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transferring credit

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Anonymous
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transferring credit

Hi ~ I'm considering transferring high interest rate credit card to balance transfer offer of 0%.  If I move $1,000. at 17.24% to a 0% for 12 months (then 9.24%) ~ My card max is $8,500 and will bring my balance to $6786.00.  Is this going to harm my fico score?
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Anonymous
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Re: transferring credit

Your overall util shouldn't change at all.

 

The number of accounts reporting a balance shouldn't change at all either, since you will (I assume) go from having the high rate card carrying a balance to no balance and the low rate card going from no balance to carrying a balance.

 

Now, your score might take a hit if the card you BT to reports the balance before the other card updates and reports no balance, because your debt will appear to be double.

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