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Mayhaw18

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Changing credit scores.
We have switched our high rate credit card for 0% card and are transferring high balances. We have researched this. Our Transunion and Experion scores dropped when we did this. Why?

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The act of transferring balances alone has no effect on your scores. What can have an effect is: Opening a new account, transferring balances to a card that has a lower credit limit, thus increasing utilization rate, perhaps this is why your scores decreased, unless it was something entirely different unrelated to this action that caused your decrease. Either way, you are saving money and that is really the most important things. We should not care more about credit scores than our financial savings unless of course we would be going for a major purchase that needs to be financed in which better scores could save even more money. Remember, it is about financial wellbeing, not impressive scores.

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