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Will my credit score drop if I opt for balance transfer?

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Credits: 30.55

Will my credit score drop if I opt for balance transfer?

There can be a small dip on your credit score if you apply for multiple balance transfer cards. Otherwise, your credit score may increase since your credit utilization ratio drops.

Sub: #1 posted on Mon, 01/22/2018 - 15:41

(Posts: 3937 | Credits: 398.71)

A balance transfer might affect your credit score by considering these factors:
1. The total amount you've transferred
2. The available credit limit
3. If you're transferring to pay off a credit account in full
4. If you're closing the credit account.

As SC said earlier, overall your credit score will rise since your credit utilization ratio will drop.

Sub: #2 posted on Mon, 01/22/2018 - 19:16

Barbara Delinsky Barbara Delinsky

(Posts: 302 | Credits: 30.07)

Balance transfer may help you if you can manage your debts and pay them off within the low introductory period; in turn, it will help you boost your score.

Sub: #3 posted on Tue, 01/23/2018 - 18:57

Mabelle Page Mabelle Page

(Posts: 161 | Credits: 15.88)

It will be insignificant. But as you have paid off the debt, your score will improve.

Sub: #4 posted on Wed, 01/24/2018 - 13:46

sanderspatricia29 sanderspatricia29

(Posts: 683 | Credits: 71.47)

In short, a balance transfer means switching your Credit Card outstanding balance or dues to (typically) a new Credit Card. In other words, you can apply for a new Credit Card with a balance transfer option where in your new card company will pay all your previous dues to the old Credit Card Company.

Sub: #5 posted on Wed, 01/31/2018 - 10:46

madamemoney1lady madamemoney1lady

(Posts: 1 | Credits: 0.1)

True. But check the offer minutely, especially the term.

Sub: #6 posted on Wed, 01/31/2018 - 16:12

ditchdebt ditchdebt

(Posts: 665 | Credits: 253.81)

Usually, there will be certain terms and conditions, which you need to be aware of. Be aware of the introductory offer (interest rate) period.

Sub: #7 posted on Thu, 02/01/2018 - 18:37

Good Nelly Good Nelly
Industry Expert
(Posts: 2668 | Credits: 533.16)

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