Can my credit score be affected if I transfer credit card amounts?

Question

My son has three credit cards amount totally $750.00. If I transfer these amounts to my credit card with lower interest, will my credit score be affected? He will be paying me 100.00 every two weeks till its paid off.

Answer 1

it may affect your score it depends on your credit limit you generally dont want to go over 30% example: you have a credit limit of $5000 you dont want to charger more than $1,500, im not saying that your cant but your score will be at its highest if you do not go over that 30% not saying that it will hurt your score or make your credit look bad if you do, my advice go ahead help the kid out im sure it will save the both of you cash in the long run

Answer 2

Instead of his credit showing a balance being unpaid, it will now be yours. Keep it on his and have him pay the $100.00 every two weeks. Have him pay the highest interest one first and just the minimum due on the other two. Then pay the 2nd most interest and so on until all three are paid in full.

Answer 3

In the grand scheme of things, it would probably be better for his score if he paid the $100 every two weeks to the credit card companies. I'd leave it on his card. First, he is going to learn responsibility. You won't always be around to help him. Second, credit ratings go up when you demonstrate that you can mange debt. paying off a balance consistently demonstrates this ability.

Answer 4

Just have him pay off his own cards if he has $200 a month to pay.
It will benefit his credit rating and not lower yours by the added transaction.

Answer 5

call the bank and ask them.