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Established Member
Posts: 46
Registered: ‎04-18-2013

Balance Transfer from Discover to C1, then back to Discover. Will this work?

[ Edited ]

First, let me say that I am asking for advice, not judgement.  I have several open credit cards and all are paid off.  My Discover card, however, has a $1500 balance with a low interest rate, good cash back bonuses, etc. and will not be paid off for several months.  In attempt to boost my score a few points, I am thinking about transferring the $1500 balance to another one of my cards (no balance transfer fee, same APR as purchases) just before Discover reports and then transferring it back onto Discover before the other card reports.  I have a couple of weeks in between when the two report and have figured out the reporting dates, etc.  I am well aware that this is not a long term fix, only a short term trick.  Will this backfire somehow on my credit report?  I don't see how unless they report balance transfers.  I know if I zero out/ pay down to less than 9% my Discover account that my score will shoot up several points and I need those several points ASAP in order to do a certain mortgage program.  Thank you for the advice and again, I don't need a lecture on being financially stable, etc... I am a teacher, do not get paid in the summer & paying off this card is simply not at option at the time.  Thanks Smiley Happy

Valued Contributor
Posts: 1,979
Registered: ‎04-07-2009

Re: Balance Transfer from Discover to C1, then back to Discover. Will this work?

This move will not affect your overall  credit utilization, it would help your utilzdation on that account to state the obvious. That said the FICO simulator may suggest how to transfer the balance and to which account trry using the pay down debt scenario. With your stated long term gaol of paying down the debt and if by doing the transfer it would save you money I do not see a problem with it.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Frequent Contributor
Posts: 491
Registered: ‎02-14-2013

Re: Balance Transfer from Discover to C1, then back to Discover. Will this work?

I'm not an expert on BT's, but from what I know, whether you get the desired fico effects or not, transferring the same balance back and forth can be risky for AA. I would read up on this more before taking a chance on this.

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