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hmc7887

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how do balance transfers work?
Is it recommend ed. Does it close one card just to open another.

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I did it; score rose.

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I have 3 cards that  all had nearly 20% interest, low credit limits and high usage rates.  After doing some of the things needed to improve my score, and the credit simulator showed a balance transfer was a good idea.....I called my credit union and got the approval over the phone.  The interest rate was significantly lower and the credit limit was much higher (and growing periodically)  I still have the original cards and will use them once in a while to keep them active which keeps my overall available credit and my credit score up.  The lowest interest card is used for purchases that may need a longer period of time to pay in full, but my monthly goal is paying the credit cards in full every month.

I recommend going for a card that has a 0% interest rate for 12 or more months and strive to make the largest payments possible on that balance so you can get them paid in full in that time period. Work towards a goal of not carrying a balance on the card, thus avoiding paying interest. 

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When you transfer a balance

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from one card to another, you moving the debt from one place to another.  The advantage is the savings on interest and the added "available credit " by opening a new card.  You don't want to close the old card. You want to keep it open so that your available credit goes up.

Good luck

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Balance Transfer: Loan to credit card

Hello, 

I would like to know if it is possible to do a balance transfer from a personal loan onto a credit card. I have a discover personal loan with a high interest rate and would like to transfer some of it to a credit card with a low intro apr. Please tell me if its possible and which cards I can sign up for. I can't seem to find a clear answer anywhere. Thanks

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