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@Anonymous wrote:
hi everyone....would like some advice....i have a credit card with 0% interest rate on cash advances for a year....need to take out atleast 5500 to do some repairs on my engine....would like to know if you guys think it is a good idea or not to take it out....i do plan on paying a majority of it down before the interest rate goes up....if not all then leaving about 1000....what do u guys think....good or bad?????
Are you sure it is for cash advance and not for purchase?
if it is, it should not hurt in taking that loan, except a small drop in fico score if it increases your Util.
Well, now you have to decide between loseing fico points or save money by using that 0% loan, I go with the latter. Fico score is there to help you save money. So it will go down while in the process of saving money.
btw, I regained most of the points after 3 months when the util went back below 9%
@Anonymous wrote:
so do u think i will be able to get back to 700 after paying off the advane....i dont have any other payment besides my cell phone....thanks for the advice by the way
You may not get that exact score back, but you will be pretty close.
My Fico was around 715 went down to 689, now it back at 705. I paid it off this month, so I expect it go up further, maybe 710.
Yes, utilization does not affect your score long term. So your score will be lower while you pay off the cash advance, but assuming nothing else about your credit changes, after you pay it off, your score should be exactly where it is now. Even higher if you take into account the ageing your credit accounts will undergo in the meantime.
@Anonymous wrote:
so do u think i will be able to get back to 700 after paying off the advane....i dont have any other payment besides my cell phone....thanks for the advice by the way