If you do a balance transfer on a credit card to got to a lower interest

Credit and mortgage advice Forums Consumer Credit Credit Cards If you do a balance transfer on a credit card to got to a lower interest

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    • #215819

      rate will that affect your credit? credit score

    • #282962

      no, it doesn’t

    • #285439

      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.

    • #286152

      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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