Do balance transfers negatively affect your credit score/report?

Question

Do balance transfers negatively affect your credit score/report? I usually transfer balances to my 0% APR balance transfer card with no fees and then pay them off. I never have a late payment, etc, but was wondering if transferring balances directly affects your credit report or score. Thanks!

P.S. It is transferring to the same credit card each time, since the offer has no fees. It is good until April 2007. So I am not opening a new card each time I transfer, and the transfer is going onto the card when it is a $0 balance. Also, my credit cards are not high or maxed-out by any means. It just gives me a few more months each time to pay off $500.00 or so.

Thanks!

Answer 1

If you are opening new accounts each time you transfer balances to a 0% card it will affect your credit report and score! It's best to have only a few major credit cards open and keep them for a long time, than have a long list of recently opened accounts. Lenders are more likely to view you as a responsible borrower if you have older accounts. Call your card companies and ask for lower rates on all your cards-they often do it, especially if you threaten to close out and move elsewhere.

Answer 2

sure, it could have an rather minor, short term result. humorous subject approximately those stupid credit techniques...the purpose is to make certain how properly you utilize your credit. in case you consistently have a nil stability they have not any thank you to make certain it, so it hurts your score. yet your subject is amazingly short term and if there is an result it is going to be minor, and could fix itself by using in simple terms putting a small charge to the account. Dont lose sleep over it, ok?