Balance Transfers

[tg55]

I am considering transfering one of my credit card balances to another card? I need to know if a hard inquiry will be made and whether or not the credit card that I am transferring will be closed and will it effect my credit report? Thanks!

[Anonymous]

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@tg55 wrote:

I am considering transfering one of my credit card balances to another card? I need to know if a hard inquiry will be made and whether or not the credit card that I am transferring will be closed and will it effect my credit report? Thanks!

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@tg55

I moved your post to the credit card forum where balance transfers are usually discussed.

Balance transfers from one card to another do not result in a hard inquiry nor does it result in any of the cards being closed.  It can affect your credit reports for a short period of time if the balance is reported in both cards because BTs can take up to a couple weeks to complete depending on the credit card that you use,  Also it can be affected if your overall utilization in either cards drops or goes up to a high percentage of your card.  For example if you transfer $2000 from a card that has a credit limit of $10K to a credit card that has a limit of $2500, the 80% utilization on the card you transferred to would affect your scores until you pay it down.  Hope this helps.

[Anonymous]

OP, it is very possible that the lender to whom you are transferring the balance will do a SP of your reports once you place the balance transfer request.

BoA often does this when a customer places a balance transfer request, and other lenders may as well, so it helps to ensure that the rest of your report is in order (i.e., not having other cards with unusually high utilization, high overall utilization, large spike in overall spend, or any negatives). It's always a good idea to put your best foot forward. Good luck and it will be fine!

[tg55]

Thanks, I appreciate the answer!

[tg55]

Thanks for the info!