Cash advances on credit card in credit report

Ben8282

My Experian credit report shows credit card cash advances totalling over £2.6K taken in months 17 18 19 20 21 and 23. My Experian credit score is 999. I was very recently accepted for a high street bank issued credit card (not my own bank) with 9K initial limit and full advertised 0% term.
This would imply that these cash advances are now having no effect.


My opinion with regards to cash advances is that any effect that they may have is relative to the credit report as a whole. If current account overdraft facility is unused, all payments are being made on time, debt is not increasing etc then any effect will be very small. However, if this is not the case then it will raise serious questions as to the purpose of the cash advances (i.e. to make minimum payments on credit agreements) and the effect will be correspondingly greater. Cash advances in conjunction with minimum payments on low limit and/or high debt balance cards should be avoided.


With regards to cash withdrawals made abroad, if the report is looked at by a human it will probably be apparent that the odd GBP amounts could not have been withdrawn from ATM's in the UK and the person looking at the report will probably understand what they are.

Ben8282

Jake81 wrote: »

Hello all,

Does information on cash advances stay on credit reports forever?

I've recently made a cash advance on my Halifax Clarity card and it shows on the Equifax report. However, this detailed report seems to cover only the last month and such detailed reports are not available for previous months. Or maybe I'm not looking at the right report? I'm looking at the statutory £2 one!

Many thanks for helping me to understand this!

I believe info will be shown for 2 years

KittenChops

This thread has worried me... I spent nearly 6 months in south east Asia (late 2015 - early 2016) and used my Halifax clarity card to withdraw cash numerous times. And I will be attempting to remortgage next summer... My credit file is squeaky clean (no missed payments ever and no debt other than the mortgage) so fingers crossed...


ETA - I cleared my clarity card in full every month

[Deleted User]

I wouldn't worry.