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Crypto.com prepaid card and Mortgage

  • 06-08-2020 9:37am
    #1
    Registered Users Posts: 865 ✭✭✭ suave.4u


    Hi guys,

    I have a Crypto.com prepaid card and getting 2% cashback. Very happy so far.
    I load it using my AIB credit card (there are no charges so far).

    The problem is the AIB statements just show "MCO" in the description.
    Apps like Revolut do have good statement structure, but with Crypto.com card, you can only download 1 month statement and that too in a excel .CSV format. Very shabby to look at.

    I am looking for a mortgage and was wondering if this will be an issue.


Comments

  • Registered Users Posts: 14,606 ✭✭✭✭ banie01


    From a fiduciary viewpoint, loading a pre-paid card from a Credit Card rather than a debit card wouldn't look great tbh.

    It can all too easily appear as borrowing to engage in risky investment practice or gambling.
    Even carrying a zero balance on the card, it would be far better from an underwriters viewpoint if MCO is just showing up your debit card statement as a purchase, rather than your CC statement.

    It's over a decade since I worked in finance, so DYOR, speak to a broker and get more up to date advice.
    Having it on your CC may be no issue at all, once the underwriters don't query what MCO is.
    If they do, given the economic outlook I'd expect at least a few extra hurdles between application and approval.


  • Registered Users Posts: 865 ✭✭✭ suave.4u


    banie01 wrote: »
    From a fiduciary viewpoint, loading a pre-paid card from a Credit Card rather than a debit card wouldn't look great tbh.

    It can all too easily appear as borrowing to engage in risky investment practice or gambling.
    Even carrying a zero balance on the card, it would be far better from an underwriters viewpoint if MCO is just showing up your debit card statement as a purchase, rather than your CC statement.

    It's over a decade since I worked in finance, so DYOR, speak to a broker and get more up to date advice.
    Having it on your CC may be no issue at all, once the underwriters don't query what MCO is.
    If they do, given the economic outlook I'd expect at least a few extra hurdles between application and approval.

    makes sense, thank you


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    Yes it is almost for sure that once the mortgage provider sees recurring "MCO” transactions on your statements they will want to know what those are, and once they realise it is for Crypto.com they will want to know what you are doing on the platform (it is not a showstopper at all in terms of getting the mortgage, but expect questions and requests for more documents).

    What they are likely to ask for is:
    - a statement / transaction history from CDC which shows a matching credit for each of the debits on your CC statement (to make sure the money debited from your AIB card indeed goes to your personal CDC account and not another one)
    - a statement / transaction history from CDC showing all your purchases with your CDC card for the past 3 or 6 months
    - they might also ask whether you are using other services on CDC and for a corresponding balance statement and transaction history (interest account, crypto broker/exchange, lending service)

    IMO using CDC itself shouldn't be a problem at all, but some things they might not like are:
    - as banie01 said, if you are using your CC to top-up large amounts on the CDC prepaid card
    - if you have active loans with CDC
    - if you are regularly trading cryptocurrencies on the platform and have a history of making losses


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