I have a credit card and the zero percent interest for a year is up at the end of this month. I want to transfer to another card that offered me zero percent for a year. Why wouldn't I? Will it hurt my credit?
2006-06-26 04:24:09 · 4 answers · asked by kw3647 2 in Business & Finance ➔ Credit
Yes actually it does. Everytime you apply to a new card to get another one that is offering the 0% interest it puts a ding on your credit report. Credit scores consist of more than just that your bills are paid on time , it also tracks how often you apply for more credit and that is not a good thing to have on there. And all your creditors know you are doing it. When we applied for a car loan , our mortgage company called us to make sure we were not applying to refinance our home.
2006-06-26 04:31:44 · answer #1 · answered by Cynthia W 2 · 1⤊ 0⤋
Yes and no. The people with the highest credit have established accounts that have been open for over 5 years. If you keep switching cards, you're really kickin' yourself in the bum. On the other hand, you aren't paying interest ...
2006-06-26 11:37:12 · answer #2 · answered by Aussie Mommy 3 · 0⤊ 0⤋
I think as long as you KEEP the other card, and have mantained a good payent history - it willonly HELP your credit rating (more cards = more credit credibility.
2006-06-26 11:28:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is a lot of good info on this subject right here.
2006-06-26 13:13:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋