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Will my credit score drop if I opt for balance transfer?

Date: Sun, 01/21/2018 - 22:55

Submitted by Jenkin54
on Sun, 01/21/2018 - 22:55

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Total Replies: 7

Will my credit score drop if I opt for balance transfer?


Will my credit score drop if I opt for balance transfer?


A balance transfer might affect your credit score by considering these factors:
1. The total amount you've transferred
2. The available credit limit
3. If you're transferring to pay off a credit account in full
4. If you're closing the credit account.

As SC said earlier, overall your credit score will rise since your credit utilization ratio will drop.


lrhall41

Submitted by Barbara Delinsky on Mon, 01/22/2018 - 05:46

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There can be a small dip on your credit score if you apply for multiple balance transfer cards. Otherwise, your credit score may increase since your credit utilization ratio drops.


lrhall41

Submitted by SC on Mon, 01/22/2018 - 02:11

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In short, a balance transfer means switching your Credit Card outstanding balance or dues to (typically) a new Credit Card. In other words, you can apply for a new Credit Card with a balance transfer option where in your new card company will pay all your previous dues to the old Credit Card Company.


lrhall41

Submitted by madamemoney1lady on Tue, 01/30/2018 - 21:16

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Usually, there will be certain terms and conditions, which you need to be aware of. Be aware of the introductory offer (interest rate) period.


lrhall41

Submitted by Good Nelly on Thu, 02/01/2018 - 05:07

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