does it hurt your credit to tranfer your balance to a new 0% card?

Question

What about if you do it more than once?

Answer 1

Yes if you open a new card to do so, yes. That increases your available credit line and affects your debt ratio.

If you surf the same balance from one existing card to another, then no.

And closing an account actually *hurts* your score, so pay them off and keep them open but unused. If you don't believe me read the bottom of this

Answer 2

If you qualify for a 0% credit card offer your credit score is most likely high enough that any negative residual effects of inquiries etc. won't be material and certainly wouldn't be signigicant enough to offset the benefit you receive from an interest free loan. Assuming you don't have an unusually high amount of open credit lines in relation to your income, I would suggest however that you keep the card from which the funds were transferred open after the trransfer assuming there is no annual fee or cost to you to maintain the account. It's important to keep the ratio between the total amount of credit available to you (open revolving lines) to your total outstanding debt on revolving lines as low as possible

Answer 3

A big part of credit rating is total owed divided by total availible. If you transfer, THAT calculation will not be affected. What will kill you is that most transfers are 0% for like a year, then they retroactively charge you interest if you don't pay it off by then. Also, their interest rates at that point are higher than charges, plus, they charge you fees to transfer. Unless you know for a fact that you are going to pay off that card soon, i would never transfer a balance. The biggest thing that hurts credit is missed payments, high owed to availible ratio, and canceled cards.

Answer 4

Not if you cancel the other card and close the account. It does help though to maintain a long term positive relationship with a creditor because the longevity of your accounts and history with an individual creditor is reported on your credit report. You just don't want to have 3 cards out there with zero balances but $10,000 credit limits on each. That gives some potential lenders an uneasy feeling when you could instantly increase your debt by $30,000.

Answer 5

that is actual more beneficial to have that open account it extremely is 5 years properly worth of credit than a sparkling one with couple of minutes-body. each and every inquiry of your credit(by technique of latest card apps) will shrink your score approx 5 pts. decrease activity is fantastic, yet dont close the debts which have years of credit history on them also keep your balances below 35% of accessible credit in case you'll be conscious for a loan or distinctive playing cards, do all of them interior a weeks time, because all those inquiries will be bundled as ONE inquiry also for a authentic punch on your score, payoff balances right down to 0 precise earlier you be conscious for a loan, that alon will be properly worth 30+ factors on your credit

Answer 6

I think you get points taken off of your credit score everytime you apply for a new card.

Answer 7

I've done it every time I see a better interest rate. And I have excellent credit.

Answer 8

it will hurt it if you transfer the balance, but don't cancel the other card.

Answer 9

The more transfers you have, the more negative effect it's going to have. It's not huge, but it does affect it.

Answer 10

if you pay on time no problem