Transferring CC balance to lower interest LOC, credit score impact?

[BridgetM]

I have about $5K in debt on your garden-variety credit card with an interest rate of about 19%. I have about $2K on a Gold Option LOC through BOA and plenty of space to take and move the CC balance to the LOC, which has a 5.74% rate. The move would mean one bill, not two, and plenty less interest in the long run (expecting to have balance paid 12 months from now, if not sooner). 

Any ideas of how this move would this affect my credit score? In the short term, I'd probably be at close to half rather than 30 percent of the total CL. I'm not looking for a mortgage, etc., at the moment, but might in the next 18 months or so.

Thoughts? 

[marty56]

Welcome to the forum.

The total effect on doing this not only depends on going from 30% to 50% on a single card but it is also due to the number of cards reporting a balance and what the util was on those cards.

If you set a goal for the LOC to be PIF in 1 year and dont revolve a balance on those other cards,  you might not get a hit at all but if you do, once the LOC is PIF, your scores will recover and you will be in good shape to go after a mortage.

Still use the other cards but PIF by the due date.  I would only allow 1 other card to report a balance so alternate their use.

[BridgetM]

Thank you. I'm glad I found it! Making that move should help things go PIF a lot quicker.

Thanks again.