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Idiot Husband Alert! How bad is a Cash Withdrawal

MentalMinnie
MentalMinnie Posts: 814 Forumite
in Credit cards
Hi all.

Just prepping ourselves for our mortgage renewal and on checking the husbands credit files I’ve discovered he’s made cash withdrawals on a credit card last year. The card is a Virgin Money card, 0% for 28months on purchases. It looks like he made 4 withdrawals whilst working away. He didn’t realise it didn’t look good withdrawing money on a CC. Possibly as we used the Halifax travel card overseas to withdraw cash and he didn’t realise there was a difference.

So my question is, how badly will this affect our mortgage renewal application?
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It depends if it's part of a wider pattern of poor credit behaviour.

    On its own, it means little.
  • MentalMinnie
    MentalMinnie Posts: 814 Forumite
    We currently owe about £3,500 on cards but we previously owed £35k last time we renewed so I’m not too worried. Plus we’ll be able to pay about £1,000 off this month.
  • MentalMinnie
    MentalMinnie Posts: 814 Forumite
    Deleted_User wrote: »
    It depends if it's part of a wider pattern of poor credit behaviour.

    On its own, it means little.

    No defaults, 1 credit check between us in the last 12 months, utilised about 15% of overall available credit (according to the credit ref agencies) it’s literally these cash withdrawals that red flagged it for me
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I wouldn't worry. It's done now in any case.

    Just give him a slap for wasting money on cash withdrawal fees and interest and tell him to buy you a bigger present for tomorrow.
  • MentalMinnie
    MentalMinnie Posts: 814 Forumite
    Also, he has a £10k limit on his Virgin card, with about £1700 on it. Should we reduce his limit now or will that look strange to the mortgage company? Are we better just leaving it? He also has the Halifax clarity card for holiday spends, nothing on it. Don’t really want to close it, but would it be better to? One less credit account?
  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Leave the limit. It's not huge and it shows you're trusted by other lenders.
  • MentalMinnie
    MentalMinnie Posts: 814 Forumite
    Deleted_User wrote: »
    I wouldn't worry. It's done now in any case.

    Just give him a slap for wasting money on cash withdrawal fees and interest and tell him to buy you a bigger present for tomorrow.

    Ha! Fortunately for him I’m on a massively money saving drive at the moment so he’s off the hook with V day tomorrow.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    MentalMinnie wrote: »
    Also, he has a £10k limit on his Virgin card, with about £1700 on it. Should we reduce his limit now or will that look strange to the mortgage company? Are we better just leaving it? He also has the Halifax clarity card for holiday spends, nothing on it. Don’t really want to close it, but would it be better to? One less credit account?

    Keep the Clarity Card.

    Reduce the debt of the highest interest charging credit card.

    Try not to overthink things.
  • MentalMinnie
    MentalMinnie Posts: 814 Forumite
    PeacefulWaters wrote: »
    Keep the Clarity Card.

    Reduce the debt of the highest interest charging credit card.

    Try not to overthink things.


    We don’t pay I any interest on the 3 cards that we have (the clarity has no balance)
  • T-G-C
    T-G-C Posts: 591 Forumite
    500 Posts
    MentalMinnie wrote: »
    Ha! Fortunately for him I’m on a massively money saving drive at the moment so he’s off the hook with V day tomorrow.

    You are a generous lady :rotfl:

    I have been warned with caution - no exceptions for me tomorrow :A
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
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