Debt Consolidation Care

Community Area

|

Helpful Resources

Community

Popular Discussions

Creditmagic Live Chat

Will balance transfer decrease my score?

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Linda54
Guest

Subject: Will balance transfer decrease my score?

Thu Jul 02, 2009 5:51 am

I have several cards, but I have managed to remain current with payments. My score is 740. I would like to consolidate all cards into one so that I have single payment. I have read about balance transfer in the forum. I understand that after transferring balance I will have to close all cards except one. In that case I will lose the credit history as well. How will it affect my score?

rachael

Joined: 11 May 2009
rachael's page
Posts: 244

6581 Magic Points

Thu Jul 02, 2009 9:45 am

Hi Linda,

If you are transferring the balance of all your cards to a existing card, your credit score will not be affected. While you are transferring your balance, you should make the minimum payments for all your cards. After the balance is transferred, the credit card company will notify you regarding the same. You should check your credit report to see if the cards are reported as having $0 balance.

In case you are applying for a new card (having 0% interest rate) into which you want to transfer the balance of all other cards, it will slightly lower your credit score. But once you have paid off all your outstanding balance, your credit score will once again go up.
_________________
Looking forward to a debt-free life.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1