Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Starwith1R

0 Contributions
0 People Helped
Balance Transfers
Hello:

Will transferring balances to a lower interest card negatively impact my credit report and or score and will the new card be available for additional purchases?

Thanks,

Star

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7816 Contributions
1456 People Helped

Your credit will be affected in the following ways which can cause negative impacts: Hard Inquiry for opening new account. Lowering the "average age of accounts" by opening the new account. If the new card gets "maxed out" in order to cover the debt transferred this will hurt as well. As for it being available for purchases, it depends on if you have any available balance left after the transfers and some credit card companies have stipulations in the fine print on balance transfer cards that if you use them to transfer a balance you will LOSE the grace period and low interest rate on future purchases, I know that Chase Bank is like this, so be sure to read the fine print.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.