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
petekamps

1 Contribution
0 People Helped
Hi I have a 713 score but have maxed out cards, should I try to apply for a transfer balance card?
I want to try to transfer my balance(s) to a 0% APR
card, but am concerned I might hurt my credit score
if turned down, My two other cards are maxed out, so
I am afraid I might be turned down. My credit score is
713. Should I try this?

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
26 Contributions
39 People Helped
Most Helpful Response

consider all terms of the balance xfer

Helpful to 2 out of 2 people

Before you even consider the 0% APR balance transfer, you need to do a little arithmetic.   Most of these offers involve a balance transfer fee, and additionally, the 0% rate is only good for a limited time, so you have to consider how that compares with what you would pay on your current card.  Also, if you don't expect to pay it off by the end of the 0% period, then consider how the rate will compare to what you're paying on your current card.

If you feel good about your chances to get the balance transfer offer, then don't worry about the hit to your credit score from the inquiry, but you should try to pay down your current cards to get the balances to under 90% of the credit limit before asking for the balance transfer.

You might also consider other loan sources, such as a credit union.  Their rates on unsecured loans may be lower than what your credit cards are charging, they probably won't have a loan fee, and you'll be able to get an interest ratethat's fixed for the term of the loan.

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.