Will this have any adverse effect on my credit rating?
2007-08-27 10:50:23 · 5 answers · asked by skot302002 3 in Business & Finance ➔ Credit
Don't close the cleared card. Doing so will lower your available credit limit which will cause your score to drop. Also, if you've had the card for a long time, you will close your credit history.
The most important thing to do is pay off the consolidated balance quickly.
2007-08-27 11:38:01 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Most credit cards will give you two options to transfer balances. First, they will give you convenience checks that you can fill out just like a check from your bank account to send to your other credit card company to pay off the balance. Just make sure that it is considered a balance transfer and not a cash advance. Cash advances on credit cards are usually at a higher interest rate and do not help you. Second, many credit card companies can now transfer balances electronically. Check and see if your company will do this. If so, all you need to do is give them the credit card information from the card you want to pay off and they do the rest.
2016-05-19 04:18:35 · answer #2 · answered by joye 3 · 0⤊ 0⤋
No and yes.
How much of the total balance of the card will be used up by the consolidated balance?
Your credit Score increases whenever your balance on each card is between 10 and 25 % of its maximum balance.
So if your two balances will max out this lower interest card, you might only want to pull 10-25% of its available balance on it at a time, thus allowing you to setill save interest and increase your credit score.
2007-08-27 10:56:29 · answer #3 · answered by saberhilt 4 · 0⤊ 0⤋
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.
When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
http://debts-to-wealth.com/category/Credit-Card-Debt-Consolidation.html
2007-08-28 00:03:53 · answer #4 · answered by Pitty T 2 · 0⤊ 0⤋
As long as you completely close the accounts you don't use and pay your bills on time it will not hurt it.
2007-08-27 10:53:43 · answer #5 · answered by Suzy 5 · 0⤊ 0⤋