Advice for cash advance then transferring to a 0% promotion CC?

[Anonymous]

Hi all, I could use some good advice. I need to get a $10k cash advance for a cashier's cash -- it's a personal emergency. I'm thinking that the best way would be to get the cashier's check advance from my Wells Fargo CC (which is a 21% APR on cash advances), then immediately do a balance transfer to a brand new CC that has a 0% balance transfer promotion so that I have 15 months with no APR on that money, which would allow me to pay it back completely without any extra. 

Do you feel that this is the best option? Including how it would affect my credit score? In doing it this way, would I avoid paying any of the 21% APR from Wells Fargo since I would be doing the balance transfer immediately after getting the cash advance?

Thanks in advance for your help.

[Anonymous]

Welcome to the board.  Instead making it a 2-step process, doesn't the card with 0% allow you to transfer directly into your checking account?  Have you looked into that? Also, as to how it will affect your credit score, you haven't divulge any information about your credit profile so it will be hard to answer that question.

[Anonymous]

I haven't looked into that, no. Thanks for the suggestion -- the thing is that I would be doing that so I could take advantage of the 0% balance transfer deal. Unless there's a 0% cash advance promo I can find on a new card?

My credit score is 699 on Experian, with two 30-day late payments on one account (those are both being fixed -- it was an error with the auto refinancing company, but of course it won't be remedied in time for this particular situation). I have $11.5k in remaining auto payments and $3k balance on the only other credit card I have right now (the Wells Fargo card). Other than those two late payments my credit is clean.

[kdm31091]

I would look into doing a BT directly into checking. Several lenders allow this now, though not sure if Wells Fargo is one of them.

In general, a cash advance isn't going to hurt your FICO score, but it could hurt your internal scoring with a lender. Most lenders don't look highly upon cash advances, especially such a large amount, as it can signal financial distress. If you have no choice, you have no choice, but note that it's probably not going to be looked on well. Is there ANY other option besides a cash advance? IMO it should be a complete last resort.

[Anonymous]

The problem is that the Wells Fargo option with my current CC with them would result in a 21% APR fee for the cash advance.

I don't think there are any other options right now, unfortunately. I would be able to able to pay the cash advance off pretty quickly, but can't get the cash in time to pay this emergency situation -- unfortunately I can't simply pay with a credit card.

[Anonymous]

Would it be smarter to apply for a personal loan from a bank? Higher interest rate, obviously, than 0%. But I'll be able to pay it back within a few months.

[Anonymous]

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@Anonymous wrote:

Would it be smarter to apply for a personal loan from a bank? Higher interest rate, obviously, than 0%. But I'll be able to pay it back within a few months.

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If you have a 0% percent card, it will be cheaper than getting a personal loan.  What card / company do you have the 0% offer with?

[Anonymous]

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@Anonymous wrote:

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If you have a 0% percent card, it will be cheaper than getting a personal loan.  What card / company do you have the 0% offer with?

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Thanks. I've found promos for that with AMEX and Discover. Aside from being cheaper, would it affect my overall credit more or less than a personal loan, considering I'd be getting a cash advance first then transferring to the 0% card?

[Anonymous]

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@Anonymous wrote:

T

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@Anonymous wrote:

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If you have a 0% percent card, it will be cheaper than getting a personal loan.  What card / company do you have the 0% offer with?

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Thanks. I've found promos for that with AMEX and Discover. Aside from being cheaper, would it affect my overall credit more or less than a personal loan, considering I'd be getting a cash advance first then transferring to the 0% card?

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Before I answer that, do you have any loan currently on your reports?

[Anonymous]

Yes, I have an auto loan with $11.5k left on it, and a nearly perfect payment record.