topic Re: Balance Transfer Question in Credit Cards

Balance Transfer Question

Jaylima91 — Mon, 14 Jul 2014 13:47:38 GMT

Alright guys, so I am new to credit and have a question. I have a CapOne QUIKSLVR one card with a $1500 CL and $98 balance. I am not longer interested in keeping this card and would like to transfer that balance to a better card. Now I am not sure how balance transfers work and if what I am requesting is even possible. Please keep in mind this card is one of my oldest cards so I am wondering if it would also have a negative effect on my AAoA. What do you guys think?

Re: Balance Transfer Question

Creditaddict — Mon, 14 Jul 2014 14:02:26 GMT

Balance transfer would be to pay the $98 off and you can't balance transfer less than $100.

Looks like you have the CSP which would a much better card so I wouldn't worry about closing your Capital One as long as your other balances are low too.

Re: Balance Transfer Question

PlasticOrPlastic — Mon, 14 Jul 2014 16:31:26 GMT

Why would you balance transfer $98? Pay it off and close the card if you no longer use it, you have some other nice cards so I wouldnt worry about CAP1 since itll report positive for 10 years after closure.

Re: Balance Transfer Question

Jaylima91 — Mon, 14 Jul 2014 16:38:07 GMT

That was my main concern. So it doesn't affect the AAoA if I close the Capone card? It still reports positively?

Re: Balance Transfer Question

PlasticOrPlastic — Mon, 14 Jul 2014 16:56:32 GMT

@Jaylima91 wrote:
That was my main concern. So it doesn't affect the AAoA if I close the Capone card? It still reports positively?

Yes you will be fine. Pay that 98 bucks off, close the card and it will remain on your CR for 10 years as a positive tradeline. I did this with both of my Quicksilver cards.

Re: Balance Transfer Question

Jaylima91 — Mon, 14 Jul 2014 17:04:45 GMT

Thank you much! I now understand

Re: Balance Transfer Question

Jaylima91 — Mon, 14 Jul 2014 17:05:11 GMT

Sorry for Typos. I am on my iPhone.

Re: Balance Transfer Question

Florida1990 — Tue, 15 Jul 2014 04:17:50 GMT

Pay the $98 cash or bank account and close it since it will report for a decade.

Re: Balance Transfer Question

takeshi74 — Tue, 15 Jul 2014 12:48:16 GMT

@Jaylima91 wrote:
That was my main concern. So it doesn't affect the AAoA if I close the Capone card? It still reports positively?

There's a sticky for that question:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

@Jaylima91 wrote:
Now I am not sure how balance transfers work and if what I am requesting is even possible.

It might be but I don't think it makes sense to transfer a $98 either. You need to check the BT terms for the cards that you want to transfer the balance to. It's not unusal for BT's to incur a fee.