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PrePaid Cards - For P.P use & Buying Crypto Currency

  • 24-06-2021 2:09pm
    #1
    VUDuo2
    Registered Users Posts: 165 ✭✭


    Was about to go through with moving our mortgage when I learned that deposits from current a/c into the likes of PaddyPower can result in issues with mortgage approval. I was advised to delay the application and avoid using these transactions for 6 months.

    I also want to be able to purchase Crypto Currencies, so is there anyone using a prepaid card to get money into P.P (not via their shops !!) and into an online crypto-purchasing site??


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    VUDuo2 wrote: »
    Was about to go through with moving our mortgage when I learned that deposits from current a/c into the likes of PaddyPower can result in issues with mortgage approval. I was advised to delay the application and avoid using these transactions for 6 months.

    This is certainly a widely held believe, whether it is true or not I have my doubts. Loan officers are well aware of the human condition and I’d expect them to make a destination between the odd flutter and a pattern of compulsive gambling.
    I also want to be able to purchase Crypto Currencies, so is there anyone using a prepaid card to get money into P.P (not via their shops !!) and into an online crypto-purchasing site??

    Prepaid cards do not magic away the money from your account. There will be traces of the money leaving your account, so don’t be surprised if you are asked for an explanation or to provide a statement.

    There is nothing wrong with the odd flutter nor putting a bit of money in crypto provided your salary can easily support it and it does not demonstrate a pattern of addiction or recklessness.

    But attempting to deceive a loans officer and getting caught at it is a very big issue because it renders you untrustworthy. They will have seen all the tricks before, so it is a risky strategy.


  • #3
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    VUDuo2 wrote: »
    Was about to go through with moving our mortgage when I learned that deposits from current a/c into the likes of PaddyPower can result in issues with mortgage approval. I was advised to delay the application and avoid using these transactions for 6 months.

    I also want to be able to purchase Crypto Currencies, so is there anyone using a prepaid card to get money into P.P (not via their shops !!) and into an online crypto-purchasing site??

    How much are you talking? One of the biggest urban myths going is that couple of transactions to PP or Bitcoin etc. automatically equals a decline. Once it's not excessive and your income can support it, it won't be an issue.

    Also, if there is regular DRs to a prepaid account, then the underwriter will ask for a statement for the prepaid account. As the precious poster said, their not idiots, and have seen it all before.


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