If you are considering a cash advance, we have got good news for you. It will not have any real effect on your credit score. Why? Because they aren’t recorded separately from other credit card transactions on your credit report. That means the credit scoring algorithms have no way of knowing what is a cash advance and what is a regular transaction. All they will see is a higher credit card balance.
However, you should know that a growing credit card balance that isn’t being paid down can hurt your score. So, if you are reaching out to a cash advance lender in Mississippi and taking out a significant cash advance, you want to make sure it is within reason to what you can pay back in a shorter amount of time, or you might find your score trending lower.
It is also essential to understand that a cash advance won’t help your score either. Paying off your cash advance also won’t help you score. But it is important to remember that failing to pay bills on time will have a much more immediate negative effect than any cash advance you take out that is being paid back in a timely manner.