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
Turbokola

0 Contributions
0 People Helped
Is a balance tranfer a good idea?
Fortunately I only have $2500 worth of unpaid credit cards, all of which are close to max. CreditKarma tells me that I will probably qualify for a balance transfer to another card. (My credit is "good") My question is about the cards I do have already. How will those cards be affected? Will it just show that they've been paid off and I'm at a zero balance? Or will they actually "close" because of tranferring? It sounds like a good idea but not sure what will happen to the current cards. Any thoughts? Thanks so much!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7347 Contributions
3807 People Helped
Most Helpful Response

Depends on the Interest

Helpful to 7 out of 8 people

I recently consolidated my credit cards and transferred the balances to a new Visa with a much higher credit limit.  I still have the other cards which will generally be kept in my safe for further use on occasion to keep them active.  My new card has a lower interest rate and a 0% interest on the balance transfer for 12 months.  The balance total was just over $2300 and I'm paying $300/mo on that, so the total will be totally paid off in about 8 months.  The old cards showed a $0 balance after the consolidation and they are still active because I've used them.  After a couple of years, one may be closed by lender, but that's far enough down the road, I'm not worried. 

That's my experience.  Hope it helps you.

1 Contribution
0 People Helped

Just to confirm...

I always assumed if you do a balance transfer, the old card is automatically closed.

I have a Visa open with 100% on time payment history for 6 years. Smaller balance.

I also have an AMEX with 100% on time payments for 2 years. Bigger balance.

If I do one of these 18 month no interest programs, can I move both balances to one new card and keep the old cards open? I'm not charging anything right now - the whole idea is for me to pay off what I owe.

1 Contribution
0 People Helped

To consider transfer?

Unfortunately I have a high amount, $8,700, currently a grad student no significant income. Credit score around 741, current card has 15k limit. I don't use the card, struggling to pay it off. Any advice? I am not confident if I can pay that off within the balance transfer offer period, usually `12-18 months.

Results 1-3 of 3Results 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.