I have a couple of credit cards that I would like to have a higher balance on. One is my Capital One card which just increased my credit limit, and in order to reflect it I need to have a balance close to the limit. On another card, I want them to increase my credit limit, and I think I will have a better chance if I used it for larger charges. Are there any drawbacks to getting a cash advance right before the statement date, and using the money to pay the bill?
You'd do better to purchase something close to the limit (like a computer), allow it to post in 2 days, and then return the purchase as soon as it posts to your account. The "high credit" is the highest *posted* balance on the card, adn that is what the CRAs will see. Cash advances come with fees and NO grace periods with high aprs, unless you have the "no hassle" Cap One card for 8.9%. And even that one may have a transaction fee and no grace on the cash advance.
I understand that creditors view cash advances in a negitive way, as if you have $problems. One stratagy is to charge up to near the limit and then return the item. Not sure on the exact details but if you search someone has posted about it. Another idea is to use paypal. Send yourself money but be sure to mark the transactions as "for goods" I would avoid a straight cash advance.
Re Cash advance ? Any one ever had trouble getting their bank to cash or accept a credit card access check as a deposit into your checking or savings account?
no, never a problem. Cap1 will even send you a book of cash advance checks to use... but keep in mind for loc advances... Cap1 HATES cash advances. If you want to show your credit line, better to purchase then return after the cycle closes... or do a free b/t and then pay it off. Cap1 loves balance transfers
Marie - I don't think the purchase even has to cycle into a new billing period. It just has to get posted. At least, that worked for me when I bought something. I did it "in cycle" and it still got reflected as the high credit.
Somebody also suggested RT USA/LONDON OR "DOWN UNDER" FIRST CLASS FULLY REFUNDABLE (3 +/- months out)...then as soon as it is posted to your bill...call to cancel...100% credit...(you would need to charge it like one week before the bill is finalized for that month). NOTICE: I WOULDN'T TRY THIS MORE THAN ONCE OR TWICE!!! Try sending the COPY of your bill with the credit limit HIGHLIGHTED first...see if that works.
Alot of credit card companies don't like cash advances...it "appears" you are strapped for cash. They are leary of giving you increases thinking you are drawing cash to pay other bills and they might be the next one you can't pay. I know some card companies only allow 1 cash advance per so often or you are automatically DENIED an increase. I know FCNB (when I had them) told me flat out if you use it for cash advance you don't get an increase.
Marie, you seem to know lots about their internal system. Can you tell a bit more about it and how to use it best?
use the search function. I normally spell it Cap1... lazy spelling. I've posted almost every trick I know... so if you search you will find... lazy tonight and I'm about to go out to dinner!
Beg to differ. I only use my cards for cash, never for purchases, I have gotten my sister and my wife in the same habit, they only use their cards to borrow or balance transfer, we all have lines in excess of 100k and my wife is still getting more lines and great interest rate offers. True we use CreditWorks to maximize our credit use, but cash has not had any adverse effects. www.creditsense.com
I THINK cash advances should be used only for EMERGENCIES...but that is my opinion... ...BUT BALANCE TRANSFERS should be used as often as possible to limit the interest rate paid... If card A's BT rate expires...pay it off with CARD B...etc. This is ONLY if you have NO funds to pay it off right away... It's possible to pay 0.00% to 9.99% on ALL your cards by using BT'S...but you also have to pay down the balances...this is just to EXPEDITE the pay-off...
Which cc's do you use for cash advances? I would like to know if I have a 'cash advance friendly' card.
MBNA, CHASE, CITI, FIRST UNION, BofA, FLEET, SEARS, 1ST USA, DISCOVER. Like George said BTs work real well to get your costs lower. www.creditsense.com
