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  • FIRST POST
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 12:58 PM
    • 761Posts
    • 477Thanks
    MentalMinnie
    Idiot Husband Alert! How bad is a Cash Withdrawal
    • #1
    • 13th Feb 18, 12:58 PM
    Idiot Husband Alert! How bad is a Cash Withdrawal 13th Feb 18 at 12:58 PM
    Hi all.

    Just prepping ourselves for our mortgage renewal and on checking the husbands credit files Iíve discovered heís made cash withdrawals on a credit card last year. The card is a Virgin Money card, 0% for 28months on purchases. It looks like he made 4 withdrawals whilst working away. He didnít realise it didnít look good withdrawing money on a CC. Possibly as we used the Halifax travel card overseas to withdraw cash and he didnít realise there was a difference.

    So my question is, how badly will this affect our mortgage renewal application?
Page 1
    • zx81
    • By zx81 13th Feb 18, 1:06 PM
    • 15,478 Posts
    • 16,400 Thanks
    zx81
    • #2
    • 13th Feb 18, 1:06 PM
    • #2
    • 13th Feb 18, 1:06 PM
    It depends if it's part of a wider pattern of poor credit behaviour.

    On its own, it means little.
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 1:08 PM
    • 761 Posts
    • 477 Thanks
    MentalMinnie
    • #3
    • 13th Feb 18, 1:08 PM
    • #3
    • 13th Feb 18, 1:08 PM
    We currently owe about £3,500 on cards but we previously owed £35k last time we renewed so Iím not too worried. Plus weíll be able to pay about £1,000 off this month.
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 1:10 PM
    • 761 Posts
    • 477 Thanks
    MentalMinnie
    • #4
    • 13th Feb 18, 1:10 PM
    • #4
    • 13th Feb 18, 1:10 PM
    It depends if it's part of a wider pattern of poor credit behaviour.

    On its own, it means little.
    Originally posted by zx81
    No defaults, 1 credit check between us in the last 12 months, utilised about 15% of overall available credit (according to the credit ref agencies) itís literally these cash withdrawals that red flagged it for me
    • zx81
    • By zx81 13th Feb 18, 1:12 PM
    • 15,478 Posts
    • 16,400 Thanks
    zx81
    • #5
    • 13th Feb 18, 1:12 PM
    • #5
    • 13th Feb 18, 1:12 PM
    I wouldn't worry. It's done now in any case.

    Just give him a slap for wasting money on cash withdrawal fees and interest and tell him to buy you a bigger present for tomorrow.
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 1:13 PM
    • 761 Posts
    • 477 Thanks
    MentalMinnie
    • #6
    • 13th Feb 18, 1:13 PM
    • #6
    • 13th Feb 18, 1:13 PM
    Also, he has a £10k limit on his Virgin card, with about £1700 on it. Should we reduce his limit now or will that look strange to the mortgage company? Are we better just leaving it? He also has the Halifax clarity card for holiday spends, nothing on it. Donít really want to close it, but would it be better to? One less credit account?
    • zx81
    • By zx81 13th Feb 18, 1:13 PM
    • 15,478 Posts
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    zx81
    • #7
    • 13th Feb 18, 1:13 PM
    • #7
    • 13th Feb 18, 1:13 PM
    Leave the limit. It's not huge and it shows you're trusted by other lenders.
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 1:45 PM
    • 761 Posts
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    MentalMinnie
    • #8
    • 13th Feb 18, 1:45 PM
    • #8
    • 13th Feb 18, 1:45 PM
    I wouldn't worry. It's done now in any case.

    Just give him a slap for wasting money on cash withdrawal fees and interest and tell him to buy you a bigger present for tomorrow.
    Originally posted by zx81
    Ha! Fortunately for him Iím on a massively money saving drive at the moment so heís off the hook with V day tomorrow.
    • PeacefulWaters
    • By PeacefulWaters 13th Feb 18, 2:24 PM
    • 7,711 Posts
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    PeacefulWaters
    • #9
    • 13th Feb 18, 2:24 PM
    • #9
    • 13th Feb 18, 2:24 PM
    Also, he has a £10k limit on his Virgin card, with about £1700 on it. Should we reduce his limit now or will that look strange to the mortgage company? Are we better just leaving it? He also has the Halifax clarity card for holiday spends, nothing on it. Donít really want to close it, but would it be better to? One less credit account?
    Originally posted by MentalMinnie
    Keep the Clarity Card.

    Reduce the debt of the highest interest charging credit card.

    Try not to overthink things.
    • MentalMinnie
    • By MentalMinnie 13th Feb 18, 4:33 PM
    • 761 Posts
    • 477 Thanks
    MentalMinnie
    Keep the Clarity Card.

    Reduce the debt of the highest interest charging credit card.

    Try not to overthink things.
    Originally posted by PeacefulWaters

    We donít pay I any interest on the 3 cards that we have (the clarity has no balance)
    • T-G-C
    • By T-G-C 13th Feb 18, 11:18 PM
    • 119 Posts
    • 54 Thanks
    T-G-C
    Ha! Fortunately for him Iím on a massively money saving drive at the moment so heís off the hook with V day tomorrow.
    Originally posted by MentalMinnie
    You are a generous lady

    I have been warned with caution - no exceptions for me tomorrow
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • chattychappy
    • By chattychappy 13th Feb 18, 11:24 PM
    • 6,609 Posts
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    chattychappy
    No risk IMHO. Only a problem if close to limits, only paying minimums, missed payments etc.
    • MentalMinnie
    • By MentalMinnie 14th Feb 18, 8:22 PM
    • 761 Posts
    • 477 Thanks
    MentalMinnie
    You are a generous lady

    I have been warned with caution - no exceptions for me tomorrow
    Originally posted by T-G-C
    He rang me up earlier sounding all nervous to ask if he should buy me flowers today
    • zx81
    • By zx81 14th Feb 18, 9:10 PM
    • 15,478 Posts
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    zx81
    He's probably taking cash out on his credit card to buy them as we speak...
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