Transfering balance from one credit card to a NEW card. Any negative consequences?

Question

I understand as long as I don't close the old account I'm OK as far as maintaining a good credit score. BUT, since I'd be opening a NEW card, would that be a problem? I never cared about the interest on my current card (I paid in full every month), but that is impossible now. That's what happens when you start a business, I guess. No balance transfer fees possible anywhere? Currently @ 15.99% interest. When would it be OK to close that other card, if ever? Thanks for all your help!

Answer 1

bdancer is correct except for one thing.

If you close the other account you do not lose the payment history, it still shows simply shows as a closed account.

Answer 2

There may be some credit card offers out there without transfer fees but most of the ones I've seen lately have those fees. Also the 0% period seems to be only 6 months. The one year ones are more in the 4% or 5% range.

Transfering from the higher interest rate card to the lower rate is a good idea, provided that you don't run up both cards -- that's where folks get in trouble.

If you've had that higher rate card for a long time, you don't want to close it. Not only does it improve your debt to available credit limit ration, but closing the account would close all that credit history.

Answer 3

moving balances from one card to the subsequent could properly be a volatile element through fact it could make your credit seem youthful than that's and could have a detrimental impact on your credit, some thing maximum do not comprehend. verify this basically accomplished out of necessity. additionally be attentive to what the stability flow fee is with a view to not be charged to plenty to do the flow.

Answer 4

Too many credit cards on the credit report can hurt your chances of getting a loan... Depends who is loaning the money??

Answer 5

any time you open a new account, your score takes a hit temporarily