Do balance transfers negatively affect your credit score/report?
Do balance transfers negatively affect your credit score/report? I usually transfer balances to my 0% APR balance transfer card with no fees and then pay them off. I never have a late payment, etc, but was wondering if transferring balances directly affects your credit report or score. Thanks!
P.S. It is transferring to the same credit card each time, since the offer has no fees. It is good until April 2007. So I am not opening a new card each time I transfer, and the transfer is going onto the card when it is a {content} balance. Also, my credit cards are not high or maxed-out by any means. It just gives me a few more months each time to pay off 0.00 or so.
Thanks!
Related Credit Card Sites
- Using 0% APR Balance Transfer Credit Cards to Pay off Debt
- Healthy Financial Habits » Blog Archive » Best low zero percent interest rate balance transfer credit cards – 0 APR credit card balance transfer deals June 22, 2010
- How to Get a Free Credit Score Report - Your FICO Score in No Time | ALBERTAM
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If you are opening new accounts each time you transfer balances to a 0% card it will affect your credit report and score! It’s best to have only a few major credit cards open and keep them for a long time, than have a long list of recently opened accounts. Lenders are more likely to view you as a responsible borrower if you have older accounts. Call your card companies and ask for lower rates on all your cards-they often do it, especially if you threaten to close out and move elsewhere.