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

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

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.

Sub: #1 posted on Mon, 01/22/2018 - 02:11

(Posts: 3937 | Credits: )

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.

Sub: #2 posted on Mon, 01/22/2018 - 05:46

Barbara Delinsky Barbara Delinsky

(Posts: 432 | Credits: )

Balance transfer may help you if you can manage your debts and pay them off within the low introductory period; in turn, it will help you boost your score.

Sub: #3 posted on Tue, 01/23/2018 - 05:27

Mabelle Page Mabelle Page

(Posts: 295 | Credits: )

It will be insignificant. But as you have paid off the debt, your score will improve.

Sub: #4 posted on Wed, 01/24/2018 - 00:16

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

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.

Sub: #5 posted on Tue, 01/30/2018 - 21:16

madamemoney1lady madamemoney1lady

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True. But check the offer minutely, especially the term.

Sub: #6 posted on Wed, 01/31/2018 - 02:42

ditchdebt ditchdebt

(Posts: 679 | Credits: )

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

Sub: #7 posted on Thu, 02/01/2018 - 05:07

Good Nelly Good Nelly
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