Will a balance transfer help credit? hurt credit? or not do a single thing?

[Anonymous]

So I kept getting flyers for the Chase Slate card these past few months so I decided to go for it as they claim to be the best for balance transfers and it'll probably save me money. I got the 7-10 day message on Saturday, but I called yesterday and got the $6200 approval. (yay)

Anyways, I have 1 Capital One card thats probably 6-8 years old with $3700/4000 on it. I'm thinking of a balance transfer to move that $3700 to my new Chase card with a $6200 limit but I've never done that before. Good plan? or will it not help?

I'm quite new here but I started at a 600 credit score and now I'm in the 720's-740's across the board, after managing my credit better within the last 2 years.

Back in 2006 I racked up $13k in debt and never a late payment but struggled to pay it back so I got with Take Charge America to close those accounts with Bank of America, First Financial, and Capital One and they negotiated better interest rates. Took 5 years to pay it off and even after it was done I couldn't get approved for a car loan to save my life with a 620 score. Now all of the cards below have been opened in 2016, besides the first Capital One and the Chase I was just approved for. Also I was approved for a $69k new truck January 2016 with Suncoast Credit Union at 3.5% at 84 months which is their top tier rate at 84 months.

Capital One- $3700/4000

Capital One- $0/3750

Capital One- $0/6500

Suncoast CC- $0/6000

Harley Davidson Visa- $0/5000

Amex EDC- $0/4200

Amex Gold Premier Rewards NPSL

Chase Slate- $0/6200

[Anonymous]

It's definitely going to help provided the BT offer is 0% for a while. Did you get the current offer with no BT fee in the first 60 days? That makes it a great deal. 

Your Capital One card is reporting essentially maxed out so when you move the balance to the Chase, you'll may even see a small score jump for significantly lowering the UT rate on a single card.

IMO, if you're going to do it, this is definitely the time to do it.

[Anonymous]

Yes, I was offered the 0% BT within 60 days. Thanks. Sounds like I made the right decision.

[SunriseEarth]

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@Anonymous wrote:

So I kept getting flyers for the Chase Slate card these past few months so I decided to go for it as they claim to be the best for balance transfers and it'll probably save me money. I got the 7-10 day message on Saturday, but I called yesterday and got the $6200 approval. (yay)

Anyways, I have 1 Capital One card thats probably 6-8 years old with $3700/4000 on it. I'm thinking of a balance transfer to move that $3700 to my new Chase card with a $6200 limit but I've never done that before. Good plan? or will it not help?

I'm quite new here but I started at a 600 credit score and now I'm in the 720's-740's across the board, after managing my credit better within the last 2 years.

Back in 2006 I racked up $13k in debt and never a late payment but struggled to pay it back so I got with Take Charge America to close those accounts with Bank of America, First Financial, and Capital One and they negotiated better interest rates. Took 5 years to pay it off and even after it was done I couldn't get approved for a car loan to save my life with a 620 score. Now all of the cards below have been opened in 2016, besides the first Capital One and the Chase I was just approved for. Also I was approved for a $69k new truck January 2016 with Suncoast Credit Union at 3.5% at 84 months which is their top tier rate at 84 months.

Capital One- $3700/4000

Capital One- $0/3750

Capital One- $0/6500

Suncoast CC- $0/6000

Harley Davidson Visa- $0/5000

Amex EDC- $0/4200

Amex Gold Premier Rewards NPSL

Chase Slate- $0/6200

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Congrats on improving your credit profile!    And yes, you should see a score improvement if you BT to Slate.   Right now, your Cap One is effectively maxed out at 93% UTIL.   Putting a $3700 balance on a $6200 CL would leave you with 60% UTIL on that card, and you'll probably save on interest and be able to pay down your balance more quickly.  

[Anonymous]

A BT would definitely be the right move, nice profile you got...