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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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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.

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cottoncrown
Posts: 258
Registered: ‎05-08-2013
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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.
Established Contributor
Rackham94
Posts: 507
Registered: ‎04-01-2013
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Re: Cash Advance whats the limit?

Why Cash Advance when you can balance transfer !?!

 

:smileyvery-happy: 

 

Looking at your other posts just wanted to let you know I am also 18 :smileyvery-happy:

Super Contributor
enharu
Posts: 6,976
Registered: ‎02-27-2013
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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.

 

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CashOnDelivery
Posts: 502
Registered: ‎04-17-2013
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Re: Cash Advance whats the limit?


Rackham94 wrote:

Why Cash Advance when you can balance transfer !?!

 

:smileyvery-happy: 

 

Looking at your other posts just wanted to let you know I am also 18 :smileyvery-happy:


+1


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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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.


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crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
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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. 


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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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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:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,552
Registered: ‎10-02-2012
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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. 

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slickshoes182
Posts: 60
Registered: ‎05-10-2013
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Re: Cash Advance whats the limit?

[ Edited ]

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.


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