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  • FIRST POST
    • reece_s
    • By reece_s 15th Jun 17, 2:11 PM
    • 1Posts
    • 0Thanks
    reece_s
    Money Transfer and Credit Score
    • #1
    • 15th Jun 17, 2:11 PM
    Money Transfer and Credit Score 15th Jun 17 at 2:11 PM
    Hi All,

    New forummer here but a quick question to the forum regarding money transfers and whether they effect your credit score.

    I've recently bought my first house and have pretty much exhausted all my savings on the process. After paying off all my debt interest free from my student years I decided to get a new interest free purchases card which also comes with transfer offers - one being a 0% 29 Month Money Transfer for a one off handling fee offer. My question is whether, if I decide to transfer the cash to my account, will this effect my credit score similarly to how withdrawing cash from a cash machine might?

    I've been nurturing my score for the last 7 years and dont really want to effect it too much. Any advise will be really appreciated!

    Thanks
Page 1
    • Candyapple
    • By Candyapple 15th Jun 17, 2:57 PM
    • 2,108 Posts
    • 1,615 Thanks
    Candyapple
    • #2
    • 15th Jun 17, 2:57 PM
    • #2
    • 15th Jun 17, 2:57 PM
    Sorry to say you've been wasting your time nurturing a non-existent pointless score;
    http://forums.moneysavingexpert.com/showthread.php?t=5663558

    And to answer your question, no it makes no difference if you get the card, transfer funds to your bank account and withdraw cash thereafter because the card will show up as being on a promotional rate on your credit files.

    You are thinking of withdrawing cash from a credit card directly which is a no-no (excluding travel cards such as Clarity) and a totally different issue.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
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