cancel
Showing results for 
Search instead for 
Did you mean: 

Cash Advance whats the limit?

tag
Dustink
Valued Contributor

Re: Cash Advance whats the limit?

If your signature is still current, ie no income. You should look into getting a job and helping your family out. Not by paying their credit cards debt, but instead paying rent and your share of utilities.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 21 of 33
cottoncrown
Frequent Contributor

Re: Cash Advance whats the limit?

This wasn't in the usa, but in Canada when I called to increase a credit limit with MasterCard they told me I was denied and the analyst said "make sure to pay your bill on time and don't take any cash advances for three months and try again". So I assume it looks bad. I mean, the fees are outrageous so it seems like you mst not have any money in the bank if you are cash advancing. That was the reason with me back then.
Message 22 of 33
Rackham94
Established Contributor

Re: Cash Advance whats the limit?

Why Cash Advance when you can balance transfer !?!

 

Smiley Very Happy 

 

Looking at your other posts just wanted to let you know I am also 18 Smiley Very Happy

Message 23 of 33
enharu
Super Contributor

Re: Cash Advance whats the limit?


@SnackTrader wrote:
I think what you are suggesting is WORSE than an illegal transaction. You are using cash advance to cover other debts, which means there is a SIGNIFICANT cash flow problem occurring within your household. As a lender I would absolutely want to take action against that. Additionally, this action is just robbing Peter to pay Paul - and eventually you need to pay Peter back too. So what's the point???

You're family needs to get debt under control. I've been reading about your problems for a while now and will say that a significant amount of spending cuts need to occur. This means no dinners out, no AF credit cards, no movies, reducing cable subscriptions and all sorts of other debt reduction plans. As one of the youngest members of your family you may not have the type of pull to initiate that action, but lets be honest, you need to be aware of it just as much as the other members of your family. If you disagree with what I'm saying, just remember that this thread is discussing taking an expensive, no-grace-period cash advance to pay down other debts. If that isn't a debt problem, I don't know what is. There are only two ways out, increase income or cut spending.

+1.

 

Cash advance is generally meant for emergency usage only.

 

 

If you're using it for emergency, such as needing cash urgently while you're overseas or stuck in the middle of nowhere, you probably have a valid reason to explain to the underwriter if they ever ask. And not only just that, like what Snack said.......those interest rates are pretty much daylight robbery.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 24 of 33
CashOnDelivery
Established Contributor

Re: Cash Advance whats the limit?


@Rackham94 wrote:

Why Cash Advance when you can balance transfer !?!

 

Smiley Very Happy 

 

Looking at your other posts just wanted to let you know I am also 18 Smiley Very Happy


+1


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

Take the myFICO Fitness Challenge
Message 25 of 33
webhopper
Moderator Emeritus

Re: Cash Advance whats the limit?

I'm reading this as if he wants to take a cash advance to pay off higher interest credit cards.

 

I agree that you should look at doing a Balance Transfer instead of a cash advance.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 26 of 33
crunching_numbers
Valued Contributor

Re: Cash Advance whats the limit?


@BearsAndTurtlesRtheBest wrote:

Yes it would although the cash advance would only be $350 which is a $5 fee and an interest charge of $4


Did you run the numbers on that? $350 with a fee plus interest of $9 is the equavelent of about a 30% APR. I bet there are better ways for you to make those payments. 


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 27 of 33
Dustink
Valued Contributor

Re: Cash Advance whats the limit?


@webhopper wrote:

I'm reading this as if he wants to take a cash advance to pay off higher interest credit cards.

 

I agree that you should look at doing a Balance Transfer instead of a cash advance.


I'm reading this as taking a cash advance to make close to minimum payments.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 28 of 33
BearsAndTurtlesRtheBest
Senior Contributor

Re: Cash Advance whats the limit?

This is to reduce cc debt that my whole family has. Like my signature says I have no income and will apply for a job as an MA in September. And well we look at this whole cash advance thing almost like having another auto loan For ex. taking out $400 a month and paying it back full. But it seems like the bank will not like to see that type of activity in a card, putting the acct. at risk for them to even close it. So for now it will have to come out of my parents check. 

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 29 of 33
slickshoes182
New Contributor

Re: Cash Advance whats the limit?

I first read this as a cash advance to save money (i.e. using a Credit Union or Barclay Ring card to pay off higher interest rate debt). I had to delete my post since I realized that this is about paying higher interest and fees. Not a good idea.

Message 30 of 33
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.