@corymcd88 wrote:
@Exonumist wrote:
@corymcd88 wrote:
When you click on the button to a CLI with PenFed, is their any info you need to summit like BOA basically what the form looks like.
It's like a whole new credit app that you have to fill out. There is a hard pull and they will not give an increase until the account is at least 12 months old.
I know this is going to sound nuts, but I'm always scared that I'm going to click on it and have a credit pull when it was a mistake. PenFed reps said that it is ok to do cash advance on the card, I was always told you should never do it because banks don't like to see you doing an advance on a credit card, is that true? Get a PLOC for that.
Occasional cash advances will be fine from the viewpoint of the issuer. Providing you pay it down fairly quickly, there wont be concern that you are in financial distress. The downside is that the interest rate can be high and starts accruing from the date you take the advance.
Despite what you read here, credit card companies do not set traps, and create options that cause closure or AA if you use them. Cash Advance, running a balance etc are all fine, unless eventually not enough is being paid off and the issuer decides that you a credit risk. But sometimes, for a short while, it's fine (again from their viewpoint! Cost wise, might be a bad idea for you!)
