Credit Card Cash Withdrawal

tryin

As far as I know, cash withdrawals only appear on 1 out of the 3 main credit reports. And it only stays on for a year. So for a mortgage in 3-4 years, the bank won't know about it at all. Unless maybe if you apply for a mortgage from the same bank that you have the CC with. But it sounds highly unlikely that a single cash withdrawal a few years ago would make any difference at all.

As for lending out your CC - the rule is its the same as lending that friend the full credit limit. If you trust him with that amount - why not?

xlnc99

interesting fact about cash withdrawals. I was not aware it only stays on your file for one or two years. I would have thought it would be the standard 6 years of data.

So if its only 1 year, that is not to bad. Although ben said 2 years so not sure who is right or wrong on this matter.

Ben8282

xlnc99 wrote: »

interesting fact about cash withdrawals. I was not aware it only stays on your file for one or two years. I would have thought it would be the standard 6 years of data.

So if its only 1 year, that is not to bad. Although ben said 2 years so not sure who is right or wrong on this matter.

Can I assume from the above that you have never actually looked at your credit files?
Months 1 - 24 full data.
Month 25+ only status code.
I am right it is 2 years as specified above.

I can also state that there was a time I was using a credit card for quite frequent overseas cash withdrawals. 999 Experian score was unaffected.

xlnc99

Ive never had a credit card for a long time. When i did have one i never looked at my file.

Have no idea what a status code means. No need to get sarcy, just interested in the right answer.

Ben8282

xlnc99 wrote: »

Ive never had a credit card for a long time. When i did have one i never looked at my file.

Have no idea what a status code means. No need to get sarcy, just interested in the right answer.

OK.
The status code would be what some people would call a green tick.
It is a numerical value. 0 s the desired code as it would indicate account was up to date. 1 would mean payment one month late etc.

xlnc99

Ok, thanks makes sense.

I know what the 1, 2,, 3 defaults etc mean.

So 2 years for full data then removed from history and not visible to anyone. 6 years for other data such as missed payments, defaults etc.

Got it. Good to know, Learn something everyday. Wasnt not aware of this

xlnc99

in the case of the OP - the data should be removed in 3 or 4 years when you apply for your mortgage so you have nothing to worry about. Even though, it still shouldn't be a concern if it was not removed as others have pointed out in this thread they have done cash withdrawals many times without too much negative effect.