I am getting a divorce and my ex is going to transfer the balances to his card, is that going to negatively affect my credit because it will go from a $2500 balance to $0 overnight?
2007-05-16 04:13:01 · 8 answers · asked by chels929 2 in Business & Finance ➔ Credit
No. It will not negatively effect your credit. It will actually boost your credit.
The only time that paying off a balance will negatively effect your credit is if you close the account out. Closing out one account will not hurt your credit, but if your x is transferring all balances to his card for all of your cards and you cancell all of your cards... that could put a hit on your credit.
My wife has almost perfect credit. Like an 800 or so. She has paid off her card balances every month since she was 18.
2007-05-16 04:29:13 · answer #1 · answered by Mark 2 · 2⤊ 0⤋
Yes, it will have a very minor, short term effect.
Funny thing about these silly credit score methods...the purpose is to determine how well you use your credit. If you constantly have a zero balance they have no way to determine it, so it hurts your score.
But your situation is very short term and if there is an effect it's going to be minor, and will restore itself by simply putting a small charge to the account. Dont lose sleep over it, ok?
2007-05-16 13:45:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It will not affect your credit score. Just don't close the card and your score will actually go up (depending on how much of the available limit was used in the first place). I did credit counseling and financial planning for a major financial institution. You will be fine, again just don't close the account!!
2007-05-16 11:30:25 · answer #3 · answered by jkm1317 1 · 0⤊ 0⤋
It is possible. One of the parts of the credit calculation looks at your active accounts and how much credit you are using in those accounts. If you close an account, then that is one less that could be contributing positively to your credit. I have heard of people paying off credit cards and their credit score goes down.
2007-05-16 11:18:11 · answer #4 · answered by A.Mercer 7 · 0⤊ 0⤋
No it will help your score by paying off balances in full each month. Do not close out any of the accounts though. You want to have a long history with each tradeline.
2007-05-16 11:41:51 · answer #5 · answered by sampson 2 · 0⤊ 0⤋
No..why would it?
If someone on here tells you it does.. they either work for a credit card company or are clueless.
It may not help much, but it certainly will not hurt you.
2007-05-16 12:24:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No. Its better.
Logically...tells them you got money and can pay your bills.
Good Luck
2007-05-16 13:04:27 · answer #7 · answered by smile4cobra 3 · 0⤊ 0⤋
No this should help your score..
2007-05-16 11:33:58 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋