affordablility grounds

    As long is you pay it back on time it won't have a negative impact on your credit rating, it might have a positive one.
     
    stubsy, Jul 15, 2007 IP
  9. marketjunction

    marketjunction Well-Known Member

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    #9
    How, specifically, will it have a positive impact on your credit rating? And are you speaking about your credit identity with the major CRAs or your credit rating within the CC company itself?
     
    marketjunction, Jul 15, 2007 IP
  10. stubsy

    stubsy Well-Known Member

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    #10
    It will have a positive one because it shows he's borrowing responsibly it'll be mainly the credit rating within the CC company itself.

    Although his Credit rating would be much more improved if he had lots of cc's and never used any of them.
     
    stubsy, Jul 15, 2007 IP
  11. morgan2074

    morgan2074 Guest

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    #11
    Hello everyone.
    I am in serious need of money and want loan isntantly so please help me out with names of reliable and fast loan approval finance companies.

    cash advance
     
    morgan2074, Jun 9, 2010 IP
  12. magnusfl

    magnusfl Greenhorn

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    #12
    All fiscal records are recorded no mater how small as you cash advances does effect your credit as it shows fiscal risk which is usually true if you need a cash advance
     
    magnusfl, Aug 29, 2013 IP