Will hopping from one 0% credit card to another so debts are paid off, would doing this hurt your credit?
2007-02-16 09:47:24 · 5 answers · asked by Bradley B 1 in Business & Finance ➔ Credit
In my experience, the balance transfer fees are more than the interest saved. Just pay of the debt. Jumping cards isn't worth your time.
2007-02-16 13:20:04 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
From past experience: The credit card companies think that your transferring your debt because you can't pay. Think about the fees (if any) are you really saving anything? However if you get a deal that is hard to turn down you should think about the pro's and con's. Some credit card companies will let you transfer without an fees and 0% for a full year.
2007-02-16 10:57:45 · answer #2 · answered by Angela M 1 · 0⤊ 0⤋
May reduce your credit score slightly in the very short term because the card you're paying off won't have reported the new zero balance.
If the new 0% credit card is a new card, it will increase your credit score in the long term because you would've increased your total credit limit and thereby reducing your total credit utilization %.
2007-02-16 09:57:09 · answer #3 · answered by SuperAndy dot com 2 · 0⤊ 0⤋
It would hurt it because you will have too many credit cards open too soon. When you open many cards in a limited amount of time, it gives the idea that you are going on a shopping spree or are having a difficult time paying your bills.
2007-02-16 09:52:46 · answer #4 · answered by librarianb 3 · 0⤊ 1⤋
No, what counts is how you pay your bills.
2007-02-16 09:50:26 · answer #5 · answered by WC 7 · 0⤊ 1⤋