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Silly mistake -what should I do now?

randombirdpr
randombirdpr Posts: 30 Forumite
Part of the Furniture Combo Breaker Home Insurance Hacker!
in Credit cards
Hi there,
I accidentally used my credit card to withdraw some cash yesterday (which I never do as I know it is a credit card no-no).
We have a mortgage application going through and I don't want it to harm me - what should I do, if anything, to prevent any issues?
Any help much appreciated!
Thanks
«1

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Just pay it off in full ASAP...today? There'll be some interest to pay but if you do it soon then it won't be much.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • GingerBob_3
    GingerBob_3 Posts: 3,659 Forumite
    randombirdpr wrote: »
    Hi there,
    I accidentally used my credit card to withdraw some cash yesterday (which I never do as I know it is a credit card no-no).
    We have a mortgage application going through and I don't want it to harm me - what should I do, if anything, to prevent any issues?
    Any help much appreciated!
    Thanks
    It shouldn't affect your application. Just pay off the card in full immediately.
  • MallyGirl
    MallyGirl Posts: 7,495 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It won't harm your application - the credit card companies love you to take cash out as they charge you interest from the date of the transaction rather than the statement date, and its usually at a higher APR. I would make a payment back ASAP for the amount you withdrew.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • DevilsBakBone
    DevilsBakBone Posts: 53 Forumite
    Cash withdrawals on do show up on the credit file report, however as long as it’s a one off you should be fine.
    If it helped, say thanks...
  • noh
    noh Posts: 5,827 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Change the PIN for your credit card to something that is different to your debit card so as to make it difficult to repeat the mistake.
  • Moneymash
    Moneymash Posts: 510 Forumite
    Part of the Furniture 100 Posts Combo Breaker Debt-free and Proud!
    Is it a 0% balance transfer card? I know sometimes if you take cash out during this period it invalidates the 0% offer.
    Debt-Free day 30th September 2014
  • Fruit_and_Nut_Case
    Fruit_and_Nut_Case Posts: 4,617 Forumite
    Mortgage-free Glee!
    Moneymash wrote: »
    Is it a 0% balance transfer card? I know sometimes if you take cash out during this period it invalidates the 0% offer.
    That's a new one on me. Must watch out for that in future.
    Are you for real? - Glass Half Empty??
    :coffee:
  • GingerBob_3
    GingerBob_3 Posts: 3,659 Forumite
    Fruit_and_Nut_Case wrote: »
    That's a new one on me. Must watch out for that in future.

    New one on me too, but I can believe it. BT cards should be safely locked away so they can't be used at all, until the time comes to pay them off in full - then close them :) (not that I've closed mine).
  • Moneymash
    Moneymash Posts: 510 Forumite
    Part of the Furniture 100 Posts Combo Breaker Debt-free and Proud!
    Fruit_and_Nut_Case wrote: »
    That's a new one on me. Must watch out for that in future.

    Really! My friend got caught out that way.
    Debt-Free day 30th September 2014
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    yes, good advice already given. clear in full without delay. and change your PIN.
    i dont carry some creditcards around at all, as they are being used for, or are waiting for, Balance Transfer deals.
    if an account is never going to be used for spending i often cut the card up anyway...cut a Halifax card up the day it arrived a few months ago.
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