Do balance transfers negatively affect your credit score/report? I usually transfer balances to my 0% APR balance transfer card with no fees and then pay them off. I never have a late payment, etc, but was wondering if transferring balances directly affects your credit report or score. Thanks!
Do balance transfers negatively affect your credit score/report?
If you are opening new accounts each time you transfer balances to a 0% card it will affect your credit report and score! It%26#039;s best to have only a few major credit cards open and keep them for a long time, than have a long list of recently opened accounts. Lenders are more likely to view you as a responsible borrower if you have older accounts. Call your card companies and ask for lower rates on all your cards-they often do it, especially if you threaten to close out and move elsewhere.
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