Will it hurt my credit score to transfer a balance from one card to another to keep it at 0% for another year?
152602
because you are effectively "paying" the higher balance credit card by transfering it, it shouldn't hurt anything - unless you make a habit of this
308406
Yeah-- don't fall for that "consolidation" stuff. It'll damage your credit.\n\nIt's all about the interest rate. Figure out what interest rate you are paying on your cards and try to get the balance(s) all transferred to the lower rate.\n\nA lot of credit card companies try to get you to use them by hooking you in with a zero or low rate for balance transfers. Get one of these offers and transfer all your balances to it. And don't put any purchases on that card! If you put a purchase on it, the zero interest rate no longer applies and won't until the entire balance is paid off.\n\nYou might not be able to get another card. If not, just pay the larger interest cards off first. If interest rates are the same, it doesn't matter if you pay on a bunch of cards or one-- you end up paying the same. It's a hassle to make more than one payment, though.\n\nJust play the rates-- pay higher rates off first; shop around for transferring to a lower-rate card or offer.\n\nGood luck!
1046295
I will try to answer your question as clear as possible.\n\nYour score IS NOT affected by your debt to income ratio. Your credit report shows nothing about your income. Your score IS however affected by your debt to available credit.\n\nCreditors only know the income you told them on the application. Although this is very much different when it comes to mortgage loans.\n\nTransfering balances from one existing card to another does NOT affect your score. Transfering balances from one existing card to a NEW card DOES affect your credit because you are opening a new credit card account.\n\nIf you have an old account DO NOT, I repeat DO NOT close it. This will affect your credit. All you have to do to increase the balance is call your creditor and ask.\nOld credit card accounts (in good standing record) are the back bone of a good credit score.\n\nLast but not least 0% introductory apr simply means that no matter what your balance is on your card each month, you will not be charged interest over this amount until the end of this introductory rate. BUT be careful, if you miss ONLY ONE payment, all that goes out the window and they can charge what ever they feel like.\n\nIF you miss a payment or send a payment late, you will incurr fees, any specials you had with this card will be gone, your score will plumit and what most people dont know is that what ever OTHER credit card company that finds out you made a late payment on other cards will also cancell any special and charge you a high interest rate. This is called the "Universal Default"\n\nI think you will benefit greatly from this article titled\n"The secret history of credit cards" (Part 1 & 2 are in the march issue) These were articles summarizing the report broadcasted on PBS.\n\nYou can find this article following this link and going to the articles in the March issue http://jrealestate.blogspot.com
578935
Transferring your balances from one credit card to another is not the solution to getting out of consumer credit card debt.  It will look like you cannot manage your debt and have gotten in over your head.\n\nI used to work for a major credit card company, and can offer some quick advice:\n\nDepending upon your current credit worthiness and the amount of outstanding revolving debt you carry, you may not be eligible for obtaining another card with a limit which can accomodate your current balances.\n\nThat said, also be aware that credit cards and your payments toward them are allotted into 4 categories: \n\n1) Purchases\n2) Cash Advances\n3) Balance Transfers\n4) Other\n\nLet us put this into a practical example:\n\nLet's say you just purchased $100 in clothes at your favorite store, and you charge it to your credit card, and let's say for example that the interest rate is 10 percent.  That transaction falls into category "1", purchases.  You are now carrying a balance of $100 dollars on your account.  The next day, you decide to transfer all your balances from other credit cards onto this same card, in order to consolidate your bills and take advantage of a "zero percent" offer.\n\nLet's say you transfer $1,000 in balances.  This falls into category "3".  So far, you have $100 in category 1, and $1,000 in category 3.  Still with me?\n\nNow you make a payment of $100.00, so that you won't have to incur that 10 percent interest for category 1.\n\nWhat actually happens is that the $100.00 is applied to your balance transfer in category 3 FIRST.  Credit card payments start with category 4 (some companies name them A, B, C, and D) and filter their way to category 1.  \n\nSo now you end up getting charged 10 percent interest for  all your puchases month after month UNTIL you pay off the $1,000 at zero percent.  The more purchases  you make, the more interest you are paying.  Essentially, any card carrying a balance transfer is no good for making purchases, because you cannot pay those purchases off until you pay the transfer off.\n\nSo even though you are getting zero percent, you are still paying interest.  Sneaky, eh?  Imagine if your interest rate wasn't 10 percent, but 18 percent?\n\nThe best thing to do is go to your bank and ask about taking a consolidation loan.  If approved, they will ask you to close your accounts and they will pay them for you.  You will make payments to the bank at a lower interest rate, and everything will show on your credit report as "paid as agreed".  \n\nDO NOT use a debt management service, because that often appears on your credit report and reflects negatively- it looks as though you can't pay your bills responsibly.\n\nThe difference between getting a bank loan and a debt management service is that the debt management service negotiates with your creditors to accept smaller monthly payments to eventually pay your balances, while the bank pays them in full.\n\nAfter all is said and done, the best way to manage your finances is to live below your means.  If you don't can't pay cash for it (the exceptions being a house or a car) you probably don't need it, or you're going to have to wait to save money for it.\n\nLearn to live that way and your life will improve drastically.\n\nGood Luck!
996293
The company should send you a new one with a new expiration date. The outstanding balance stays "open" until it is paid regardless if you use the card anymore or not.
75628
If possible, try to get  your higher rate balances onto one low rate card.  Then use the free introductory period (sometimes up to 12 months) to pay down the principal.  Here's a site that features many 0% balance transfer credit card offers:  http://www.creditcards.com
467442
Get a new card that allows you to do a balance transfer at no cost. on an existing card make a huge purchase that can be returned after 60 days. After 30 days do a balance transfer from new card to existing card. Now return the item/s purchased on the 58 day ( 59th day just looks hoke). Now use the money from the existing card to pay off the new card. Moral of the story: the more you charge and pay off the better your credit score. You have to charge and pay off.
762867
Yes it will keep your fico score down as long as they continue to report it every month.\nYes its possible you can get a new credit card but the rates will be higher.http://www.hsbcusa.com/personal/credit_cards/orchard_mastercard_product_info.html\n4.You can try to wait them out and it will get a little better but your score will stay low as long as they report on you even if you have good accounts.\nTo be honest its no way to beat the system you have to pay your debts or your credit will be bad and you will have a low fico score.\nI just went through the whole thing, I only had one bad account a credit card charge off. All of my other bills were in good standing but I saw my score drop to 558. I waited and disputed the original creditors and got them removed. The collection agency that bought the account started to report as my score increased back up to 640 the collection agency would report it as late derogatory, charge off. I was back down to the 550 range. You have to be careful because if the balance is high enough they will sue you in court and possibly garnish your wages and enter a judgment on your credit report. It was a headache for me so finally I just settled the debt and disputed it off my credit report. Good Luck! and here is a link that may help you find some information on disputes and debt validation etc.\n\nhttp://credit-repair-basics.credit-repair-forums.com/
1010925
whatever you do don't pay it off. something that old no longer has any effect on your score so just leave it and be thankful. charge offs look bad on a credit report bcuz it shows that not only did you not pay on time, you barely paid at all and the only result was to charge off your account in hopes of retaining some money back. should you decide to pay off the card think about this. once you pay off that balance, the bad credit history from that point up until now will come with it. You will actually lower your score drastically by paying off your old debt. leave it alone a nd move on.
860036
I did that with my fiance.  I would only do it with someone you truly trust. I put his cc balance on mine because I had 0% int on trainsfers for  a year!
268916
Not if you close the old account.  If you keep it open, it will add to your "available" credit and lower your score.
648245
If your credit score is excellant, try 0% APR credit cards from citi.com who charges no transaction fee and they even let you deposit the balancer transfer checks in your bank -- it is virtually interest free loan for 1 year -- provided ofcourse you qualify. Good luck
867279
The way I done it was to open a credit card account with a no annual fee and a 0 apr on balance transfers for a 6 months to a year. Then working on paying as much as you can a month to get it paid off before the apr kicks in.\nIf you can't open another credit card, check about transferring your balance to an existing card with the lowest interest rate.
185778
if you are able to get a credit card from another credit card company with the promotion of transferring balance with low rate or 3.99% or 0% (promotion usually end in 6 months), then you can cut your interest at least 6 months. Also, if you have line of equity and you can use that to cover your credit card balance instead (assume you don't have more bills from credit card company). Line of equity interest usually lower than credit card interest a lot. However, if you cannot get either of the suggestion works for you, then you're better not to use that credit card again until you pay it off. You have to pay it more efficiently, like to pay triple of the minimum amount, or lump sum payment if you can to cut back the principle you own.
840424
you can get 1 free report from the bank annually. it costs no money and your score will not change\n\nif you do more then 1, it may drop by a few points, nothing major though
1046044
Maybe not an exact reward but in an aspect you get rewarded by not paying as much interest, but be careful some of the fine print may hurt.  Some cards charge $75 +- to transfer your balance over and then of course take into consideration they will hit your credit score.  You may get some bonus points if they do some sort of special where you can later redeem points for goods....\n\nOh, yeah....I almost forgot make sure you read all the fine print b/c some cards will raise you to the default rate if you are delinquent on ANY of your other bills i.e water, electric, phone, car, anything.  Very interesting.
1146066
I must disagree with our Chase expert.  Doesn't anyone bother to visit http://www.myfico.com and actually STUDY their answers first?\n\nWhen you lower your credit limit, you will effect your debt/credit ratio.  That in turn lowers your credit score.\n\nHowever, in your case, you don't have that great of a limit to begin with.  The small drop will recover in a few months.\n\nYou will do much greater damage by canceling cards.  But I understand your concerns.  The temptation of running up your cards is hard to fight.  I've seen many time how people get balance transfers or consolidation loans to pay off their cards, then run them right back up again.\n\nIf the card with $5000 is fairly recent, I would consider canceling it.  Having 3 cards is good enough to establish a credit rating.  Keep one at $2500 and lower the other two.  \n\nDon't do all this at one time!  Wait a couple months between changes so your score doesn't take a huge drop.  If you are planning a major purchase in the near future, don't do anything until afterwards.