Idiot Husband Alert! How bad is a Cash Withdrawal

MentalMinnie · 13 February 2018 at 1:58PM

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?

[Deleted User] · 13 February 2018 at 2:06PM

It depends if it's part of a wider pattern of poor credit behaviour.

On its own, it means little.

MentalMinnie · 13 February 2018 at 2:08PM

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 · 13 February 2018 at 2:10PM

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] · 13 February 2018 at 2:12PM

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 · 13 February 2018 at 2:13PM

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] · 13 February 2018 at 2:13PM

Leave the limit. It's not huge and it shows you're trusted by other lenders.

MentalMinnie · 13 February 2018 at 2:45PM

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 · 13 February 2018 at 3:24PM

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 · 13 February 2018 at 5:33PM

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 · 14 February 2018 at 12:18AM

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

Idiot Husband Alert! How bad is a Cash Withdrawal

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