Q&A: How long does it take it when you do a cash advance or loan to appear in your credit report?

Question by ME: How long does it take it when you do a cash advance or loan to appear in your credit report?
I am closing tomorrow on my first home. People, not the realtor told me that you should not do any cash advance or purchases with your credit card. You should also not do any loans because the banks pulls your credit report right before the closing and they don’t like to see any purchases or loans. I was told today that I might have to pay something at the table tomorrow at closing. Just in case I wanted to take out 1000 from one of my credit cards in case it was more than what I have. Do you think If I do a cash advance or signature loan 2 hours before the closing that it will show up in my credit report? I’ve heard that the credit report does an update monthly not daily or hourly. Please let me know what you know =)
Well, they know I had money in my savings because they verified that. I had $ 9k I gave $ 3k to for the contract and canceled it before the 15 days because I still wasnt approve and then I gave again $ 3k and did another contract and canceled again because I still wasnt approved and then now the last time $ 3k which is what they are returning back to me tomorrow at the closing. So, they should be aware that I have money and due to the delay in the approval I had to cancel and re-due the contract to hold the apt.

Best answer:

Answer by Etta P
I believe you will be fine. If a lender pulls a credit report today, right now, only the account information that will be updated will be thru the end of the last 30 day cycle or monthly will show up. Exception will be any inquires will show up right away. Please keep in mind that borrowers are not permitted to use unsecured advances for purposes of purchasing a home, so if an inquiry does show (which normally credit card advances do not cause an inquiry unless you are asking for an increase in credit limit) and the lender may ask you for a letter of explanation. They will be looking for you to say that there was no new debt. But if you say your taking a cash advance to close on the home, then that will hold things up. That is just food for thought. Hope it helps

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