Is a balance transfer bad for credit?

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polamaluisraw43
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Is a balance transfer bad for credit?

Postby polamaluisraw43 » Sat Feb 02, 2013 7:01 pm

Does it look bad (in amex's eyes) if I balance transfer from Amex to another card issuer?


Robrus1
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Postby Robrus1 » Tue Feb 05, 2013 2:37 pm

I don't know that it looks "bad." I know you won't get points for the balance transfer amount. As long as they're paid and paid on time, I don't think they care how.
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Rory
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Postby Rory » Tue Feb 05, 2013 11:01 pm

theres no formal report of it on any credit bureau and it makes the credit card companies a decent fee so i doubt they would want to make it a negative experience. Just pay your bill and you should be A okay.
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Postby Preferred Member » Wed Feb 06, 2013 7:34 am

I did it twice in the span of 5 years and in my experience it did not affect my credit at all. I was still approved for Amex PRG, Amex BCP, Chase Freedom and three other cards I eventually dumped.
[size=60][/size][size=60]American Express Gold Premier Rewards, American Express Blue Cash Preferred, Citibank Diamond Preferred, Chase Card, Chase Freedom, PC Richard Credit Card[/size]

cc789
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Postby cc789 » Sun Feb 17, 2013 9:34 am

Only temporarily based on your billing cycles.

If the card you balance transfers to reports to the bureaus before the one you BT from, you're balance will look artificially high on your credit report, because it's still counting the old balance on the card you BT from.

After that card reports though, you should right back where you were. If you're transferring a large amount, this can cause your score to swing quite a lot until the new balances get reported.



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