2007-03-26 04:34:22 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I would advise you read all of the print concerning said advance, including front and back and the fine print. In most cases, even thou the % is attractive, there exists some type of an upfront fee for the advance, perhaps a 3% or thereabouts that is immediately charged (and 3% one time fee is a lot when converted into APR, it can't be done exactly but let's just say it's around 20% or more in a technical sense).
In addition, while some actions do affect the credit score, I would advise going through life as usual, so I can not advise you pull a financial transaction for the sake of a score if for no other reason than the whole credit rating and scoring methods are such a ridiculously devised rigmarole system that it is best left to its own devices, for it could backfire.
That is to say, the credit score is about where it probably should be, and maybe not exactly but whether an attempt to improve it via certain financial transactions would succeed is an entirely different story.
I don't like my credit score either, I think it's a bunch of bs and don't care for these businesses just sprung up one day and decided to play allmighty with all of us, but what can we do, I just leave that crap be and let it do what it must.
In the meantime, I just watch my finances best I can and do the right thing and this alone did help improve things over time, perfect it isn't but it did help, just pay everything down and keep paying on time and stay on top of that, as best you can.
2007-03-26 04:44:52 · answer #1 · answered by netthiefx 5 · 0⤊ 0⤋
As long as you keep the cash advance at no more than 50% of your credit card balance you should be okay.
Using more than 50% of your credit card balance will lower your credit score.
2007-03-26 13:09:49 · answer #2 · answered by Matt 4 · 0⤊ 0⤋
I don't think it will affect your credit score if you pay it back in time.
However, I don't think you can make anymore of it.
They charge you a fee to take cash in advance.
That's fee is more than the interest you will make.
2007-03-26 04:39:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
no, its not going to effect anything
2007-03-26 04:37:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋