24
Will merging two cards from the same company affect the credit score? In this process one of the accounts will be closed. I did this once when i was offered 0% APR for 6 months, but that is completed on one of my cards. I got one more card from the same company and am willing to do the same to avoid APR on my old card. Please advise.
- anon47130
23
i do not have a debt, but i want to transfer a balance from bank of america to discover because i get the rewards from discover when i purchase something. will the transfer balance process affect my credit score?
- anon46979
21
Watch out! Some credit card companies like Capitol One, will invoice the balance transfer fees as purchases and charge you interest on that fee. There is nothing you can do about the interest or to pay the fee until the amount you transferred has been paid.
- anon40473
19
i opened 2 credit cards a year ago that I have 0 percent on for 12 months. I recently paid both of them off and they are at 0 balance. Should I close both of them? or one of them to improve my credit, or should I keep them open for a while with very little use, seeing as I just opened them only a year ago?
- anon39622
18
Recently, I got a new credit card and transferred few balances to that on the phone.
I was in the impression that they will charge be a balance transferring fee of 3% ( or max of $75) for the total transfer I do, but they charged me 75 US$ for each transfer.
Just wondering what they did is correct?
Thank you
- ug301
17
Will a consolidation credit card pay the cards with the smallest balances and lowest APRs first or do they have to make at least the minimum payment to each of the cards I transfer to it?
- anon24965
16
Is it possible to transfer the balance of an account that has already been closed for use by the credit card company itself? I lent my good credit so to speak to someone close to me and it blew up in my face leaving me with credit cards still carrying balances that I still have to pay every month, but were closed for use because of these bad marks on my credit report. I cannot refinance, but could I transfer these balances to a consolidation credit card for example?
- anon24858
14
I am planning to apply for a card that offers 0% interest on balance transfers and purchases for one year, plus no transfer fee. Perhaps this is a dumb question but the offers says that "For each billing period that your account is subject to a finance charge, a minimum total finance charge of $.50 will be imposed." Does 0% interest mean that my Finance Charge will be $.50, effectively zero? That is, is the "finance charge" = "interest", meaning both are zero? Or is a "finance charge" something in addition to "interest"?
- gco3787
13
i have good banking with barclays they have sent me two cheque each of 5000 for balance transfer. i have another credit card from capital one with outstanding of 300 can i pay barclay 5000 to my capital one credit card.
- toshiba
10
1) Do not close your old credit card accounts out. It will lower both the average age of your accounts (15% of your credit score), and your debt to credit ratio (30% of your credit score).
2) Yes, opening up a new credit card account lowers your credit score - but not by much. New accounts only make up ten percent of your FICO score.
3) Balance transfer as often as you must to get your total amount owed under 30% of the total amount you can borrow.
4) Transferring a balance effects your credit score several ways:
- You take a small hit because you opened a new account.
- Your score may increase because you now have an unused card with no balance. This actually makes it look like you owe less money (on your credit report) because you now have a higher available amount you can charge.
So, the best thing to do is to balance transfer at the best rates you can, *do not* close the old account out, and do not charge any more money on anything until you get your total balance down under 30% of your available credit (all cards included).
You can also get all three of your credit reports each year for free.
- ConnieBrooks
9
i have 2 cards that are offering 0% balance transfers. on one card i have a 0% apr on purchases that gets over next month. I have about 3000 on that card. On the other card i have about 4000 @ 9% apr. I am thinking of a BT to the card with 0% apr on purchases and then transfer the balance from that card to the card with 9% apr on purchases. That way I will have 0% interest on 7000 for about a year. Is this a wise move? Please advice.
- anon13719
8
You can txfr once every 6 months without damage to your credit score, but more than that may damage it.
I agree to keep credit cards open and that will improve your open credit to debt ratio, which will improve your score.
You will have to see what the card offers you, it may not be enough of a limit to cover your maxed out card, but shop around.
- anon12834
6
I am soooo not good at this stuff.
If I have a credit card that is pretty much maxed out, can I still transfer that? and can I transfer a few cards on to one other card?
- anon7685
5
I heartily disagree, olittlewood. I have three to four credit card accounts with half a dozen banks and have always utilized that 0% intro rate to insure my payments go only toward paying down my balances. My score has never gone under 690 in 7 years. I recently asked Chase to combine all four of my credit lines on the one card that was offering a 0% balance transfer offer (with no fees) for 12 months. Setting up autopay when you get a new credit card makes things so much easier and insures no missed payments and great future offers.
- anon6374
4
be careful with this! getting in the habit of constantly transferring your credit card balance will desensitize you to having credit card debt and will eventually catch up with you on your credit score. your best bet is to research a good credit card that offers the lowest fixed rate, and PAYING IT DOWN! trust me, you'll feel much better!
- olittlewood
3
Immediately closing a credit card will damage your credit. You'd be better to keep both credit cards but not use one of them.
- anon3126
2
how does transferring a balance from one card to another affect your credit score and credit report? (i.e., will your score go down?)
- anon2616
1
so do you mean having 2 credit card account with "one company" may damage credit score?
- anon838