Does transferring balanced from one credit card to another with lower int rates hurt your credit sco

I did this once and was told it is not a good thing. However, transferring balances to a lower interest card seems like a smart thing, especially when even if there is a trans fee it%26#039;s less than interest on the higher card. Confused. thanks for any help you can give.

Does transferring balanced from one credit card to another with lower int rates hurt your credit score?

The only way that it will hurt your credit score is if by transferring the balance you cause that card to go over 35% of it%26#039;s available credit line.

Depending on what your actual scores are today it may be a good idea to cost yourself a couple of points in order to hang onto your valuable liquid cash.

Another remedy (again depending on your scores, you do not want to get turned down) is to have that card%26#039;s credit line increased before you transfer.

Let us know if we can further assist you!

Does transferring balanced from one credit card to another with lower int rates hurt your credit score?

no all it does is save you a bit more monies but take that monies that you are saving on the transfer and pay off the balance

Does transferring balanced from one credit card to another with lower int rates hurt your credit score?

I agree with the first person%26#039;s response. But I would add that if the account that has the lower interest rate that you plan to transfer to is a new account, then it could lower your score, because it means that new credit was recently extended and that is a negative factor.

Does transferring balanced from one credit card to another with lower int rates hurt your credit score?

It doesn%26#039;t hurt your credit score.

But it%26#039;s considered a bad thing, becuase you end up paying an extra 3% in fees up front.

$10,000 @ 20% = $508.96/mo * 24 months

$10,300 @ 16.9% = $508.76/mo * 24 months

The danger is that if you get a new card and transfer the balance, then you now have the old card with no balance, just begging you to take it with you to the store.

Does transferring balanced from one credit card to another with lower int rates hurt your credit score?

The smart thing is to pay off the cards in full every month or cut them up and get out of debt! Transferring doesn%26#039;t solve any problems...you need to change your spending habits so that you only spend what you can afford. Dave Ramsey (daveramsey.com) has a great program....and it%26#039;s free!