0% Balance Transfer on Credit Card
Author: Inquiring Mind
Posted: Thu Mar 04, 2004 10:40 am
Post subject: 0% Balance Transfer on Credit Card
Hi, I've read a bunch of posts and I see this has been partially addressed.
My question is this: Is opening a new CC account annually to play the 0% BT shuffle going to hit my credit score?
If my wife opens a card instead, will that avoid this problem?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Thu Mar 04, 2004 11:24 pm
Post subject: 0% Balance Transfer on Credit Card
Everything you do affects your credit score. If you get a traffic ticket it can affect your score. What you are probably talking about is the myth that "too many inquiries will lower your credit score." Well that's technically true, but you have to understand that only 10% of your score results from number of inquiries. A week or so ago someone complained that he had made ten quick inquiries and his score went down by 15 points. Considering that if you have decent credit and no bad marks your score will probably be in the high 600s or low 700s, a few inquiries might lower your score by 5 points. Meaningless. Nothing to worry about. On the other hand, if you have bad credit and an extremely low score, that few points can hurt you.
Sorry to be so long winded, but there's your answer.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Mar 04, 2004 10:40 am
Post subject: 0% Balance Transfer on Credit Card
Hi, I've read a bunch of posts and I see this has been partially addressed.
My question is this: Is opening a new CC account annually to play the 0% BT shuffle going to hit my credit score?
If my wife opens a card instead, will that avoid this problem?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Thu Mar 04, 2004 11:24 pm
Post subject: 0% Balance Transfer on Credit Card
Everything you do affects your credit score. If you get a traffic ticket it can affect your score. What you are probably talking about is the myth that "too many inquiries will lower your credit score." Well that's technically true, but you have to understand that only 10% of your score results from number of inquiries. A week or so ago someone complained that he had made ten quick inquiries and his score went down by 15 points. Considering that if you have decent credit and no bad marks your score will probably be in the high 600s or low 700s, a few inquiries might lower your score by 5 points. Meaningless. Nothing to worry about. On the other hand, if you have bad credit and an extremely low score, that few points can hurt you.
Sorry to be so long winded, but there's your answer.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:45 AM
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