Can I Use My Entire DCU Available Visa Credit as a Personal Line-of-Credit?

[Girac]

I have $7500 available credit on my DCU card, can I trnasfer the entire line to my checking/savings account?

[Anonymous]

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@Girac wrote:

I have $7500 available credit on my DCU card, can I trnasfer the entire line to my checking/savings account?

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I don't have DCU but most, not all, credit unions will allow you to use your entire credit line as a cash advance, not a personal line of credit.  I'd seriously think twice though before utilizing your entire credit line as a cash advance.  Their all all kinds of concerns, such as high interest, credit utilization, credit scores, possible AA that should be considered.

[Anonymous]

DCU doesn't have a cash advance fee or a higher rate for cash advances. One of the big perks of being with DCU. It's all over their website.

[Anonymous]

Utilization and scores are still important though. And I would be scared of spooking a lender with that.

[Girac]

it would be short term and hopefully all paid off at the end of the month.

[Anonymous]

Yes you can.. I have done it multiple times.. But it's advised to take only 95%. Coz DCU calculates interest rate every day and ur total debt will keep increasing..

[taxi818]

Even if you can. why not just take out a signature loan? it only takes 15 mins or so with most credit unions. and interest is fairly low. with no early  pre payment penalty.

[TheConductor]

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@taxi818 wrote:

Even if you can. why not just take out a signature loan? it only takes 15 mins or so with most credit unions. and interest is fairly low. with no early  pre payment penalty.

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And if you don't have any recent installment loans on your report, the signature loan could actually improve your credit score significantly.

[Girac]

Thanks for the tip. Ill check into that if I need to go that route. Always good to have options.