Effect of Balance Transfer on New CH/CR?????

[Anonymous]

Hi

   Can anybody tell me the effect of balance transer on our credit report/ credit history.

becoz i am new to this credit history(from october'07 only).

I got a CC from BOA 10 days back with CL of 7k (with 0% APR for 1 yr),this is the only card i have on my name.

I want to use my balance tranfer facility now,

My Question is " is it gonna be effect my credit history negatively"?

Thanks

reddy

[fused]

Sorry, not sure what you are asking. Please try again.

[SmartCookie]

Are there any other revolving accounts on your CBRs, AU or otherwise? 

Where are you wanting to BT onto your new card from?  Does this balance appear on your reports currently?

[Anonymous]

Hi Smart Cookie& Fused

   Thanks for ur reply,

I want to do BT from my BOA CC to my BOA checkings account or another CC(wamu), I am an AU of this card.

the thing is my credit history is just started,I want to know the impact of BT on my Credit History.

Thanks

reddy

[SmartCookie]

What other revolving debt is on your CBRs that figures into your UTI... anyone elses accounts?  Just your 1 new cc?

For FICO purposes, if this 1 new cc is the only revolving account on your CBRs, you will start taking score hits as soon as you BT $700 of that BoA.  If that is worth it to you to save money... you can do so.  If you are not going to pay it off rapidly, it's not good at all if you intend to apply for any sort of new credit in the very near future.

[Anonymous]

Hi Smart Cookie

   I don't have any other revolving accts other than this BOA CC.Have checking n savings acct with BOA thats.any how those r not revolving accts.Till now my UTL is less than 1% only.

But I am an  AU to 2 accts one is wamu cc and the other one household cc will these AU accts effects my FICO scores?

So It's better not to do BT in early days of my history.

Thanks SC

reddy