Balance Transfer Temporary Effect on Credit

Anonymous · ‎07-30-2016

Just a quick question for those who do balance transfers often.

When the balance transfer process to the account you transferred to, do your score drop by all the debt that has suddenly posted? (Because it take up to 2-3 weeks for the transfer to even show up on the other banks). Does that mean my score is going to drop for a weeks until my other cards finally receive the transfer information and reduce the debt?

Anonymous · ‎07-30-2016

@Anonymous wrote:
Just a quick question for those who do balance transfers often.

When the balance transfer process to the account you transferred to, do your score drop by all the debt that has suddenly posted? (Because it take up to 2-3 weeks for the transfer to even show up on the other banks). Does that mean my score is going to drop for a weeks until my other cards finally receive the transfer information and reduce the debt?

It's entirely possible tha both accounts will show the higher balance and cause a temporary score drop. Couple ways around this though. Try to time the transfer so that the card you are transferring to has just reported and won't show the new balance for another month. Additionally you can see if the card that you are using for the transfer has the ability to directly deposit a check or ACH transfer into your bank. That way you can pay off the card directly and not wait for the normal time it takes to transfer. Hope this helps.

Anonymous · ‎07-30-2016

@Anonymous wrote:
@Anonymous wrote:
Just a quick question for those who do balance transfers often.

When the balance transfer process to the account you transferred to, do your score drop by all the debt that has suddenly posted? (Because it take up to 2-3 weeks for the transfer to even show up on the other banks). Does that mean my score is going to drop for a weeks until my other cards finally receive the transfer information and reduce the debt?

It's entirely possible tha both accounts will show the higher balance and cause a temporary score drop. Couple ways around this though. Try to time the transfer so that the card you are transferring to has just reported and won't show the new balance for another month. Additionally you can see if the card that you are using for the transfer has the ability to directly deposit a check or ACH transfer into your bank. That way you can pay off the card directly and not wait for the normal time it takes to transfer. Hope this helps.

Wow, I wish I knew this before I even did the transfers last night! That would have been so much better. The BT 0% offer expires tomorrow, so I was trying to hurry up and complete it before then LOL

Anonymous · ‎07-30-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Just a quick question for those who do balance transfers often.

When the balance transfer process to the account you transferred to, do your score drop by all the debt that has suddenly posted? (Because it take up to 2-3 weeks for the transfer to even show up on the other banks). Does that mean my score is going to drop for a weeks until my other cards finally receive the transfer information and reduce the debt?

It's entirely possible tha both accounts will show the higher balance and cause a temporary score drop. Couple ways around this though. Try to time the transfer so that the card you are transferring to has just reported and won't show the new balance for another month. Additionally you can see if the card that you are using for the transfer has the ability to directly deposit a check or ACH transfer into your bank. That way you can pay off the card directly and not wait for the normal time it takes to transfer. Hope this helps.
Wow, I wish I knew this before I even did the transfers last night! That would have been so much better. The BT 0% offer expires tomorrow, so I was trying to hurry up and complete it before then LOL

Heh sorry. Always best to ask first here first Just remember any score drops will be temporary and rebound quickly so no lag term harm.

Anonymous · ‎07-30-2016

Usually for us its moving to cap1 or barclay ring for a brief period, and always seems that there is almost a full month before the balance reappears on the other card. When we both had less limits, our scores always seemed to go up, one time they even stayed, and there was no rebound. Now there is just now impact either way.