Money Transfer and Credit Score

reece_s

Hi All,

New forummer here but a quick question to the forum regarding money transfers and whether they effect your credit score.

I've recently bought my first house and have pretty much exhausted all my savings on the process. After paying off all my debt interest free from my student years I decided to get a new interest free purchases card which also comes with transfer offers - one being a 0% 29 Month Money Transfer for a one off handling fee offer. My question is whether, if I decide to transfer the cash to my account, will this effect my credit score similarly to how withdrawing cash from a cash machine might?

I've been nurturing my score for the last 7 years and dont really want to effect it too much. Any advise will be really appreciated!

Thanks

Candyapple

Sorry to say you've been wasting your time nurturing a non-existent pointless score;
https://forums.moneysavingexpert.com/discussion/5663558

And to answer your question, no it makes no difference if you get the card, transfer funds to your bank account and withdraw cash thereafter because the card will show up as being on a promotional rate on your credit files.

You are thinking of withdrawing cash from a credit card directly which is a no-no (excluding travel cards such as Clarity) and a totally different issue.