Will transfering my balance to a new credit card help or hurt my credit score?
I need to refinance my house later this year but I have about $4,000 of debt on my credit card (17% interest). Should I just concentrate on buckling down and paying as much as I can before refinancing or should I open a new card with no payments, no interest due for x-months and transfer the debt and pay that off? My credit score 6 months ago was about 750.
Public Comments
- transferring your debt won't hurt you. i guess they might take into consideration that you now have another credit card, but it is definitely in your best interest to transfer to a lower rate. just fyi, you might not get enough credit limit on a new card to transfer the balance; that is a big problem that my husband and i are having - we have some cards with great apr's but not enough of a credit limit to transfer anything to them! your credit will only get better as you pay things off.
- Opening another account will only lower your score and simply transferring a debt and waiting to pay it off is also of no help. Best bet is to pay off as much as you can quickly or go to your bank or credit union for a loan to pay off the credit card and reduce the monthly interest. P.S 17% is not realy that bad, look at those who are paying as much as 500% through those pay day loans.
- I agree with the post above, I think it's a good idea to open the new acount however they may not issue as much credit as you like unless your credit score is rather high, and if the balance on your other card is low.
