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Question By
jan12lyn

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Will a balance transfer negatively affect my score?

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It did mine, and for the good because the card I transferred balances to had a higher limit than all my cards combined, so I had a higher total amount of credit which can increase one's credit score.  And I did not close the credit cards that I transferred balances on even though they have a higher interest rate.  Those cards are used occasionally and paid in full every month, which also helps my score.

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Reply by
jwsister

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Sorry.  Haven't had enough coffee yet.  LOL Balance transfer can POSITIVELY affect your score.

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This depends jwsister had a positive, but you can see a see negative.  You need to understand everything in your report, there will be negatives such as a hard credit inquiry, and a drop in average age of credit.  But as in the case of jwsister it had an over all positive due to credit usage percent.  So depending on how much credit you are given, how much you have, in comparision to the negative affects will deturmine if it helps or hurts.

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I transferred 8K worth of CC debt to an already established card that has a 25K limit with 18 months no interest.  That brought my complete utilization down significantly and paid off everything else so now I just make $700/month on that card to pay it off in time without any financial dings.  My credit score hasn't been impacted yet but Im sure in the next 7 days, there will be something and hopefully for the positive.

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