Credit Tips: Balance Transfer Credit Card Advice From Experienced People

Posted On: May 6, 2007

Author: taz86
Posted: Sun May 06, 2007 5:54 pm
Post subject: people who have done BT’s

does doing a balance transfer lower score at all just curious

Author: mouse
Posted: Sun May 06, 2007 6:00 pm
Post subject: Re: people who have done BT’s

taz86 wrote:
does doing a balance transfer lower score at all just curious

It may for a month or two

Say you do $5,000 with BofA and CITIBANK

One will be $5,000 less

One will be $5,000 more

THE SCORE IS THE SAME AFTER BOTH BALANCES UPDATE

Saving interest money is MORE important than a STINKIN’ SCORE

Author: taz86
Posted: Sun May 06, 2007 6:13 pm
Post subject:

thanks… but im just trying to learn about credit / loans like the do and don’t cause I want to save money and have a good score like I said in my other post I want a house by 30 no later then 35

Author: TomfromCT
Posted: Sun May 06, 2007 6:51 pm
Post subject:

lets say you BT 5k off of a 20k limit card because a promo rate you had ended.

You move the 5k to a 6k limit card with a much better rate.

You make out financially. You suffer a bit on the score side. so what.

Author: mouse
Posted: Sun May 06, 2007 7:36 pm
Post subject:

I have done probably 50+ BT’s

Maybe 100+

Saving money on the APR is more important than any tempory score loss

You can use that FICO money for a STEAK DINNER FOR TWO AT A DECENT RESTAURANT

You could also pay less in that interest “IF” you use that FICO money to pay down your highest APR card

Labels: Balance Transfer Credit Card Tips, Does a Balance Transfer Lower Overall Credit Score?