rudder214 asked:
Will transferring my credit debt to a 4th credit card hurt my FICO score? The APR is killing me on two of them.
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Will transferring my credit debt to a 4th credit card hurt my FICO score? The APR is killing me on two of them.
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#1 by xplorshinji - December 26th, 2009 at 12:47
Yes. Credit cards balance over 35% of total available balance will hurt your credit and so will total high revolving debt as in credit cards and department store cards. Make sure you don’t close your cards that are paid off.
#2 by edwardc3000 - December 26th, 2009 at 18:59
The only thing that hurts your FICO score (in reality) is late payments. Everything else (opening/closing/moving accounts) might temporarily (30 days) make a difference, but not for long.
Good Luck
ED
#3 by dottie - December 29th, 2009 at 09:23
If you are in that much money trouble, your FICO score already stinks. Just work on getting yourself out of debt. Good Luck!
#4 by Amanda - December 31st, 2009 at 11:27
If you have cards will a high apr and you can get one with a zero percent intro apr then transfer it will save you money and you can pay it off faster. It will not hurt your credit
#5 by abel jarrod - January 2nd, 2010 at 20:31
Credit card debt is an inevitable reality for most of us. Unless born with a silver spoon in the mouth, we find it pretty much difficult to keep up with the credit card repayment schedule, and the result is a good hefty credit card debt. Things go worse if the credit card debt is attracting high interest rates and causing further burden. Paying the monthly minimum is one of the options which we all find shelter in and this makes things even more disastrous. Is there a way out? Definitely yes. If you haven’t already heard of credit card balance transfers, read on.
Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.
Balance transfer has some good advantages let us look at a few of them.
Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.
Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period.
The repayment terms will also relax considerably as you transfer your balances.
Credit card companies bundle a lot of exiting features with the balance transfer program, this could be a no annual fee offer and your favorite reward program. Read more from: