Reply
Regular Contributor
Posts: 233
Registered: ‎02-22-2012
0

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 EQ657-TU660-EX691
Wallet: Cap One Rew. $3500, Cap One Plat. $2250, Barclay $3000, Old Navy Visa $2500, HSBC $2000, Credit One $2100, BoA $3000, Chase Freedom $1500, Wal-Mart Discover $2500-STORE CARDS: Amazon $3100, Lowes $2000, Kay's $7600
Super Contributor
Posts: 5,301
Registered: ‎12-11-2011
0

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. 

;
Regular Contributor
Posts: 233
Registered: ‎02-22-2012
0

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 EQ657-TU660-EX691
Wallet: Cap One Rew. $3500, Cap One Plat. $2250, Barclay $3000, Old Navy Visa $2500, HSBC $2000, Credit One $2100, BoA $3000, Chase Freedom $1500, Wal-Mart Discover $2500-STORE CARDS: Amazon $3100, Lowes $2000, Kay's $7600
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Balance Transfers...

What's the bt fee?

               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
Posts: 455
Registered: ‎06-08-2008
0

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.

 

Contributor
Posts: 92
Registered: ‎06-16-2012
0

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 ***
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.