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credit card advice-please don't judge me!:)

vicki_b
Posts: 306 Forumite
in Credit cards
I've got pretty decent credit but have been applying for loans for my bank account which all our wages go into but they said we were successful (turns out a couple of catalogue payments which i was less than a day late paying are showing up as defaults).
Anyway i applied for the Capital One Progress credit card and got it with a 1K credit limit.
Anyway this is the naughty bit, I've fully intended to get the card and withdraw £750 in cash and then not use it again, leaving in the £250 to cover the interest/withdrawal fees and make a purchase on Wednesday(its a private sale+not a shop one)
I know the rates are really high for this and I'm really silly but trust me if there was another way i would do it!
I've asked family if i can pay £750 of their bills etc and they give me the cash but no-one can do it, is there ANY other way of doing it??
plus I'd just like the reassurance that other people do this too.....
Anyway i applied for the Capital One Progress credit card and got it with a 1K credit limit.
Anyway this is the naughty bit, I've fully intended to get the card and withdraw £750 in cash and then not use it again, leaving in the £250 to cover the interest/withdrawal fees and make a purchase on Wednesday(its a private sale+not a shop one)
I know the rates are really high for this and I'm really silly but trust me if there was another way i would do it!
I've asked family if i can pay £750 of their bills etc and they give me the cash but no-one can do it, is there ANY other way of doing it??
plus I'd just like the reassurance that other people do this too.....
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Comments
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The advice has to be don't do it. Unless you're planning to repay it all in the next few days. And even then I'd say don't do it.
What are you buying and how? Can it not be done through PayPal or something similar? Is it so essential that you need to borrow money and be hit with high charges to own it?0 -
Anyway this is the naughty bit, I've fully intended to get the card and withdraw £750 in cash and then not use it again, leaving in the £250 to cover the interest/withdrawal fees and make a purchase on Wednesday(its a private sale+not a shop one)
Cash withdrawals do not look good on your credit report.
What is it that you need to pay cash for and cannot use - for example - paypal?0 -
well id prefer to use paypal but have no idea if i can transfer funds/link credit card as the paypal account is in my partners name and the credit card is in my name?does anyone know?
plus the capital one interest rates are the same whether I'm withdrawing cash or buying in shops with it, i just don't get the interest free period and i have to pay 3% withdrawal fee's0 -
Don't use paypal myself but would have thought you could pay into it via any card.
On top of the extra fees (and the extra interest on the extra fees) Fiddlestick is correct that being seen as a cash user isn't good news. Expect to get an APR hike in the near future if you take out cash.
Anyway - you still haven't told us what you're buying so we can judge you....0 -
o.k i wasn't able to link my card to partners paypal, so i created my own paypal and added my card..
its NOT a verified account but i can still send £1000 in a year, so can i send the £750 in ONE transaction?
have looked at FAQ's on the site but its soooo slooow and frustrating!
and can i send it to ANY paypal account and it will go straight through?0 -
Are you aware that Paypal will charge 3.4% for a cash transaction?0
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yep but i linked my card to the account and it takes 7-10 days(i think) to top up your paypal account from your credit card, and i thought id be able to do it almost straight away0
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Whats the rush?0
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.....a couple of catalogue payments which i was less than a day late paying are showing up as defaults.
How can a payment be 'less than a day' late? It's either on time or it is late by at least a day (a whole day)......and make a purchase on Wednesday(its a private sale+not a shop one)
And a few weeks down the road, you'll make anther 'once-in-a-lifetime' purchase......and another one after that.....
than payments will be late by 'less than a day'.......
As the late Ronald Reagan used to say: "Here we go again!"0 -
I am just a bit confused. A default is where you break your credit agreement by not making the agreed payments. A payment made later than the due date is not a default, just a late payment. It would show as "1" on most credit reports. This is less serious. A default would show as "d" on you report. Which is it?
I have experience of both. I have a catalogue account and have several "1"'s. The thing is, this particular catalogue company operate under six different brands. I have credit accounts with four of them. I seem to have a problem with one particular brand. In that I don't seem to receive a statement from them. Not every month, just maybe 3 times a year though. I am building a picture over a period of time, where I can prove that this particular catalogue brand has a problem. I intend to show them at the end of the year that they have a problem with the fulfilment of the statements of this one brand. I bet they remove all the late payment markers.
Please let us know what you mean about a default. You will get tons of advice here about it. Hope that helps a wee bit.0
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