Ive been maxing my vette card within 5% of the limit since I obtained it, and then PIF each month. I forsee for this next billing cycle that I will not have enough charges to accomplish this. If I do a cash advance of $1500, will this still be reported to the CRAs as a "credit charge", or will they place a special notation such as "cash advance" on my reports in turn making me look in need of cash and thereby maybe trashing my scores?
They won't report it as a cash advance, but you will probably pay a hefty fee. Normally credit card companies charge 5% of the amount when you do a cash advance. Also, the interest rates on cash advances are usually pretty high and there is usually not a grace period on them. My question is why would you want to do this? If you're trying to get points or whatever it is that the vette card gives you then you should be aware that most of the rewards cards don't give you points for cash advances. HTH, Brett
DO A BT...90% of the time they are free and they encourage them...and many of them are 0.00%-9.99% Some banks will give you checks for you to deposit in your checking account or they will EFT to your checking for you (CASH DEPOSIT)
But if you do a BT then you shouldn't use the card for purchases, because payments are applied to lowest interest rate first. And if you're going to get something like a 0% BT, it makes no sense to pay it off next month. What is it that you're trying to accomplish? As others have said, cash advances (and probably BTs don't earn rewards. And if you use 95% of your credit limit, it will ruin your ratios unless you pay it off BEFORE it bills. One of my top (maybe the first, not sure) reasons for lowering score is that I have used over 90% of my limit on one card.
ONE USE ONLY!!!! If you use a card for PURCHASES...NEVER use it for a BT If you use a card for BT don't buy anything on it!!! ...UNLESS you have a card like MBNA **WAS...PURCHASES-BT-CASH ADVANCES ALL THE SAME **CASH ADVANCE NOW 19.99%
