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PIPERKNOCKER

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Credit History Duration - Balance Transfer

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Need more info

Are you asking how long it takes for a balance transfer to show up on your credit history? 

If that is the case, it depends on where that balance transfer lands in the reporting history.  If your credit card company reports 1 day before you initiated the balance transfer, it could as much as 30 days before it updates.  Typically 10-14 days is common but I would plan on the 30 days for safe planning.

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PIPERKNOCKER

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IMCUSA, the form submitted before I got started.

Please see my complete situation.

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Ooops

I need some education.

I want to improve my score.

One of the issues I'm told is that I have short credit history. I am fortunate in that I did not have to borrow money for school, only recently took my first auto loan, and did not get my first credit card until I was 22.

Your Age of Credit History

Average Account Age = 2 Years 7 Months

Oldest Open Account = 4 Years 10 Months

Newest Open Account = 1 Year 2 Months

Credit Karma is also stating that I do not have enough open accounts:

Total Accounts = 5

Open Accounts = 4

Closed Accounts = 1

Credit Karma is suggesting that I Open a new account, and transfer my balances to it to both 1) increase # of accounts & 2) decrease my credit card utilization.

However, won't this new card significantly lower my already short Age of Credit History?? Further, I already have a High number of Hard Credit Inquiries (working on getting one taken off). Won't that be further damaging?

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