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Spaiky

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Will balance transfer hurt my score?
My old card is an American Express / Delta Airlines Card that I have a debt of $839.00 on it with a $9100.00 credit limit Now I have a Chase Freedom card that they gave me a $6000.00 line and gave me 15 monts 0% APR and only 3% balance transfer fee. The question is. If I transfer the balance from the old to the new, Will I get penalize from the AMEX side? will they lower me the credit line limit beacuse they found out I am switching to a new card? I read in an older post on this comunity that if I do a balance transfer and i dont cancel the old card, it will hurt my credit.

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I have three cards that have a 19.99% interest and not very high credit limits ($1500 was highest).  Based on information from this site using the Credit Simulator, it looked llike a balance transfer might be advisable, so I took a deep breath and did it.  My credit union gave me a lower rate, 0% interest for 12 month on the transferred balances and a much higher credit limit, so I took it.   

I DID NOT cancel the old cards because the more credit you have available to you, the better your score can be.  Mine went up because of the transfers and the higher credit limit.  AmEx should not penalize you for the transfer because they're getting paid faster with that transfer and theyshould be very happy with that. You can keep the old cards locked up or use them to pay a regularly recurring bill (cell phone? TV service?) and pay that bill every month.  That will keep the cards active and help your credit score, too.

Best to get a card with a lower interest rate and at least 123 or more months interest free.  Check them out and  consider your decision before acting.

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