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    eagleone
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    Default Are balance transfers bad for your credit?

    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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    Reply With Quote Reply With Quote     Sep 20, 10, 7:25 pm
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    Mogul of Pineapples
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    Default

    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. Regardless, anything I say is my honest opinion.

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    Reply With Quote Reply With Quote     Sep 20, 10, 8:36 pm
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