0
How much is the limit available for a balance transfer for your credit card?
Wiki User
∙ 12y ago
This amount is different for everyone and depends on your specific credit card, credit history, credit card company, etc. The best way to find out what your limit is is to contact your credit card company directly.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Can you pay off a credit card by using another credit card?
Many credit card companies offer balance transfer options whereby you can transfer the balance of one credit card to another. Be aware that the terms offered for balance transfers can be deceptive and generally the terms have a time limit.
What is the meaning of proportion of loan balances to loan amounts is too high?
Simply put, this means someone uses too much of their available credit. Here is an example: Person A has $1000 in credit card debt (4 open cards) spread out like this: AMEX: $200 balance with a $5000 limit, VISA:$500 balance with $5000 limit, DISCOVER: $300 balance with $5000 limit, MASTERCARD: $0 balance with $5000 limit. Person B has the same $1000 in debt but spread like this: AMEX: $200 balance with a $300 limit, VISA $200 balance with $200 limit, DISCOVER: $500 balance with a $500 limit, MASTERCARD: $100 balance with a $200 limit. Person B, despite having the same overall debt level will have a lower credit score than person A because they are using more of what is available to them. A good credit score means you use credit sparingly and don't show signs of relying on credit to manage your finances
How does the ratio of credit limit to your balance affect your credit?
I know this much: Your balance-to-limit ratio is 30% of the criteria that credit bureaus use to generate your credit score. That's a large chunk.
Do credit cards with low credit lines hurt credit scores?
No, the score model recognizes the balance on the account in proportion to the credit limit as a percentage. For example, if you have a balance of $10,000 with a $ 50,000 credit-limit your proportion of balances to credit limit would be 20%. Vote on our video at www.wowifixedmycredit.com
When credit cards companies reduce your credit limit how does that affect your credit score?
It could be huge. BUT, if you have a $0 balance............which you SHOULD....it won't matter. It's all about percentages. A credit card w/ a $1000 limit w/ $300 on it...is OK (keep all cards below 30%). A credit card w/ a $500 limit and $300 on it is BAD (60% of the credit is USED). The key here is to "HAVE" CREDIT........NOT "USED" CREDIT. It's all about percentages. Credit is only credit......if it's available.
Can you pay off a credit card by using another credit card?
Many credit card companies offer balance transfer options whereby you can transfer the balance of one credit card to another. Be aware that the terms offered for balance transfers can be deceptive and generally the terms have a time limit.
What should you do if the credit limit you get is not high enough?
Transfer the maximum amount that the balance transfer card allows, and then perhaps consider applying for another balance transfer card so that you can transfer the remaining debt there. Since the card is recorded on your credit profile, you might as well use it instead of leaving it unused.
How do you transfer balance from my Vodafone to others?
*131*balance*no of the prsn ur trnsfrng# ex:- *131*10*9565000000# credit limit minimum 5rs maximum 30rs.
How do you transfer balance from others to Vodafone?
*131*balance*no of the prsn ur trnsfrng# ex:- *131*10*9565000000# credit limit minimum 5rs maximum 30rs.
What is the meaning of proportion of loan balances to loan amounts is too high?
Simply put, this means someone uses too much of their available credit. Here is an example: Person A has $1000 in credit card debt (4 open cards) spread out like this: AMEX: $200 balance with a $5000 limit, VISA:$500 balance with $5000 limit, DISCOVER: $300 balance with $5000 limit, MASTERCARD: $0 balance with $5000 limit. Person B has the same $1000 in debt but spread like this: AMEX: $200 balance with a $300 limit, VISA $200 balance with $200 limit, DISCOVER: $500 balance with a $500 limit, MASTERCARD: $100 balance with a $200 limit. Person B, despite having the same overall debt level will have a lower credit score than person A because they are using more of what is available to them. A good credit score means you use credit sparingly and don't show signs of relying on credit to manage your finances
How does the ratio of credit limit to your balance affect your credit?
I know this much: Your balance-to-limit ratio is 30% of the criteria that credit bureaus use to generate your credit score. That's a large chunk.
Do credit cards with low credit lines hurt credit scores?
No, the score model recognizes the balance on the account in proportion to the credit limit as a percentage. For example, if you have a balance of $10,000 with a $ 50,000 credit-limit your proportion of balances to credit limit would be 20%. Vote on our video at www.wowifixedmycredit.com
What You Need to Know About Balance Transfer Credit Cards?
When you receive a balance transfer offer in the mail, it might seem like a gift. These offers typically let you transfer the balance from one credit card to a new credit card, which has a lower interest rate. While transferring your balance does have some benefits, you must read the fine print on the offer. You might be surprised when you discover the details regarding that transfer because not all balance transfer credit cards have the same benefits.Total Amount AllowedBefore you consider shifting your balance, you should look at the total amount allowed. Some balance transfer credit cards limit your first transfer to $1,000 or less. If you have a higher amount on a higher interest credit card, you might not save much by transferring such a small amount. This small amount can also impact your credit score. The main credit bureaus look at the ratio you have of debt to available credit. Opening a new card that you instantly fill with a balance transfer can lower your credit score because it decreases your debt to available credit ratio.Balance Transfer FeesYou should also read the fine print for any fees relating to that transfer. Some credit card companies offer low cost balance transfers, but the company buries the information on fees in the terms of the contract. The company can add these fees in one of two ways. The first method involves charging a set fee based on the size of the transfer, which the company adds to your total amount. For example, if you transfer $1,000, your credit card balance shows a total of $1,100. The other method requires that you pay the fee upfront. For example, if you want to transfer $2,000 onto the card, the company makes you pay the fee for that transfer before it approves the transaction.Length of RateThe most important thing to keep in mind is the length of the terms. Most balance transfer credit cards offer an introductory rate that only applies for the first six months or the first year after making the transfer. If you do not pay off the card during that time frame, your interest rate suddenly rises. You might find that your interest rate doubles after the introductory period. Before you transfer your balance, make sure that you can pay off the total amount of the transfer within the introductory period.
Is it legal for a credit card company to lower your credit limit below your balance then charge you an over the limit fee?
no it isn,t you can ue for that offence if they did
When credit cards companies reduce your credit limit how does that affect your credit score?
It could be huge. BUT, if you have a $0 balance............which you SHOULD....it won't matter. It's all about percentages. A credit card w/ a $1000 limit w/ $300 on it...is OK (keep all cards below 30%). A credit card w/ a $500 limit and $300 on it is BAD (60% of the credit is USED). The key here is to "HAVE" CREDIT........NOT "USED" CREDIT. It's all about percentages. Credit is only credit......if it's available.
Can a credit card company reduce your credit limit as you bring your balance down?
Yes. All of the credit cards are reducing credit and it doesn't seem to have any thing to do with the balance. They are just protecting themselves.
Can I borrow more than my balance in secured bank credit cards?
No your limit is set by the balance you have on deposit with secured bank credit cards. This type of card is designed to keep you from going over the limit and gettinmg fees.
