If you transfer a credit card balance to a new credit card will it hurt your credit score?
345681
That depends on what you do after you transfer it.\nIf you leave the balance like it is it wouldnt be good because now you have another line of credit. (which can be used to further your debt). It also depends on the limit of your new card. Typically it will be lower than your old one so if you want to transfer the whole balance at once you will be closer to maxing out the new one (percentage wise). This also can bring down your score. Try to keep your card at least 25% below it's limit. I would transfer and pay off a chunk at the same time. Then if the card you are transfering from is your oldest I would shred the card (but dont cancel the account).
912951
As mentioned above, there are a lot of good answers listed here.  To reiterate, it will have a positive AND negative effect on your credit becuase it plays with factors of the FICO equation.  Part of the FICO equation looks at how many creditors you have, part looks at how old the active creditors are, and part looks at how much credit you've been extended versus how much you've actually used.  No one in the general public knows 100% what the actual FICO eqution looks like because it is considered proprietary information of a very classified nature.  Fair & Issac will not release the full equation fearing that nefarious people would be able to manipulate it to their benefit and screw over a lot of companies while still maintaining an 820 score.  In 2000, the high courts forced Fair & Issacs to release generalized information on the equation...the courts argued that people's misconception about their credt and what affects it is needlessly hurting even good credit people's scores.  \n\nDone with the info/history lesson...here is the affect it will have:\nCancelling older cards will hurt your credit because it is cancelling long established accounts, regardless if the cards cancelled have balances or not.  \n\nCancelling the cards increases your debt ratio (amount of credit available versus how much you've used).  The closer you are to your available credit roof, the lower your score will drop.  \n\nThe score will look to improve on eliminating the number of creditors, but you're hitting the American average of 4.  If you have other store cards, then the closer you get to 4 creditors, it will help your score a tad.  \n\nAs many have said, what you want to do is not a bad thing but could have a slight, temporary negative impact on your score.  If you chose to cancel a card, aim for the newest cards and the cards with the smallest available credit.  \n\n**Possible idea that may have the least impact on your score**\nAssuming your credit is good because you have been paying your bills on time.  Total up all the available credit all four cards are giving you.  If you're comfortable with that available amount, call your two oldest cards and ask get them to respectively increase your credit limit.  If they increase to an amount you're comfortable with, cancel the newest two.  This way, your available credit limit stays the same, your creditor number drops and your debt ratio is minimally impacted.  Thus, your score should be only minutely affected.
46720
It's actually helpful to keep the card if you are concerned about your credit rating and you aren't incurring debt by over-using it. One of the major factors in determining your credit score is the percentage of your available credit you are using.\n\nAssume you have two credit cards with a $2,000 limit on each. If you have a $400 balance, you are using 10% of your available credit. If you cancel one card but have the same balance, it shoots up to 20%. That can hurt you.\n\nAlso, you'll need to use your card once per year to keep it active in the credit system. The amount does not matter. (It can stick around for 7 years but doesn't positively help much if usage is over a year old)\n\nLast, one smaller factor, is the age of your credit. Having an account for 3 years improves your score more than one for 3 months.\n\nWhile it may sound counter-intuitive, hanging onto the card may actually help you.
870770
You can raise your credit score substantially (30-50 points), by your debt to income ratio.\n\nHere are a few examples:\n\nFirst pay down you cards. (don’t close your accounts)  \n\nNext:\nIf you had 2 credit cards one with a $10,000 limit with $7,000.00 used and another card with a $5,000.00 limit with nothing used, transfer $2,000.00 from card #1 to card #2.  The credit Companies frown on credit cards that are used over 50% of their limit. \n\nIf you keep you cards at or under 50% of the credit limit and pay the bill on time your scores will go up fast.\n\nIf you can’t balance your card out because of other credit issues, another way you can try is get on someone’s (a GOOD friend or relatives) department store or gas card account as a card user only (you won’t be responsible for there debt). Be sure this person has good credit and make all payments on time, if they don’t this will work against you.\nEvery month when the credit is reported you will receive the benefit of your friends good payment history. That in turn will raise your credit scores and make new credit more available to you. (this should take 30-60 days)\n\nThere are also other ways to raise your scores.\n\nGood Luck
556179
Well consider this when you settle an account it is shown as a "settlement" on your credit.  So this will affect your score.  Certainly better than a default, but not as good as "paid in full".\n\nI would call the companies and negotiate.  Come in low... let them come in with a higher $ amount.... then agree to their $ amount under the condition that it is reported as paid in full vs. settlement to your creditors.\n\nGET IT IN WRITING!!!! \n\nThen pay it.\n\nWe did this with one card, paid a settlement and then they still tried to collect the balance!  It was a HUGE mess to show that we did our part.\n\nSo make sure you get it in writing and make sure you pay it ASAP!  The faster you can pay it the better.
791251
It depends on your total credit available. You want leave 50% or more of your credit line open. For example, you have two cards with limit of $1,000 each. If you have $500 balance on one and $0 on the other, you currently have 75% credit line open. If you cancel one card, you will have 50% open. That will affect your score somehow. If you have ample credit line, it won't matter.
466876
If the card is in your name with your social security\nnumber, yes it could hurt your credit rating.  Check with\nyour employer, or call the credit card company and find \nout.
925526
KEEP THE CARD!!!!  Part of the calculation of your FICO score is legnth of credit history. IF you close a card that you have had for several years, it will LOWER YOUR FICO SCORE.  \n\nBest thing is to keep it open, charge something on it each month, and pay it off.
751722
Call your credit card company immediately and have that card cancelled and a new one issued.  Yes, they can take all the balance.
250326
Typically raising your score by 10 points will not affect your scores enough to change your interest rates unless you know you are 10 points or less below the next credit tier(an auto loan example)\n\nI paid off my Macy's card last month and it was less than 50% utilized(I had a balance less than 50% of my credit line) and it only raised my FICO score(Equifax) by 12 points. I actually thought it would raise my score more since this was the only credit card I had that had a balance. \n\nGo figure, that's why credit scoring doesn't always make sense.\n\nGood Luck
644
It may actually hurt you FICO score.\n\nOne part of the score is the amount of credit used versus the amount of credit available. So, let's take a look at an example:\n\n$200 total credit available\n$175 total credit used\n Ratio of 0.875 (high)\n\n$5000 total credit available\n$1000 total credit used\n Ration of 0.2 (relatively low)\n\nThe bottom ration of 0.2 is more ideal. Credit companies have found that the higher the ratio a person has (they get credit and max it out), the less likely they will pay it off.\n\nOf course some store credit cards do not report to the credit bureaua unless you go to collections. So it doesn’t matter what you do with them as long as you don’t stop paying them.\n\nIt’s best to just hold on to them. You might even consider having the credit limit taken up (but don’t max them out). It’s not how much of a limit you have that’s important to the credit companies, it how much of it you’re using.\n\nAlso you may want to consider the fact that although your credit score may not be affected very much if you cancel your card, if the store reports to the credit bureau, other companies will see that you canceled a card. To other companies, this means if they give you credit, you’re likely to just cancel it. Meaning you may be more of a hassle than you’re worth.\n\nHope this helps.
1020589
no you dont need to transfer funds . you just put the credit card on file as your source of payment, and it will charge your card.
80694
It's really going to depend on the account. Honestly it could actually cause your score to decrease. Ageing plays a role in credit scoring even though it is a negative. However, getting rid of a negative is worth the small risk of losing age in the long run. Fico is so fickle no one can really tell how much it's removal will increase your score. Start with disputing the incorrect information. If they come back verified, send a DV (debt validation letter). You want to send it CMRRR (certified mail return receipt requested)Good Luck!
1145391
I totally agree with Renita M's advice.\n\nMy concern is your eagerness to aquire more credit when you are apparently starting to get in trouble with your current debts.  I don't believe balance transfers will help you this way.\n\nMany times I've adviced one person to get a card with a co-signer with good credit.  But that won't help you if you are already in debt.  Having more available credit may hurt your own score.\n\n\nHow much equity do you have built up in your home?  Would a home equity loan help your situation?
268916
Not if you close the old account.  If you keep it open, it will add to your "available" credit and lower your score.
949223
Paying off the card will not clear the negative data from your credit. It will change to show 'paid off' but the missed monthly payments and collection activity will remain reflected on the report and affect your overall credit score. Unless...you are able to make a deal with the card company for a full immediate payoff if they agree to ask the info be removed from your credit report (and get it in writing first). If you need something immediately, it makes no difference anyway. Even if you can make a deal with the card company, it will be 3-6 months before your report is cleared. Myabe you take the high interest loan now and re-finance later?
560283
Maybe she doesn't understand.  Tell her you want to transfer your balance from another card to your new card.\nIt's possible that the type of credit card you got does not offer balance transfers..