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Posted in Credit Cards
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Question By
jioaa1988

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Will transferring a maxed credit card balance to a lower interest rate card hurt my score?
I have nearly maxed out one of my credit cards due to it being a medical credit card and having a high interest rate. I want to transfer the balance of this card to a bank credit card with a low interest rate. Will this adversely affect my credit score or improve it? I am on time with the payments on the existing one and plan to be on time with the future one, but the current one just has too high of an interest rate on it.

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Top Contributor
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Shouldn't

Helpful to 3 out of 3 people

If you already have both cards and are merely transferring balances, it shouldn't affect it.  If you close a credit card however you will affect age of credit history and utilization which will impact your score.

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