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I've never done a BT before and don't need to now. I'm just curious how they appear on a CR.
1. Are they noted in some special way?
2. Does FICO lower your score because you've done a BT?
3. Is your score only changed because of differences in util on a different card? Seems like your score would go up for lower util on a new BT card w/ a higher limit?
4. I've seen people say they BT into a checking account. Can you actually do that? And how is that different from a cash advance? Something else I've never done.
Thanks.
Thanks for the info. That helps clear things up. As a follow up then, the only place you would see a BT noted then would be on your statement from your lender? Also then, is the cash advance cc's have only if you use your card with a pin at an ATM? And the reason for my post is I sometimes get those blank checks from my cc issuers (Barclay in this case). Those are the BT checks you're talking about I suppose. Those could be useful if I ever did need to move balances around in the future. Fortunately I've never needed BT or cash advance. Thanks.
Balance transfer don't appear on your report at all. It's a balance like any other. Whether from purchase or other lender. Shows the balance owed on your credit card. Not where it came from.