VeeGee Posted May 24, 2003 Report Share Posted May 24, 2003 Would anyone know if my score will be affected if I apply for CC to transfer balances over to new card? Thanx Link to comment Share on other sites More sharing options...
kb9tbq Posted May 24, 2003 Report Share Posted May 24, 2003 Ok - balance transfers are great; but you don't want them to show up on the credit report for other lenders to see that you are quick to jump ship when better rates come along.The way to cover this up - is to transfer all but $50 of the balance; then pay minimum each month till paid in full. This way the creditor can only report paid as agreed. And not show transferred to another lender.Plus keep the old account open; lock up to build on the history established - might once in a while charge small balance to maintain active account. Link to comment Share on other sites More sharing options...
VeeGee Posted May 24, 2003 Author Report Share Posted May 24, 2003 kb9tbq...thanx very much for the info, I never thought of it that way. You mentioned something about lock up acct to build on history. I just had the CRA's correct info on my reports to show open accts that have 0 balances as closed accts. I had too many CC's showing as open...so I minimized that by asking them to show closed. Did I do something wrong? I still have a few accts open and active. Also...by applying for another CC so I can transfer balances...will this lower my score? Thanx for all your help. Link to comment Share on other sites More sharing options...
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