Does anyone know if balance transfers lower one's credit score?? Please tell me thanks.
2006-06-13 18:34:03 · 4 answers · asked by Sweetbulbs 5 in Business & Finance ➔ Credit
they dont lower it but improve it because if you open up one credit card account and transfer from 10 different credit cards then you have a higher credit score because of less banks that you owe money to
2006-06-13 18:38:55 · answer #1 · answered by markski037 3 · 1⤊ 0⤋
The answer to your question is yes. The question is, is this a 0% for a specified term? And once you transfer the balances, are you going to run up the tabs on those paid off accounts. Debt ratio is a key factor in determining credit scores. Leave long established accounts open and close the ones with less longevity. Scores are also calculated on potential debt.
2006-06-14 04:05:04 · answer #2 · answered by David H 3 · 0⤊ 0⤋
the application of the card you would transfer it to would.... like if you applied for a card that had a lower apr, then wanted to transfer to it, yes the hit by them checking your credit would lower your score slightly... not the actual balance transfer though.
2006-06-14 01:39:20 · answer #3 · answered by pinky 4 · 0⤊ 0⤋
not sure I think it would to avoid someone transfering the balance of credit cards to another credit card...
2006-06-14 01:38:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋