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Schweino

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Cash advance to rebuild credit?
Im currently in the process of knocking down every single CC I have. Looking at a few months before they are all 0, which I will be proud of. Heres what I was thinking when that happens...taking a cash advance on every card each month, say 20 bucks. That money will go into my savings account. Then, I just pay the balance in full when it is due, rinse and repeat. Is this a silly way to go? I was thinking this way I can keep the cards active each month, and build my savings to maybe get a new toy in the future, like a new TV or something. I am not talking about saving in general, I have that covered, in case anyone was gonna say I should just save :P

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Cash advances on credit cards usually have fees attached to them that are applied instantly. Finance charges typically accrue on the date of the cash advance and do not have grace periods.

You should spend the $20 on the cards on things that you need and build up utilization that way rather than using cash advances.

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