Sorry for the length of this message. My actual question is at the end of the message, if you just want to scroll down and read that. Add'l background and specifics are provided for clarity. Background: I have some cc debt that will be gone in a few months anyways, but would like to refinance my car before then since I think rates are starting to go up. If I wait, could cost me $$ in higher APR for the car loan. So, was thinking I could take a cash advance and pay off the cc debt...and apply for the car loan before the credit reports reflect the cash advance. In other words, the Credit Report would appear like I have no debt whatsoever because of the lagtime between when one credit card is paid off and the other one is updated with the cash advance balance. Details: Two credit cards-- Citi $4k balance, statement will close on 2/1 MBNA no balance, BT offer, statement will close 1/18, 2/18, etc. so I'm thinking I can wait until after MBNA reports to CRA's on 1/18 that it's at zero balance, do a cash advance from MBNA (2.9% for 4 months) to pay off Citi before 2/1. Citi updates on 2/1 as zero balance. MBNA still hasnt updated the CRA's that I took out $4k cash advance, and wont until it closes on 2/18. So, after Citi reports $0 balance on 2/1 but before MBNA reports the $4k balance on 2/18, I could apply for car loan and know that CR makes it look like I have no cc debt whatsoever. My question Only question is whether MBNA will wait to report the cash advance balance until statement closes as they usually do...or if they have a special policy with cash advances where they notify the CRA's right away, even in the middle of the statement cycle? Thanks in advance.
It costs them to report each month to the CRA, so I don't think they would make an exception to report early just because someone took a cash advance.
I see your point, but also disagree. The whole point of them updating CRA is to provide to other creditors a better sense of their use of credit. If $$ saved was the primary motivation, why update once a month? Why not every 2 months? Or every 3? You may be right, but not sure how clear cut it is.
because it is easier to update once per month than 3. i won't submit an early update unless it is an inaccuracy. also, if we updated for every change on an account, that update could be daily.
