If I take a cash advance and pay it back in less than 3 days will this hurt my credit rating?
alcoh71 asked:
I need to pay for the balance owed on my new car Monday but the money required, which I have, won't transfer into my checking account until a day or two after that. They only allow $3,000 to be put on credit cards and I was hoping to put at least $5,000 on them. I have the money to pay off the cards but thought it would be easier to do it this way so I didn't transfer the money from my other accounts sooner.
You desperately need to get a copy of "Total Money Makeover" by Dave Ramsey.
There is absolutely no reason why this should affect your credit rating, AS LONG AS YOU PAY IT BACK.
You can never hurt your credit rating by repaying a loan. In some cases however, it may help your credit history to pay it back over time. Just don't make a late payment, and try to make above your minimum payment each time.
It won't or shouldn't effect your credit rating as long as it is paid back ASAP… BUT you need to think about a few things prior to doing a cash advance from a credit card. What is the fee they will charge for the advance? What about the interest rate? How soon will that interest rate hit your charge account?
Is it possible to make an arrangement to pay the auto off a day or two later? Normally a slow pay
Why do you have to have it by Monday? Is there a reason you can't contact the company who holds your loan and pay it back when you actually have the money so you don't have to borrow anything?
If you take out a cash advance many times there are fees and no grace period on the interest. You need to talk all of that into account before you take it out.
At worst, it would be better to **** up the late fee on the car payment than to invoke the horrible interest rates (some can be around 500% APR!) and fees associated with a cash advance.
No it should not. Do you mean cash advance from your credit card? As long as you pay your credit card before or by the due date you should be fine. Why do you need to pay the car off so fast? you can always make your minimum payment on the car loan till your money hits the bank.