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Stupid question about CC Balance Transfers
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Stupid question about CC Balance Transfers
When you take balance transfer offers on certain CC's (i.e 1.99% interest for 18 months, etc)
how much does it affect your credit score when you do multiple ones in a short about of time (say 3-6 months) 6months ago I did a small transfer (about 800.00) and then 3 months ago an 1800.00 one.
I am looking to do a $500.00 one b/c I am in need to free up some cash.
I'm VERY GOOD at managing my bills this way and I never really get hit with any interest charges, just the fees for the transfers.
But if I did 3 within 6 months, does my credit score drop significantly and if so, how long does it take to recover?
I have always had excellent credit... score is usually in the mid to high 700s.
We are not looking to buy a house or car or anything that would require a credit check at the moment so I don;t think it matters if my score drops slightly.
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Posted 10/5/11 2:38 PM  |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Stupid question about CC Balance Transfers
It's not the transferring that really affects the score, it would be if doing the transfer raises your debt to credit ratio.
So if you transfer a balance from one card and apply it to another one, just make sure that the one you are transferring doesn't raise your debt/credit ratio on that card significantly. Keep it under 15-20% for each account and the transfers shouldn't make much of a difference to your score at all.
The Don does this ALL THE TIME and I'm pretty sure he has a balance from 2001 that he just keeps transferring to 0% offers just because he finds it hilarious to screw the card companies....and his score is nearly 800.
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| Posted 10/5/11 2:41 PM |
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MrsKS
Thank You St. Gerard.....
Member since 12/09 8306 total posts
Name:
Kerri
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Re: Stupid question about CC Balance Transfers
Posted by MrsPJB2007
It's not the transferring that really affects the score, it would be if doing the transfer raises your debt to credit ratio.
So if you transfer a balance from one card and apply it to another one, just make sure that the one you are transferring doesn't raise your debt/credit ratio on that card significantly. Keep it under 15-20% for each account and the transfers shouldn't make much of a difference to your score at all.
The Don does this ALL THE TIME and I'm pretty sure he has a balance from 2001 that he just keeps transferring to 0% offers just because he finds it hilarious to screw the card companies....and his score is nearly 800.
this is true.
but I would also like to add on that having a lot of credit checks in a short period of time can also effect your credit score. As well as opening more credit.
Usually, if you have a lot of credit checks (when you open a new card they run your credit) that could drop your score a little.
Sometimes, opening more credit can help you though because it changes your debt credit ratio (I would keep the old cards open to increase that ratio).
SOOO many different things can effect your credit, it's hard to give a definite answer.
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| Posted 10/5/11 2:56 PM |
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HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
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Re: Stupid question about CC Balance Transfers
Thanks guys! I keep my CC balances pretty low and I have a cap on the amount of credit I have on each of them.
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| Posted 10/5/11 3:43 PM |
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