Are balance transfers bad for your credit?

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Are balance transfers bad for your credit?

Postby eagleone » Mon Sep 20, 2010 9:25 pm

Are balance transfers bad for your credit or not? My wife says it will hurt our credit if we do a balance transfer but my son says it won't.

Who is right?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Sep 20, 2010 10:36 pm

Your son wins this one - balance transfers are not bad for your credit. They have no positive or negative effect.

The only way a balance transfer might affect your credit is indirectly, such as transferring the balance to a card that has a low limit, because then the credit utilization would be too high.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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