Balance Transfers-Take 2

BMD'sPeanut Posted: Feb 03, 2004 10:00 AM

Balance Transfers-Take 2

Has anyone ever heard that transfering balances is bad for your credit/rating?
Who can resist those 0% offers?!

Marcela1654 Posted: Feb 03, 2004 10:03 AM

Re: Balance Transfers-Take 2

I have never heard of that. I wouldn't see why it would give you a bad rating.

ChristineC68 Posted: Feb 03, 2004 10:12 AM

Re: Balance Transfers-Take 2

I think if you kept the other accounts you transferred from open, it would. Your potential for debt increases by having a lot of open credit card accounts. IF you do the transfers, close the accounts you pay off.

februarybride Posted: Feb 03, 2004 10:45 AM

Re: Balance Transfers-Take 2

I also heard that if you close accounts it looks bad because it doesn't specify why it was closed.

Maribelle7777 Posted: Feb 03, 2004 10:51 AM

Re: Balance Transfers-Take 2

It can be depending on who's looking at it.

Technically there's not real definitive line as to what is 'good'. I mean there's outstanding credit of course and there's horrible credit (like you never pay your bills) and then the 'good' credit is a gray area. So banks usually make their own judgement call.

However I've read that the more you change cards the worse it looks. I personally don't see how because you're doing it to make it easier to pay the bills off quicker. That's a good thing.

I have also seen where a person has changed numerous times to get the best deals on CC.

So I guess it's OK to do once in awhile but not every 6 months or year.

Maribelle7777 Posted: Feb 03, 2004 10:53 AM

Re: Balance Transfers-Take 2

Posted by februarybride

I also heard that if you close accounts it looks bad because it doesn't specify why it was closed.

Now that's just stupid. I mean I closed a few accounts because I had my purse stolen and decided I didn't just want a new card, I just wanted them closed and I would still pay the balances.

And then I closed some others when they were paid off becuase I wanted to just have two cards, not 10.

But the last time I got my credit checked I was told it was 'good'. But one bank's definition of 'good' may be 'bad' or 'great' at another, it depends on the bank. At least that's what I've read in the past.