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Question By
PIPERKNOCKER

2 Contributions
0 People Helped
Is a new card and Balance Transfer right for me?
I need some education.
I want to improve my score.
One of the issues I'm told is that I have short credit history. I am fortunate in that I did not have to borrow money for school, only recently took my first auto loan, and did not get my first credit card until I was 22.
Your Age of Credit History
Average Account Age = 2 Years 7 Months
Oldest Open Account = 4 Years 10 Months
Newest Open Account = 1 Year 2 Months
Credit Karma is also stating that I do not have enough open accounts:
Total Accounts = 5
Open Accounts = 4
Closed Accounts = 1
Credit Karma is suggesting that I Open a new account, and transfer my balances to it to both 1) increase # of accounts & 2) decrease my credit card utilization.
However, won't this new card significantly lower my already short Age of Credit History?? Further, I already have a High number of Hard Credit Inquiries (working on getting one taken off). Won't that be further damaging?

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Top Contributor
785 Contributions
299 People Helped

Credit Karma is free because of advertisers. The recommendations are not always in your best interest. The only reason for a balance transfer would be if you're paying higher interest on a card, and the new card offers low interest. Preferably a card offering no interest for 15 to 18 months, and then a lower interest than your current card. Pay your debt down, make more than the minimum  payments 

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