New Visitor
Posts: 1
Registered: ‎06-13-2007

transfering balances lowers FICO???

I transfered a balance from one CC to another. The receiving card was at 0 before the transfer.
So my overall debt load hasn't changed but by Equifax went down by 30.
Will it go back up when they realize the debt load was just transfered?
Or does putting a balance on a card at $0 count as a "new account"?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007

Re: transfering balances lowers FICO???

Did you close any accounts?
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007

Re: transfering balances lowers FICO???

[ Edited ]
Check your credit report for this. Both cards might be showing balances because the first one has not posted the transfer payment yet but the second card shows a balance. To the FICO score it see this as twice the balance. When the first card reports paid the balance went back to where it was and your score will bounce back. It does not count as a new card when you transfer a balance unless you just applied for it. It looks like you doubled your balance on your credit report one month. No harm done. I do it all the time. It only messes with your score for up to 30 days. It can also have the opposite effect too. Credit score can jump and then come back down if the first card reports paid before the second card reports new balance on it. :smileyhappy:

Message Edited by ilovepizza on 06-13-2007 03:11 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007

Re: transfering balances lowers FICO???

Be mindful of your cycle dates. Manage.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+