cash advance and gambling

Jambo5

Ok first things first I have been a complete idiot.
I transfer all my money to my wifes account as we are saving for a mortgage....shoot me now but I have just used a credit card to deposit £24 to a gambling account.

I also a couple of years back used the card for cash advances 3 times at most. The card now has a really low balance anyway.

But I read this can harm your chances of approval. To me surely getting 50 quid out the wall is the same as buying groceries for 50 quid. But its seems as if I have blew it and for a small some of cash.

Do I need to worry?? Both our accounts are in good shape and all bills re all up to date have been for years.

Just worried about my recent antics, any advice

TheEffect

I'd say the bigger problem is using a credit card for gambling. Get that sorted before worrying about your credit report.

I.e. if you have to use a credit card to gamble, don't gamble.

JimmyTheWig

OP, can you confirm that you mean twenty four pounds. Not £24k or anything extreme?

It will be frowned upon. If otherwise it was a borderline case it may push them to turn it down. But I don't think it is that significant.

JimmyTheWig

TheEffect wrote: »

I'd say the bigger problem is using a credit card for gambling. Get that sorted before worrying about your credit report.

I.e. if you have to use a credit card to gamble, don't gamble.

Who says the OP _needs_ the credit card to gamble. If that's how he pays for things, why shouldn't he use the credit card? (Other than how it looks in a mortgage application, of course!)

Jambo5

It was £24 little pounds. And it feels awful. Just not sure how things are viewed from lenders as I have read bad things about credit cards n gambling on credit cards. Fair to say I may have a problem if I have ignored that advise but still have my wage...but the fact i out so little on a credit card.... eyond even myselve why I did it. Hope I win the Grand national now......

GingerBob_3

Well of course in a sensible world this wouldn't matter a jot. £24 on gambling? So what! However, nowadays where mortgage providers are looking for the slightest excuse to decline you, who knows.

Do they want to see your CC statement? If so, just the current one? You could wait a few months - surely they don't wasn't to see a whole raft of statements? Due to the arrogance of the CC companies, gambling is classed as a cash withdrawal, so on the CRA credit files it shows up as such, and the mortgage provider might spot it.

Best to use PayPal for gambling - you save on the interest payable to the CC companies and it doesn't show anywhere as gambling.

Jambo5

I fear the damage may be done. Even though I am on top of my credit card and everything else. Would be my luck to blow our chances over 24 quid.

enthusiasticsaver

I think you are letting this get a little out of proportion. If you are up to date with your credit card, you are not massively indebted, your credit rating is ok and there are not massive amounts to a gambling account regularly then I do not think mortgage lenders will take a lot of notice of a one off payment of £24 to a gambling account. If however you have other debt problems and they see a gambling payment they may assume, rightly or wrongly you have a gambling problem and use this as a reason to decline an application.


I would agree though that it is better not to make a regular habit of using credit cards to fund gambling.

Jambo5

Finally feel a little bit better now. I was under the impression it could lead to an instant decline.

makemesumdosh

Coral do a card called connect which you load cash onto either online or in a shop.
means you can deposit money with cash or card online, and collect money in the shop or send it back to your card.


May be an idea if you decide to have a punt again. look out for the sign up offers online if you do though