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Question By
slyhazeleyes

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Credit Card Transfer Question?
I have one credit card with a high balance. If I choose to transfer my balance on another credit card with no interest for so many months will that card take the whole balance or just some? If they only take some or most of the balance then that would be worse because I would have two credit cards with two bills instead of one. Has anyone ever done a credit card transfer and what was your experience like? Would a credit card transfer affect my credit score in a negative way?

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Play with the Credit Simulator program.

Helpful to 1 out of 2 people

I had 3 high interest, low credit limit cards and took a shoit at a card consolidation.  Based on the information I supplied, I was able to get the cards transferred to a card with higher credit limit and lower interest, and 0% interest for 12 months.  I took them up on it.  I'm making payments in excess of $300/mo to get the card balances paid off and they'll be gone before the end of the 12 month period.  The lower interest rate is not the "ideal" but the substantial drop in interest rate works very well.  I'll still have a nearly $3000 purchase paid in full in very few months.  And I still have the other cards in a safe where they can be removed perioidically and used carefully so I'll still have a good amount of credit available, which helps the credit score.

Consolidating all the cards increased my available credit, dropped the usage rate, and increased my credit score.  That's why I recommend you play with the credit simulator program to see what actions have what effect on your credit score.  Very informative!

Hope this helps.

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