Question regarding Balance transfer

[Anonymous]

I have got a promotional BT offer on my BofA CC where i can cash my BT checks with 0% APR for 12 months and a 3% transaction fee.

If i cash my entire balance on BofA cc and if it is 50% of my overall credit limit, i know that my credit score will take a good hit.

I don't have any plans of applying new CCs for another one year. Can anyone confirm that my credit score will bounce back immediately if i pay back my BT amount in a year?

Do you see any other negatives?

[Anonymous]

Your score will bounce back once your utilization goes down. It might not drop much if your overall utilization is low. But if so as it drops you'll start to see a gain.

[Anonymous]

Your score will bounce back once you pay it off.  As long as you are not late on payments, you should be fine.

[Anonymous]

If you are using the balance transfer to pay off multiple accounts at the same time, in the next two months or so your score will come up and offset higher utilization on the one acct. I've experienced this numerous times as every lender reports different times of the month you will see incremental increases. If you are borderline OCD you will be logging in all the time to look for changes.