topic Re: Getting a Cash Advance Could Itself Trigger AA? in Credit Cards

Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Fri, 13 Mar 2009 18:37:16 GMT

I've never gotten a cash advance because I've always been paranoid that it makes you look desperate, and thus could trigger AA by a bank. Is this fear misplaced?

I am particularly interested in this issue in regards to BOA.

Re: Getting a Cash Advance Could Itself Trigger AA?

score_building — Fri, 13 Mar 2009 19:11:27 GMT

yes, it can be an AA trigger. in this market in particular, it is probably one of the very last things you want to test the waters on. no doubt that a card holder who is willing to pay a cash advance apr which begins accruing the moment you make a withdrawal may look desperate to a lender. if doing so is viewed as 'out of pattern' spending by the lender, it may be even more conspicuous. imho, don't even think about it and pursue other options like a personal or peer to peer loan if possible.

if i had no choice i may try it with cap1. under normal circumstances, i can't think of anyone else i would risk it with off the top of my head. boa can be quite permissive if they 'like' you- but i personally wouldn't try it with them as they are cycling through a zombie phase. YMMV.

urgent_help_needed wrote:

I've never gotten a cash advance because I've always been paranoid that it makes you look desperate, and thus could trigger AA by a bank. Is this fear misplaced?

Re: Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Fri, 13 Mar 2009 19:32:14 GMT

HSBC Best Buy slashed my cl about 8 months ago when my wife used it at the atm for cash. My original cl was $2500 and the cut it to $1206. I had a $12 balance at the time. Last month it was increased back to $2500.

Re: Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Fri, 13 Mar 2009 19:37:13 GMT

What does AA mean?

Re: Getting a Cash Advance Could Itself Trigger AA?

score_building — Fri, 13 Mar 2009 19:50:49 GMT

@Anonymous wrote:
What does AA mean?

Adverse Action

Re: Getting a Cash Advance Could Itself Trigger AA?

MidnightVoice — Fri, 13 Mar 2009 20:04:07 GMT

@score_building wrote:
@Anonymous wrote:
What does AA mean?

Adverse Action

Not to be confused with AA meaning Average Age

Or Alcoholics Anonymous of course.

Or if you are an ex-Brit, Automobile Association

Re: Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Sat, 14 Mar 2009 01:08:21 GMT

or American Airlines ;p

unless the cash advance is something like 0% for 12 months special (then they would really want your business) don't do it...

Re: Getting a Cash Advance Could Itself Trigger AA?

haulingthescoreup — Sat, 14 Mar 2009 01:16:31 GMT

I'm pretty sure that FretlessMayhem had his new American Express card for about 6 hours before using it for a cash advance, after finding that using his debit card to hold his hotel room tied up all his available cash.

He was immediately F'R'd, which might be the shortest turn-around time from issuance to threatened w/d in the history of American Express, at least among out members.

He's still hanging in there with AmEx, I think.

Re: Getting a Cash Advance Could Itself Trigger AA?

smallfry — Sat, 14 Mar 2009 02:54:54 GMT

@Anonymous wrote:
What does AA mean?

Free credit report.

Re: Getting a Cash Advance Could Itself Trigger AA?

Red1Blue — Sat, 14 Mar 2009 03:19:37 GMT

I really dont know about other companies. I have Business Credit Card from Affinity Federal Credit Union and they are wonderful. I can drag and drop funds between my Business Credit Card and Business checking account back and fourth and there is no charge or cash advance fee for that. Interest is only 8.25%. It is one of the best card I have. I am hoping in the next 6-12 months they would increase credit limit on my card.

Re: Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Sun, 15 Mar 2009 04:58:33 GMT

The Affinity Federal Credit Union looks interesting. How did you end up joining? I see a list of organizations that make

you eligible but they look like mostly fairly obscure organizations. I was hoping something like AAA membership would

qualify me. Any kind of loopholes that allow you to join?

Re: Getting a Cash Advance Could Itself Trigger AA?

score_building — Sun, 15 Mar 2009 17:36:30 GMT

you can just call them or app online and tell them you'd like to join the CU. it will run you like 30 dollars or so to join one of their qualifying orgs in NJ which they can guide you to upon application. if you app online there is a box to check if you aren't an employee or a member of one of the listed orgs but want to join. gl.

@Anonymous wrote:
The Affinity Federal Credit Union looks interesting. How did you end up joining? I see a list of organizations that make
you eligible but they look like mostly fairly obscure organizations. I was hoping something like AAA membership would
qualify me. Any kind of loopholes that allow you to join?

Re: Getting a Cash Advance Could Itself Trigger AA?

Anonymous — Mon, 16 Mar 2009 14:52:18 GMT

I am particularly interested in cards where I can request BT checks at low rates with capped fees, or doing a direct BT transfer into a checking account. Are cards still doing these? Is doing one of these non-card-to-card BT deals seen as "desperate" like cash advances?

I have some BT checks I received in the mail for my BOA account for a 1%APR. Would be nice to use one, except

I'm worried it could trigger AA because it will make me look "desperate". Is this a valid concern? I am at about 50% utilization on this BOA card.

Message Edited by urgent_help_needed on 03-16-2009 07:52 AM

Re: Getting a Cash Advance Could Itself Trigger AA?

GregB — Mon, 16 Mar 2009 15:15:21 GMT

In order to use one of these low interest BT, you need to have that card paid to a very low balance and preferably $0. Then you must use the card little or preferably not at all. Otherwise any payment that you make will go to the higher rate interest part of your balance and you will pay the transfer fee but get no benefit.

If you have any balance before the transfer, any payments will go toward your BT and the low interest rate balance. You will pay the full interest rate on your balance until the end. If you make any charges after the BT, you will pay full interest on that amount until the very end. The card companies are just hoping someone will not understand this. Some of them are very sneaky although BofA has stood out as being reasonable on this.

Some of them will even charge you the default interest rate on the transfer fee. The one I have used recently from BofA was a 0% transfer so there should be NO interest, right. Even then they charged me $1.50 each month as that was their MINIMUM interest. That is actually very reasonable compared to most.

Message Edited by GregB on 03-16-2009 08:15 AM