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
ramaece436

0 Contributions
0 People Helped
How would my credit score effect with transferring balance offered by credit card companies?

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
3051 Contributions
2898 People Helped

Depends on if this will be a new credit card you are transferring to.  If you already have the card, then there should be no impact on your score (other than for utilization, discussed further).  If this will be a new card, then you'll have a hard inquiry on your credit report (small hit, counts for 10% of your score).  Also, it depends on your overall utilization - how much debt you already have vs how much credit you have available.  Can't give you a solid answer without reviewing your complete credit score.  You can learn more at www.credit.about.com.  Except for all the ads, I really love that website.   On a personal note, I do balance transfers about once a year, especially when offered a zero % rate, but be sure the transfer fees don't exceed amount of interest you would have paid with old card.  Kind of confusing, I know.  Best of luck!

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.