Ask:
I know I have heard people say they keep transferring their balances to lower interest introductory offers until they can pay the credit card off. But I was wondering if this would look bad on your credit report? I always thought it would look better to just stick with one company for a long term? Opinions, please???
Answer:
From what I understand it can look bad, but I don't know number-wise how it would affect your credit score. I've done it--a few times I had to take out cash advances when money was really tight and those interest rates are outrageous so I rolled them over to 3.99%. I think it can look bad because you have an account that now has a zero balance but there is potential there for the consumer to rack that card up again.
Answer:
It hurts if you have a lot of accounts opened up in a short period of time. It hurts if you have a lot of credit lines open with potential credit that you could charge up. It hurts if you don't keep any credit accounts with a long history.
Other than those factors, I wouldn't spend hundreds of dollars extra a year just to improve my credit score by a couple of points.
Answer:
We got an offer from 2 c.c. compagnies offering 1.9% for one year. I'm really thinking about transferring my overdraft balance (wich is at 7% interest) on one of those cc (if I qualify of course). This would mean a couple of hundred $$ less paid in interest for the year.
Did you do it & were you satisfied??
Answer:
I too am currious about this. My 0% intro will be up end of November, I am getting a ton of 0% 15 month balence transfers on opening a new card. I haven't gone nuts with having a card for everything. I will keep my current card open because I know it is good to keep your oldest one. For me the 12%apr would hurt more then the slight damage to my credit score.
Answer:
I think it would only impact if you were constantly moving around a large sum. They look at your debt to earnings ratio, I think. Also, if you make late payments anywhere on the debt, that will look bad.
But if you were to keep the ammount low and always pay at least the minimum and on time, I think it will be okay....but I'm not totally sure.