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Will transfering this a balance hurt my score?


turkish
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I wanted find out how this would affect my score in a few months. I have 2 cc with a balance. I want to transfer one of the cards to my 0% card so that i can pay them down quicker. I would end up with one card almost maxed out and my other cards will have no balaance or very low one. I've posted a question kinda like this before. everyone said it would be better for my score if i had 2 cards with a balance instead of a card thats maxed out and the other one has no balance. So if i decidee to transfer this balance and end up with a card that is almost maxed, will the negative score last long? For example if i transfer the balance and in about two months i can lower the cards balance to lets say 50% with that be ok? will my score go back up? Or will my score go even higher if i just keep my cards the way they are and just pay them down. I really want to transfer this balance and just pay monthly to one of my cards instead of two plus the extra interest that i would be paying to the other card will go toward my payment this way. I my plan sound like a good idea if im not buying anything in the next 6 months?

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If your lifestyle can afford a hit to your credit score, it's always best to save money.

One tidbit that may help you understand. Credit scores are not fixed. They aren't sitting in a database somewhere being added to and subtracted from with every activity. Credit scores are a calculation that is performed upon request. So, you can do all sorts of things that have all kinds of impact and no one will ever be the wiser until you (or a lender) requests a score again.

There are well-published suggestions about CC utilization., I won't go into them here, just use the search function. But don't worry about it until you get ready to borrow money again, need to update an insurance policy or some other activity that calls for a credit score.

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I totally agree with what the person above said. Yes, your score will be a little lower, but look at how much $$$ you will be saving and compare that to if you need as high a score as possible during that pay-down time. I'm in the same situation and decided that, unquestionably, for my household it made much more sense for my score to take a hit and us have a prayer of paying down DH's debts than to preserve my score and pay probably thousands of extra dollars in interest over the life of the debts. Of course, your situation may not allow that. Good luck!

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I just transferred a TL that had the extortion rate of 29 percent to one with zero percent. My life is more manageable and my credit score only took a small hit.

With the zero percent I can pay down and then use the credit line again with no worries. On the 29 percent one, I was not using the card b/c of the astronomical rate.

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