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If you transfer all your credit card balance into your personal line of credit is it going to lower your credit score?
Wiki User
∙ 15y ago
Probably slightly but just for a few months. Assuming you keep the credit card account open. I Factors that make score go up: overall you'll have more available credit so your debt to credit ratio will be lower because your credit card will now have 0 balance and therefore the entire limit of credit. Factors to make score go down: you are opening a new loan account and new accounts always hurt your score for the first few months. Additionally, you will be maxed out on the loan (technically the limit on a loan is the amount they lend you) until you start paying it down. A good mix of loan and credit cards is good for your score in the long run though.
Wiki User
∙ 15y ago
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Where is it possible to get 0 balance transfer on a credit card?
There are many places to get a 0% interest balance transfer on a credit card. Certain major credit cards from companies such as Visa, Mastercard, and Discover often provide these balance transfer offers. Going through a bank that offers a card such as Visa or Mastercard is one way of obtaining one of these cards. There are also credit card applications that can be found online.
How do you keep good credit and pay off two high interest credit cards?
Pay them off or transfer them to lower interest cards. But don't close them. Just pay them off and don't use them again. Other option is to call them and tell them that you are going to transfer the balance to another card unless they lower the rate a bit. Sometimes works, but sometimes not.
How can one apply for a personal credit card?
You can easily apply for a personal credit card by going to a bank near you and talk to a banker. He will help you out and explain to you how it all works.
What is the lowest credit score you can have to really be considered for a commercial bank loan?
As of October 20, 2008, they are going to merge with T.D. BankNorth. A Credit Score of 640 is needed for a "Personal Loan". As of October 20, 2008, they are going to merge with T.D. BankNorth. A Credit Score of 640 is needed for a "Personal Loan".
How can one learn more about the Capital One balance transfer service?
Someone can learn more about the Capital One balance transfer service by going to the Capital One website, and visiting the FAQ. On the FAQ one must go to the section "Transferring Balances" and read the questions and answers there.
Where is it possible to get 0 balance transfer on a credit card?
There are many places to get a 0% interest balance transfer on a credit card. Certain major credit cards from companies such as Visa, Mastercard, and Discover often provide these balance transfer offers. Going through a bank that offers a card such as Visa or Mastercard is one way of obtaining one of these cards. There are also credit card applications that can be found online.
Cut Debt With Balance Transfer Cards?
Consumers who are new to the credit world should think about the future when searching for the appropriate credit cards. Existing cardholders should consider making positive moves to improve their credit scores. Balance transfer credit cards are excellent for both new and existing credit card customers. A debtor can use a card of this type to clean up his or her credit profile without limiting his or her use of credit. Balance transfer cards usually offer 0% annual percentage rates for introductory periods. Therefore, a smart consumer could consolidate debt and shop with the card at the same time.What is a Balance Transfer Card?A balance transfer card is a card that allows a person to transfer balances. A consumer can transfer balances from credit cards, credit lines, auto loans, and more. The benefit of transferring to a card like this is organization. A person who has more than five accounts could perform a consolidation using a balance transfer card. Additionally, the consumer could save money because of the low introductory APR. The other balances will assume the APR of the balance transfer card upon transference.How to Get a Balance Transfer CardConsumers can obtain balance transfer cards by going through the same process as regular credit card approval. Interested parties must complete an online application on the credit card company's website. The application will ask for name, number, address, employer information, social security number, and the like. The end of the application will ask for information on the balances the applicant would like to transfer. The credit card company will use this information to make a decision. Some card companies offer instant approval while other companies take longer to process applications. Approval can take 30 seconds to 30 days.Anyone who has credit that is still in good standing can qualify for this type of card. A balance transfer credit card can get a person back on track and on the road to financial freedom.
The Advantages and Pitfalls of Credit Card Transfer?
Credit card transfer is when the balance of one credit card is transferred onto another card. This is done for a number of reasons. A person may decide to transfer a balance in order to consolidate their debts or in an attempt to lower the amount of interest they pay. Before you decide to transfer a balance from one card to another, there is a few things that you need to consider.The Potential Advantages of Credit Card TransferThe best time to transfer a balance is after you've obtained a credit card with a 0% introductory APR. Consolidating balances onto this card will reduce the amount of interest you pay during the introductory period. For this to be beneficial, you want to look for a card that offers a long introductory period of 12 months or more. This will give you at least one year to reduce your credit card debt, which can be difficult if most of your monthly payments are going to pay interest.Credit card transfer also helps consumers consolidate their unsecured debts into one account. Instead of paying three different credit card bills each month, you can transfer those balances onto your new card, assuming your credit limit allows this. This will help you simplify your bills and avoid making late payments. Keeping track of several credit card bills can be difficult. To efficiently reduce debt, it's best to consolidate.Important Mistakes to AvoidWhile credit card transfer can be a beneficial debt reduction tactic, consumers sometimes make a few mistakes. The first mistake is failing to consider balance transfer fees. Some credit card companies offer cards with no balance transfer fees, while others charge up to 4%. If you were to transfer $3,000 at 4%, it would cost you $120 just to transfer the balance. While your savings will probably make up for that charge, you do need to consider it before making the transfer.You also need to make sure that your APR isn't going to drastically increase after the introductory period. You will not want to be left with a 20% APR after the introductory period is over. Even if you intend to have the balance paid off before your APR increases, you need to keep this in mind. Sometimes in life, unexpected expenses do arise.When performing a credit card transfer, you want to make sure that the transfer is actually going to save you money. Before transferring your balances, determine how much you are going to save both during the introductory period and after your APR increases. If you'll be saving money, even after paying balance transfer, annual, and other fees, credit card transfer may be right for you.
Where may an individual find information about the best credit cards that offer balance transfers?
If you are going to do a balance transfer you want a card that will offer you low interest for the remainder of the transferred debt. Some of the cards that offer that are Promise Visa, and a Barclays Card.
What are the bad habits of a credit card?
Paying late Going over the credit limit Keeping your balance high
How do you keep good credit and pay off two high interest credit cards?
Pay them off or transfer them to lower interest cards. But don't close them. Just pay them off and don't use them again. Other option is to call them and tell them that you are going to transfer the balance to another card unless they lower the rate a bit. Sometimes works, but sometimes not.
How can one apply for a personal credit card?
You can easily apply for a personal credit card by going to a bank near you and talk to a banker. He will help you out and explain to you how it all works.
Can you really establish a good business credit without personal guarantee?
Yes you can, but if your a new business, it's going to be very difficult without a personal guarantee. Most creditors are going to require that you personally guarantee a loan or credit line. After you've been in business for a while and have a good business credit history on file, then you will be able to obtain some credit financing without a personal guarantee. In general though even well established businesses, especially small businesses are always going to require that personal guarantee regardless of how good your business credit history may be.AnswerYes, and you should establish good business credit separate from personal credit to reduce personal risk. A D&B D-U-N-S® Number and an EIN (tax identification number), both issued for free, are two business identification numbers that can be used to establish good business credit separate from personal credit.
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.
What is the lowest credit score you can have to really be considered for a commercial bank loan?
As of October 20, 2008, they are going to merge with T.D. BankNorth. A Credit Score of 640 is needed for a "Personal Loan". As of October 20, 2008, they are going to merge with T.D. BankNorth. A Credit Score of 640 is needed for a "Personal Loan".
How can one learn more about the Capital One balance transfer service?
Someone can learn more about the Capital One balance transfer service by going to the Capital One website, and visiting the FAQ. On the FAQ one must go to the section "Transferring Balances" and read the questions and answers there.
Having multiple open credit cards with no balance is bad or good for credit ratings?
The Credit agencies look at your debt to available credit to determine 30% your credit score which if you have no balance it is good for the ratio but they also like to see your paying history which is worth 35% of your credit score and if you have no balance how are they going to see that. In keeping with being debt free it is recommended to use they once in a while and pay them in full so they can be maintained as active (credit card companies sometimes close them due to inactivity which is bad because you lose your credit history with them) and it shows your good paying history.
