How do creditors look at cash

Discussion in 'Credit Talk' started by Hanlu, Oct 22, 2000.

  1. Hanlu

    Hanlu Guest

    Just wondering how using your credit cards for cash as opposed to purchases looks? My sister recently got a card and they are not offering any teaser rates for balances transfers, she has a few little accounts she would like to pay off and with her latest card the APR is much lower even for cash advances. She was wondering if she should take money off that card and pay her little ones. I wasn't sure what to advise, I just thought she could just transfer to new account, thinking cash advances may cause the bank to have concern?
  2. creditwork

    creditwork Well-Known Member

    RE: How do creditors look at c

    It has not been my experience. Usually, balance transfer carry a much lower rate, but cash advances are viewed as smart money management. The key to good credit is using it responsibly. Borrow the money, make large payments and make them early or on time and you will be rewarded. I have built my lines to over $140,000 following those simple rules.
  3. lena

    lena Well-Known Member

    RE: How do creditors look at c

    How much is she planning to withdraw? Generally, creditors don't like to see cash advances (banks consider them an indication of financial trouble). If she does take an advance, make sure she pays 2-3x the minimum payment each month.

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