cancel
Showing results for 
Search instead for 
Did you mean: 

Balance Transfers...

Frequent Contributor

Balance Transfers...

I have a few cards with balances on them. My new BoA card has zero interest for a while so I am thinking of transfering all my balances over to it and leaving my other cards all with a zero balance. It will still keep my BoA card below 50% utilization. Credit score wise is this a good decision?

Current Score: FICO EQ670-TU680-EX700
Wallet: Cap One Rew. $3500, Cap One QS $2500, Barclay $2650, Old Navy Visa $3000, QS-2 $2500, Credit One $2500, BoA $5000, Chase Freedom $3000, Slate $3000, Wal-Mart Discover $3000-STORE CARDS: Amazon $3500, Lowes $2000, Kay's $7600
Message 1 of 6
5 REPLIES
Super Contributor

Re: Balance Transfers...

Is the balance transfer APR 0% as well? Sometimes they're different. Also, is it gonna take you long enough to pay off the balances that your interest charges would be more than your BT fee? 

 

If you're not going to be able to pay it off for a while and the interest you would pay is more than your BT fee, than it's definitely an option. FICO-wise it would lower your "Cards reporting a balance" to 1 which would pop your score up a little AFAIK. 

Message 2 of 6
Frequent Contributor

Re: Balance Transfers...

I will have to check on the transfer interest rate, but I am almost certain that it is 0%.

Current Score: FICO EQ670-TU680-EX700
Wallet: Cap One Rew. $3500, Cap One QS $2500, Barclay $2650, Old Navy Visa $3000, QS-2 $2500, Credit One $2500, BoA $5000, Chase Freedom $3000, Slate $3000, Wal-Mart Discover $3000-STORE CARDS: Amazon $3500, Lowes $2000, Kay's $7600
Message 3 of 6
Valued Contributor

Re: Balance Transfers...

What's the bt fee?

               LIMITS IN CARD DESCRIPTIONS
Message 4 of 6
Frequent Contributor

Re: Balance Transfers...

I think jsucool76 is correct.  At least in my case those "little" balances on 4 accounts when combined, created a larger single balance owed and tanked my score by 24 points.

 

Message 5 of 6
Highlighted
Contributor

Re: Balance Transfers...


jsucool76 wrote:

Is the balance transfer APR 0% as well? Sometimes they're different. Also, is it gonna take you long enough to pay off the balances that your interest charges would be more than your BT fee? 

 

If you're not going to be able to pay it off for a while and the interest you would pay is more than your BT fee, than it's definitely an option. FICO-wise it would lower your "Cards reporting a balance" to 1 which would pop your score up a little AFAIK. 


+1

Current: EQ 791 / TU 788 / EX 752 FICO's (MyFico, Oct 2012)

*** NFCU Plat | USAA CR Amex | PenFed TR Amex | BOA Gold | JP Morgan Select | Amex BCP | Amex PRG | USAA Plat ***
Message 6 of 6