2006-10-23 08:13:38 · 10 answers · asked by vpcboy16 1 in Business & Finance ➔ Credit
You know......when there are promotions they state something like "0.00% APR for 1 year." After that promotional period has ended, does it look bad to transfer your credit card balance to another credit card company where they might also offer a promotion like this?
2006-10-23 08:16:04 · update #1
It is in your best interest to pay off the credit cards.
2006-10-23 08:21:47 · answer #1 · answered by Gone fishin' 7 · 0⤊ 0⤋
yes it is. You are adding more inquiries to your credit report therefore bringing down your credit scores. Also, try to pay off those high balance cards on a bi-weekly basis. This will take the edge off of the interest rates and it prevents the build up of interest that is accrued on a 28 day cycle. You want to keep your balance below 35% of your credit limit. This also helps with raising your credit scores.
2006-10-23 08:18:05 · answer #2 · answered by steve s 3 · 0⤊ 0⤋
unless you have the other account closed it will show way 2 many open lines of credit. most of the cards i have gotten offer a 1 year 0% apr. if at all possible buckle down and pay it off within the year
2006-10-23 08:16:52 · answer #3 · answered by ML 5 · 0⤊ 0⤋
A professor of mine always said: It depends. If you're trying to pay down that money, the 0.00& APR can be helpful. If you possibly want to buy a house or car soon, it can be very harmful to your credit score. Too many inquiries can dramatically hurt your score.
2006-10-23 09:07:36 · answer #4 · answered by melspur82 1 · 0⤊ 0⤋
no longer in the destiny, each and every time you open a sparkling line of sparkling credit for the promoting your FICO score will drop. After a particular element, you received't longer be ready to open a sparkling line of credit and also you'll be stuck with the soundness. In idea you would possibly want to proceed to "borrow from Peter to pay Paul" for a minimum of two years. notwithstanding, as quickly because it catches up you've gotten a crap score want a vehicle or residing house loan and finally end up with an activity fee that motives you to pay extra over the non-public loan than you ever kept on the promotional mastercard provides.
2016-12-05 03:41:46 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes.....remember this that your payment is applied to your transferred balance first, not the amount you may have charged with you new card that gave you a 6month grace with no interest. Least that the way I understood it from a TV news special about card scams...
2006-10-23 08:18:20 · answer #6 · answered by iamME 3 · 0⤊ 0⤋
Yes, because you're not addressing the problem. You are stopping the bleeding but not determining what's causing the bleeding.
So, get on a written budget, track your spending, use cash instead of credit, sell stuff and work extra jobs. You can be debt free!
Scott....
2006-10-23 08:54:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'm certain that you will find all financial clarification at= loandirectory.info-
RE Is it bad to keep transfering your credit card balance, just to keep that 0.00% APR?
#EANF#
2014-09-03 06:17:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You will wake up one day and not be able to do it any more Then you will be stuck with 18-21% interest and no credit.
The credit card companies know you are doing this.They want your business, but there is so far they will go.
2006-10-23 08:25:02 · answer #9 · answered by jekin 5 · 0⤊ 0⤋
Unless there's a balance transfer fee, and you have to run the balance, it's a great idea.
2006-10-23 15:27:27 · answer #10 · answered by crimethinker1984 2 · 0⤊ 0⤋