@BearsAndTurtlesRtheBest wrote:Okay but why if you pay the money back in full? Would that still seem suspicous?
I thought I already explained it, but why would you take a high interest loan with no grace period just to pay it back later in the month? it is absolutely suspicious. what legal transaction do you so urgently need that extra cash for where credit transactions are unacceptable? you are asking the creditor to keep an eye on your account more closely. it is a sign that something dangerous to the creditor could be immenent.
EX:694 TU:744 EQ:777
@DaveSignal it would be used to pay of high balanced credit cards. Its not being used for somehting illegal (never)
Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200But yeah thinking it about constant cash advances would put us at risk for them to even close the acct. I guess we shall find another way to handle it.
Wouldn't using cash advances to pay off other CC balances be losing you money because of the fees and typically higher APR?
Yes it would although the cash advance would only be $350 which is a $5 fee and an interest charge of $4
Most cards offer balance transfers, which work like a cash advance, but they don't raise the same kind of suspicion.... unless this is like a monthly thing of floating balacnes (which would also catch the bank's attention).
Yeah... well thanks for everybodys input, I guess we shall just find another way(if any). Thanks again!
@davidsignal BTs wouldnt work because its a lot of credit card debt.
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.
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.
I completely agree!!! In our case it would be cut spending. WOW ima cut and paste your words. They are very true!
@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.
The more I think about what you said, the more I came to this same conclusion. Using cash advances would be losing you money even though you claim you are only losing $9. Really, you are losing more than that because you aren't paying off CC debt, you are just shifting the debt around (pyramiding). You better off attempting a balance transfer on as much of the debt as you can IF you have a card with a good BT offer(Given your situation, don't apply for one since I see it leading to more troubles).