withdrawing cash on a c/c

Ritchie74

Number_Six wrote: »

So "withdrawals from CC make you look desperate". Why does it matter if someone withdraws cash on a CC? You pay extra for it and agree to the charge when you withdraw the money. I've done it a few times when the only card I had on me at the time was my credit card and needed a few quid. I am very careful about using debit cards anywhere, if they get cloned it's my money the fraudsters are stealing, if my credit card gets cloned it's the banks, not mine. What does it matter - if you borrow money on a credit card and apy it back in full (I always pay me balance in full every month) then why should that make me look "desperate?"

This mentality is typical of out of touch middle managers and administrators, today there is so much fraud about you have to be very very careful where you use any card. That's why I do not carry my debit card around as much as I used to and only use it in trusted areas inside a building - supermarkets for example. Otherwise it's a credit card - for my own protection, not because I am "desperate".

Sorry but analysis shows that a cash user is 3 x more likely to 'go bad' than a none cash user (at the bank I work for). Whilst the majority of cash users will pay back (as you do) statistics show they are a lot riskier and hence will detrimentally impact both your internal and external scores.
Decisions like this are not plucked from thin air but based on mathematical predictive modelling of likelyhood to go bad.
You do look more despatate as you are willing to pay a lot of money for the cash.

speedbird1973

As with most of these things we don't really know the impact of withdrawing cash on our credit files.

Barclaycard and Halifax DO report extra data on mine. Tesco and Citi don't.

selecta_c

I did a £1000 cash advance on my Vanquis in January as i was in a bit of a difficult situation.It took me 6 months too pay back.I applied for a Barclaycard just after this and was accepted.Bearing in mind i come from a sub prime background i dont think the cash advance did my credit rating much harm.

nickmack

selecta_c wrote: »

I did a £1000 cash advance on my Vanquis in January as i was in a bit of a difficult situation.It took me 6 months too pay back.I applied for a Barclaycard just after this and was accepted.Bearing in mind i come from a sub prime background i dont think the cash advance did my credit rating much harm.

As already discussed, the information regarding cash withdrawls is available on your report from some lenders. How a creditor chooses to interpret this information is up to them.