Hi, my question is can doing to much credit card balance transfers hurt your credit score?

Question

what are the best companies to have a credit card with?

Answer 1

If you are transferring a balance between accounts that you already have, then I have never heard of this hurting a credit score.

However, if each time you transfer a balance, you are applying for and opening a new credit card account, this could potentially hurt your credit score. It could hurt it, but won't always.

Having too many credit inquiries - each time you apply for a credit card, loan, etc. it counts as a credit inquiry on your credit report - could negatively impact your credit score.

Also, having too many open accounts can also potentially hurt your credit score. This obviously varies from person to person, though.

Here is a good resource on balance transfers --
http://www.e-wisdom.com/credit-cards/balance-transfer-credit-cards.html

Answer 2

Long histories help your credit score. However, I doubt the improvement to your score is worth the interest you'd be paying. When I had cc debt I always transferred the balances and now my score is about 700, with late payments on one account and a collection. I think keeping your ratio of used credit to available credit low is more important so you'd be best off to keep small balances on a few accounts. Don't bother with department store cards. I've been told the type of credit makes a difference. If anyone really knows how the scores work I'd be surprised, and happy to buy them lunch.

Answer 3

Blue Cash from American Express®

This credit card issued by the credit card giant American Express has No annual fee. Coming to balance transfers, the Blue Cash from American Express has a low balance transfer rate. The APR for balance transfer is 4.99% fixed for the life of balance. Another good feature of the Blue Cash from American Express is that it is a 0 Intro APR credit card. It has a 0% intro APR rate for 6 months. The reward program of Blue Cash from American Express gives Up to 5% Cash Back with Unlimited Cash Rewards. This entitles the credit card holder to earn an unlimited cash back on his spendings. Get more details about it at: http://www.credit-card-gallery.com/cgi-bin/cc.cgi?cr=100004&of=54

Answer 4

It will affect it if you are opening and closing these cards each time. It is best not to have credit card balances. See what you can do about that. We have a Chase Visa and have been very happy with them. It has been 14 years.

Answer 5

No, I have transferred balances many times. My credit and credit score are great. Just pay on time always and you will be fine.

Answer 6

It shouldn't. It might even help you if it causes your total credit to be higher without the debt to credit ratio being adversely affected.
I'm not sure any one company is better than another but I always look for no annual fees, low interest rates. Some even have 0% interest for the first X number of months.

Answer 7

I think as long as you can make your payment and are borrowing from your credit card wisely, your credit score will be fine. I have a Bank of America Visa card. They have been good with me and provide decent customer service.
www.SizzlingSkillet.com

Answer 8

The greater credit playing cards you have the greater your credit will drop in case you're clever you will pay off your credit playing cards and decrease them up and basically shop a million or 2. Dont open any further bills. in case you opt for to construct up your credit purchase small products which incorporate your card and pay off each and each month.

Answer 9

Hi,

Check out http://creditcard.creditoverseer.info for some useful info and tips. Good luck!