Will transferring balances on my credit cards hurt my credit score
Guest: nicpon
Post subject: Will transferring balances on my credit cards hurt my credit score?
Posted: Wed Jun 14, 2006 12:58 pm
hello,
I have a question related to transfering balances and credit score.
I just got an offer from Discover for 0% on balance transfers to auggust 07. So i'm planning to do cash advance on one of my other cards and then transfer that balance to discover. I'm assuming that I will be very close to credit limit on discover, something like 6000 max and i want to transfer 5500. Will that hurt my credit score because my ratio will be high on discover card?
Or maybe you guys have some other ideas on the following situation.
I'm going back to school and my employer is going to reimbures me for tuition upon receiving my grade. I don't have any savings to pay for it, so I have to find other ways to pay for it. Like I said before I'm planning to do cash advance on my CC and then transfer balance to other CC that has 0% on transferred balances.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Evilbunny
Posted: Wed Jun 14, 2006 1:08 pm
You may want to see if they can just transfer the balance into your checking account. Or if you get convenience checks with discover, just write it out and deposit it into your checking account.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: kingcalvin
Posted: Wed Jun 14, 2006 1:34 pm
You may also want to check and see if discover allows balance transfers of cash advances from other cards. sometimes there are restrictions on these....
if you open up a credit card and max it out quickly, it can weigh on your credit scores, but if you are not extending yourself too far, it shouldn't kill your score as long as you continue to pay everything on time.
Any card with more than 50% of the credit limit exposed weighs a little heavier...
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Guest: fire3000
Credit Expert (100+ Posts)
Posted: Wed Jun 14, 2006 1:50 pm
Discover offered you a great deal. You can ask them what they will charge you for a direct cash advance, but I doubt that it will be at 0%. You will have to pay a cash advance fee of 3 or 4% to the other card and possibly a BT fee to Discover. Taking on this loan will greatly increase your credit utilization ratio and thus your credit score will drop a lot. Discover will not take adverse action as long as your payments are on time. One of your other creditors may become concerned and may reduce your credit limit or raise your interest rate. If you pay your other card balances in full each month, this will not be a problem. Also if you are likely to pass your courses, you can plead financial hardship and ask your employer to pay the tuition up front rather than reimburse you later.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: kingcalvin
Posted: Thu Jun 15, 2006 10:06 am
My sentiments exactly...
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Guest: nicpon
Posted: Thu Jun 15, 2006 12:31 pm
I had an offer from discover 0% on BT for life. I bite my tounge right now that I didn't take it then. I don't if my employer is going to agree to pay up front for school because they reimburse me based on grades. A-100%, b-75% and C-50%. I'm not sure how to approach my Vp with this type of question.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Will transferring balances on my credit cards hurt my credit score?
Posted: Wed Jun 14, 2006 12:58 pm
hello,
I have a question related to transfering balances and credit score.
I just got an offer from Discover for 0% on balance transfers to auggust 07. So i'm planning to do cash advance on one of my other cards and then transfer that balance to discover. I'm assuming that I will be very close to credit limit on discover, something like 6000 max and i want to transfer 5500. Will that hurt my credit score because my ratio will be high on discover card?
Or maybe you guys have some other ideas on the following situation.
I'm going back to school and my employer is going to reimbures me for tuition upon receiving my grade. I don't have any savings to pay for it, so I have to find other ways to pay for it. Like I said before I'm planning to do cash advance on my CC and then transfer balance to other CC that has 0% on transferred balances.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Evilbunny
Posted: Wed Jun 14, 2006 1:08 pm
You may want to see if they can just transfer the balance into your checking account. Or if you get convenience checks with discover, just write it out and deposit it into your checking account.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: kingcalvin
Posted: Wed Jun 14, 2006 1:34 pm
You may also want to check and see if discover allows balance transfers of cash advances from other cards. sometimes there are restrictions on these....
if you open up a credit card and max it out quickly, it can weigh on your credit scores, but if you are not extending yourself too far, it shouldn't kill your score as long as you continue to pay everything on time.
Any card with more than 50% of the credit limit exposed weighs a little heavier...
_________________
Find Credit Card Offers
Mortgage Information
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fire3000
Credit Expert (100+ Posts)
Posted: Wed Jun 14, 2006 1:50 pm
Discover offered you a great deal. You can ask them what they will charge you for a direct cash advance, but I doubt that it will be at 0%. You will have to pay a cash advance fee of 3 or 4% to the other card and possibly a BT fee to Discover. Taking on this loan will greatly increase your credit utilization ratio and thus your credit score will drop a lot. Discover will not take adverse action as long as your payments are on time. One of your other creditors may become concerned and may reduce your credit limit or raise your interest rate. If you pay your other card balances in full each month, this will not be a problem. Also if you are likely to pass your courses, you can plead financial hardship and ask your employer to pay the tuition up front rather than reimburse you later.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: kingcalvin
Posted: Thu Jun 15, 2006 10:06 am
My sentiments exactly...
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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: nicpon
Posted: Thu Jun 15, 2006 12:31 pm
I had an offer from discover 0% on BT for life. I bite my tounge right now that I didn't take it then. I don't if my employer is going to agree to pay up front for school because they reimburse me based on grades. A-100%, b-75% and C-50%. I'm not sure how to approach my Vp with this type of question.
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 5:17 PM
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