- This topic has 3 replies, 4 voices, and was last updated 10 years, 2 months ago by Anonymous.
- May 15, 2011 at 5:32 pm #215819AnonymousInactive
rate will that affect your credit? credit score
- May 21, 2011 at 1:09 pm #282962Agnes HindmarshMember
no, it doesn’t
- May 31, 2011 at 7:42 pm #285439AnonymousInactive
That would depend upon certain factors.
If you transfer to an account you already have, then there would be no adverse affect as long as amount transfered does not increase your debt utilization ratio on the lower APR card above 30% of the credit line. If it places you close to the maximum, then yes it will lower your score but just a little.
If you apply for a new account for a lower APR, then you will affect your score and lower it due to the new card company pulling your credit report. If you have not applied for credit within the past 2 years then nothing will happen to your score as long as you have maintained excellent payment history and never used more then an average of 30% of your total line of credit.
You can learn more from the FICO web site I have referenced.
- June 5, 2011 at 2:22 am #286152AnonymousInactive
The balance transfer itself will not directly affect your score.
However, it will change the balances on the credit cards, and the balances on the credit cards will affect your credit score.
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