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    • tryin
    • By tryin 8th Apr 19, 11:00 AM
    • 109Posts
    • 24Thanks
    tryin
    Cash withdrawals with CC
    • #1
    • 8th Apr 19, 11:00 AM
    Cash withdrawals with CC 8th Apr 19 at 11:00 AM
    Hi everyone

    I am abroad for long periods of time, so I use the clarity credit card to withdraw cash (paid back the same day so no cost). However, I saw here http://www.moneysavingexpert.com/travel/withdrawing-cash-abroad-credit-record that its not good for your credit report to withdraw cash with a credit card. Does that apply even if I got no charge at all for the withdrawal?

    And more important, how long does a record of cash withdrawals stay on my credit report? (Because I am not getting a mortgage for some time still, so I'm interested in knowing until when I can do it without the lender seeing it).

    Thanks in advance!
Page 2
    • tryin
    • By tryin 8th Apr 19, 7:47 PM
    • 109 Posts
    • 24 Thanks
    tryin
    As I said, its irrelevant unless you know years in advance which company your getting your mortgage from, or which credit card your going to apply for. (You can't even know if that CC will be available in a year, never mind that its the only one your going to want).
    • Ben8282
    • By Ben8282 8th Apr 19, 8:17 PM
    • 2,804 Posts
    • 1,406 Thanks
    Ben8282
    The only recorded information is if your payment was on time, late, and how late, credit reports actually show very little information, and certainly do not show individual transactions.
    Originally posted by sourcrates
    Individual transactions will not be shown but the number and total value of cash withdrawals made during the reporting period will be. On Experian this will remain for 2 years until the supplementary information beyond the account status drops off.
    If everything else on your credit files is ok and the credit card account is being repaid in full each month, I would not be unduly concerned. I believe the problem would arise if there is an increasing amount of debt every month overall and it appears that you are using the cash advances to service the increasing debt as you are otherwise unable to afford the repayments.
    Presumably you are not abroad every month and there are months with no cash withdrawals?
    You say that you repay the same day so as not to incur interest but, assuming you are not foolishly using DCC, how do you know the exact amount in GBP to repay if you make the payment before the transaction has been finalised? You must be either under or over paying every single transaction. It is better to wait until the transaction has been finalised so you pay the correct amount. The interest will be so insignificant it is not worth mentioning.
    Last edited by Ben8282; 08-04-2019 at 8:29 PM.
    • phillw
    • By phillw 8th Apr 19, 8:52 PM
    • 2,191 Posts
    • 1,700 Thanks
    phillw
    We did have a list at one point, but I believe it would be well out of date by now, it involves asking individual creditors which CRA they report too, under a freedom of information request.
    Originally posted by sourcrates
    So this is fine if you only want to borrow from a lender where the list is still accurate? https://www.theverge.com/2016/5/5/11592622/this-is-fine-meme-comic
    • tryin
    • By tryin 16th Apr 19, 11:12 AM
    • 109 Posts
    • 24 Thanks
    tryin
    You say that you repay the same day so as not to incur interest but, assuming you are not foolishly using DCC, how do you know the exact amount in GBP to repay if you make the payment before the transaction has been finalised? You must be either under or over paying every single transaction. It is better to wait until the transaction has been finalised so you pay the correct amount. The interest will be so insignificant it is not worth mentioning.
    Originally posted by Ben8282
    Whats wrong if I overpay a bit? And what is DCC?
    • beany_bot
    • By beany_bot 16th Apr 19, 11:54 AM
    • 352 Posts
    • 145 Thanks
    beany_bot
    it involves asking individual creditors which CRA they report too, under a freedom of information request.
    Originally posted by sourcrates
    You can't ask a private company for a FOI request. They have no obligation to give such information. FOI requests only apply to public sector bodies.
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