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 Scores
Profile Image

Question By
gretam

0 Contributions
0 People Helped
Transfer debt to no interest card
I'd like to transfer all of my credit card debt to a new, no interest card without closing the current cards. How is this likely to effect my rating credit rating?

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
119 Contributions
1100 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

It won't affect it at all. Your credit utilization is still going to be exactly the same. The only way for your score to go up is to actually pay off that debt and not just transfer it. However, transferring it to a 0% interest card is going to save you a good chunk of money and hopefully allow you to pay off the debt faster. It is definitely a smart move, but it just won't help your credit score at all.

That is assuming you already have the "new, no interest card" If you haven't applied and been approved yet then there will be some changes to you credit. Applying for a new card and getting approved helps your credit by raising your limit which lowers your utilization rate, it increases the amount of accounts you have, but it also lowers your age of accounts and counts as a hard inquiry which too many can hurt your credit. If you don't have any hard inquiries right now then the positive will outweigh that negative.

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.