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Question By
glitry1

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Impact of Balance Transfer to Another Card on Credit Score
If I do a balance transfer from one card to another and by doing that transfer it puts me close to the limit on the card I am transferring to, but I do not plan to use the card any longer and am planning to just consolidate and pay down the debt. I will be using the card I am transferring from regularly, but will be paying off the balance every month. How will this affect my credit score?

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Are you tranfserring the debt to save money on interest?  Don't forget to factor in the transfer fees when calculating if it is a savings or not.  Your credit score will take a hit because of the high utilization on the card you transfer to, but that will slowly improve as you pay down the debt and pay off the balances on the other card every month.

Reply by
glitry1

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Yes that is the whole reason for doing so is so that I can get everything paid off considerably sooner. I did factor in the fees and even when the 0% interest intro rate is done it is still a lower interest rate than the card the balance is currently on. I typically pay way more than the minimum payment required. My score is already in the excellent category! House is up for sale as well so once that sells I imagine that should help my debt load look better as well.

2 Contributions
0 People Helped

Yes that is the whole reason for doing so is so that I can get everything paid off considerably sooner. I did factor in the fees and even when the 0% interest intro rate is done it is still a lower interest rate than the card the balance is currently on. I typically pay way more than the minimum payment required. My score is already in the excellent category! House is up for sale as well so once that sells I imagine that should help my debt load look better as well.

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