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Just a thought and wanted to ask: Will lenders/banks see when we do balance transfers on our credit report? Will lenders/banks frown when they see 1 or more balance transfers?
You can always look at your own reports to see the data in them. Transactions such as BT's are not indicated. However, BT's will have an impact on reported balances.
@takeshi74 wrote:You can always look at your own reports to see the data in them. Transactions such as BT's are not indicated. However, BT's will have an impact on reported balances.
Thank you. When you say "impact on reported balances" is that a negative impact on our credit report or point deduction on our FICO scores? Will that trigger banks to look at our credit file more closely when they do soft pulls?
Got it. Thank you. So banks/lenders are able to see as Balance Transfers transactions then when they do soft pulls on our credit report since it's like a regular spend, right?
@kdm31091 wrote:
A BT will not show up as anything special. It will merely appear that you spent a lot on the card. Always be careful and keep your overall utilization as low as possible. If you find yourself needing to do BTs often, thats another issue and requires a hard look at your finances IMO
Got it. Thank you.
Thank you All for the replies .
@Anonymous wrote:
Amex was able identify a BT I made and that was the sole reason for a CLI decline.
Good info. Did you transfer from your Amex CC to another bank?
@Anonymous wrote:
Amex was able identify a BT I made and that was the sole reason for a CLI decline.
They rarely have a sole reason, although they might tell you that. The entire profile gets looked at. Balances on all cards, FICO scores, payment history, any negatives, etc.