Cash Advance - Will it hurt my credit

[tussking]

Moving some $ around over the next 3-4 weeks. Will it hurt my credit with Cap1 if I do a cash advance for $2500 and pay it off in 3 weeks ? Meaning will they grown upon that for future CLI's or additional credit ?

[Anonymous]

I think you were trying to say "frown," but no, the bank won't have a problem because you're paying that sweet cash advance fee and interest. Or are you using a balance transfer to a checking account?

[Anonymous]

American Express not like you they encourage customers to fund a serve account, and later when I applied for another credit card it said too many cash advances against the current American Express cards as one of the reasons to not approve me even though I only used it one time.

Outside creditors will not see if you are using cash advances but as an internal scoring it looks bad.

Probably some wiggle room depending on where the advances are for example the casino it probably looks terrible

[Anonymous]

If you brain storm you can find a way to never take a cash advance from another credit card. Research Square device.

[myjourney]

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@Anonymous wrote:

If you brain storm you can find a way to never take a cash advance from another credit card. Research Square device.

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And if they somehow link the account as from you to you .....CC account shut down 

Risky IMHO

[tussking]

Interesting idea ! Square stole $2k from me and it took my client 6 months on her AMEX to recover...Maybe another company like that would be genius !

[tussking]

Ok back to the CA - thx myjourney.

It is short term 3 weeks max. As long as Cap1 won't crap on me for the future...I can eat the fee.

[Anonymous]

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@myjourney wrote:

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@Anonymous wrote:

If you brain storm you can find a way to never take a cash advance from another credit card. Research Square device.

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And if they somehow link the account as from you to you .....CC account shut down 

Risky IMHO

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Agree 100% with mj here. Here is a prior post from myfico that speaks to this topic (from a few years back):

"Using Square to swipe your own credit card is against TOS. In fact all merchant accounts impose this restriction, not just Square. Violating TOS can get your name on to TMF (terminated merchant file), a universal blacklist for merchant account."

Not a wise thing to do at all.

[UncleB]

As far as it harming your overall credit, you're fine there. 

As far as Capital One, I don't think you have to worry about AA, but they might use it as a reason to deny a CLI in the immediate future (just speculating based on my experience with other lenders). 

In the past I've been able to avoid taking a cash advance by using balance transfers... possibly that could be a viable option for you as well.

[tussking]

I've never used a balance transfer. Doesn't that mean I'm just moving the $ to another card ? Someone mentioned transferring to my checking account ?