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How will transferring 95 of credit balance to a lower interest card affect your credit rating?
Wiki User
∙ 16y ago
It won't affect your credit rating. But it is the smart thing to do because you will end up paying less interest each month. Credit score looks at (among other things) what percentage of your credit limit you are using. So if you have 3 cards each with a limit of $10,000, that's $30,000 maximum limit. If you have a total balance of $15,000 between the three cards, that means you are using 50% of your maximum. Lenders like to see you at 35% or less of your maximum.
Wiki User
∙ 16y ago
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How can one transfer a credit balance?
Typically, people consider transferring high interest rate balances to a credit card that offers a lower interest rate. The best way to accomplish this is to contact the lower rate credit card company and set up the transfer (this is a relatively quick process). This company will ask for the higher rate credit balance and assist you in transferring. After you get a notice that the transfer is complete, you can close your higher rate credit card.
How do I transfer the balance on my credit cards?
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
Does transferring credit card balances affect your credit score?
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
Does closing a credit card with a balance affect your credit rating?
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
What is the best credit card option to transfer a balance owed to?
The best credit card option when transferring a balance will depend on interest rates offered and terms. This will change with time. The best thing to do would be to use a Comparison site such as Money Supermarket to compare.
How can one transfer a credit balance?
Typically, people consider transferring high interest rate balances to a credit card that offers a lower interest rate. The best way to accomplish this is to contact the lower rate credit card company and set up the transfer (this is a relatively quick process). This company will ask for the higher rate credit balance and assist you in transferring. After you get a notice that the transfer is complete, you can close your higher rate credit card.
How do I transfer the balance on my credit cards?
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
Does transferring credit card balances affect your credit score?
Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinquent monthly, even if it's closed. So if you can transfer those especially, that is much better b/c the new company simply pays off that balance for you and you can start fresh.
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Does closing a credit card with a balance affect your credit rating?
Absolutely!!! Your credit score would go down and interest might be charged. Would be more of a lose for you. Its better to close it with a paid balance!
Does interest receivable have credit or debit balance?
credit
What is the best credit card option to transfer a balance owed to?
The best credit card option when transferring a balance will depend on interest rates offered and terms. This will change with time. The best thing to do would be to use a Comparison site such as Money Supermarket to compare.
Is bank interest payable credit or debit?
All kind of payables have a credit balance as a default or normal balance. So by following this rule, bank interest payable also has a credit balance as normal balance.
Is it a good idea to transfer the balance of my credit card to another credit card?
If you can move the balance to a lower interest rate card then yes it is a great idea. If the rate isn't lower though, transferring your credit card balance to a new card is pointless. It's generally not a good idea to transfer balances between credit cards. Fool.com has a some great tips on balance transfers.
What are the interest rates on Chase credit cards?
The interest rates on Chase credit cards vary on the type of credit card obtained from Chase. Some Chase credit cards offer introductory 0% interest, for a set amount of time after opening the account, or transferring a balance. Typical interest rates on Chase credit cards other than those circumstances, however, ranges from approximately 12% to 22%.
