I have very good credit, and i was wondering will i be hurting my credit if i frequently change/transfer my funds to other credit cards to have 0% interest.
Your input is appreciated!
2007-10-01 12:02:51 · 0 answers · asked by Dave 1 in Business & Finance ➔ Credit
Yes, it will ding you.
It won't cause bad credit by itself, but it may make your credit a little worse. Predicting how much worse involves knowing your particular situation.
If you want to guess, run scenarios through FairIsaacs FICO score estimator. See how much your estimated score changes if you ditch your credit card and get a new one.
One interesting thing I found out running this estimator is that if you do this once or twice in a short period, it dings your credit. However, if you do it a lot, and develop a history of taking out cards, ditching them, but paying them on time, it goes back up again...
-->Adam
2007-10-01 12:34:45 · answer #1 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
Bad credit comes from not paying money back, think in real simple terms, honestly and see if that is your case, if it is then you have found the problem and I was happy to have helped. If I didn't help then I don't know what you problem is, just mail me directly using different wording and I'll help you if I can.
RE:
Frequent switching of credit cards causing bad credit?
2014-12-07 08:30:50 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Some factors in determining credit are:
The age of your accounts.
The % of the allowable used.
If you are consistently opening new accounts you are lowering the average age of your accounts. If you are doing what the poster above said and merely switching between several cards (although I thought 0% was an introductory rate so i'm not sure about this option). Then it should work.
Opening to many cards in to short a period may also ding it.
2007-10-01 12:20:41 · answer #3 · answered by Margana 2 · 0⤊ 0⤋
No, being near your limit causes bad credit scores but no paying the minimum. It is not a good idea because you aren't paying anything or very little towards the debt. It is the first step to getting in over your head. If you have an interest rate over 24% paying 2% a month means you are paying zero toward debt.
2016-05-18 05:34:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Maybe. Are you closing the old accounts or keeping them open? Keeping them open might help your credit score -- increase available limit which would lower the percentage of debt. But eventually you could end up with too many cards which could hurt your credit.
Best thing to do is pay off the credit card and not carry a balance. Then keep the 2 oldest major credit cards without annual fee and close the rest.
2007-10-01 12:08:58 · answer #5 · answered by bdancer222 7 · 1⤊ 2⤋
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2007-10-02 03:45:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, it won't hurt. I do the same thing all the time. Just don't close the accounts you aren't using any more.
If you are opening new accounts constantly to do it, that could ding your score, but if you're just moving between existing accounts, it's no problem.
2007-10-01 12:09:47 · answer #7 · answered by likepepsi 7 · 1⤊ 0⤋
It's more important to keep your interest expenses low than to have a low credit rating. Do what is best for you financially.
2007-10-01 12:21:39 · answer #8 · answered by hottotrot1_usa 7 · 0⤊ 0⤋