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
srasmussen86

0 Contributions
0 People Helped
questions about credit card balance transfer
I want to open a 0% credit card with american express so I can transfer a balance from my chase credit card. Will this affect my credit score?

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
1009 Contributions
557 People Helped

"Generally" and "Depends" are two words should come with any credit advice.

-

Generally, any active on your credit report have potential impacting/affecting your credit scores for better or worse.

-

Will it? Depends, your score would most likely to drop with inquiry and new account, however it might be offset by lowering your utilization or worsen the impact by higher utilization. Example if your current card have 3k balance and limit is 5k then you have 60% utilization, when you transfer 3k to the new card with only 4K limit? Now your utilization would be 75%, your score will drop further. However if new card has 10k limit? Then your utilization would be only 30% and that can offset the impact of inquiry and new account, might even gain few points.

-

Personally, I would do what's better for my financial health then my credit score health, I don't mind my score dropping in the short term, if I can pay off my balance sooner with no/less interest. You will get your score back up in time but you can't get the interest you paid back.

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.