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kloiuj

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if i transfer store credit card baalances to a bank card will this hurt my score

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No

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It will have minimal impact. If anything, it will slightly increase your score.

A major portion of your score is your overall balance divided by your overall limit (called utilization).

If you have a store card with a $2000 limit and a normal credit card with a $5000 limit, then you have $7000 limit total. If you had $1500 on your store card, and $0 on your normal card, then you were at $1500/$7000 = 21% utilization.

If you move the $1500 balance from one card to the other, all you are doing is making it so you are at $0/$2000 and $1500/$5000 instead of the other way around, but your TOTAL is STILL $1500/$7000.

The small impact this will have is that it will give you a better individual utilization for each card. Instead of having one card at 75% and the other at 0%, you would now have one card at 0% and one card at 30%, which will help your score a *litle* bit, because you do take a ding if you have any one card over 60%, but it's not a very big impact overall.

Top Contributor
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Nicely written Joules, Don't forget if its a new bank card, don't forget the hard inquiry and new account dip, although this will recover over a short period of time.  Whatever you do, don't close the store card.

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