Money transfer to acct question, please help...??

Super_Armin_fan

Hi, I have just got a new MBNA Credit Card in which one of the benefits is to have a Money Transfer into my bank account at a low rate if i do it within the first 60 days.

But i really need to know from someone in the know, at the end of this year i am looking to get a mortgage on a property. And i am unsure if this will cause a problem or jeopardise this, as i really don't want to have any marks on my credit rating.

So i am asking if anyone knows that if i take out the Money transfer to my bank account, will it effect my credit rating..?? As would it look like i've taken cash out on a credit card, which will look bad...?

Please if anyone knows for definite or any confirmation on whether it effects my credit.

Thanks in advance for any information.

YorkshireBoy

MBNA money transfers are not reported as a cash advance.


Of course any debt remaining at the time of the mortgage application will impact on their decision.

Super_Armin_fan

Ok thankyou.. i'm just a bit worried as it does seem like i'd be taking money out on a credit card, lol... So do you think the actual Money transfer wouldn't effect my credit rating..??

YorkshireBoy

Super_Armin_fan wrote: »

So do you think the actual Money transfer wouldn't effect my credit rating..??

No more than spending the money on a very large purchase or balance transferring a debt from elsewhere would do.

jonesMUFCforever

I can't comment on money transfers but on my Noddle report they certainly report cash advances as I had to do an emergency one on holiday a few years ago.

MABLE

jonesMUFCforever wrote: »

I can't comment on money transfers but on my Noddle report they certainly report cash advances as I had to do an emergency one on holiday a few years ago.

I have taken advantage in the past and on my report shows as a promotional rate only.

Super_Armin_fan

Thats great, thanks guys for your comments. I might just take the money transfer out then...

jonesMUFCforever

MABLE wrote: »

I have taken advantage in the past and on my report shows as a promotional rate only.

Mine was a bog standard ATM withdrawal - restaurant we had just eaten at did not accept cards and I had forgotten my wallet in the hotel safe. Always carry an emergency card on me though - saved me from having to do the washing up LOL:rotfl: