Does 0% for 12 months credit card balance affect my credit score? how much?

I was in a financial bind (wedding!), and got a few credit cards with 0% for 12 months. I plan on paying it back completely when 12 months are up (new job!)...but will the next 12 months kill my credit score (I%26#039;ve got great credit so far)?

I have another credit card for everyday purchases and I will use that one normally; I plan on cancelling the other 3 when 12 months are over. Will that affect me in any way? Is this a smart idea as long as I am able to pay it back on time? What do you guys think? A complete answer is much appreciated!

Thanks!

Does 0% for 12 months credit card balance affect my credit score? how much?

your percentage plays no role in your credit score, only your ability to pay them back will. if you manage to keep your payments on time then you%26#039;re okay. BUT, if the credit cards you have are maxed out or close to being maxed out, then it will affect your credit. once your balance owed on the card exceeds 50% of the total available limit, it sends a red flag to the reporting bureaus and this drops your score, incrementally, for as long as you are over that 50% threshold.

in terms of getting a mortgage, if you haven%26#039;t already. many lenders require some seasoning to your tradelines and have them open for a certain amount of time. usually it%26#039;s between 12-36 months. you can close your accounts if you wish however I%26#039;d suggest you keep them open and use them sparingly for awhile. if you decide to close them, make sure YOU close them and not the creditor. if you request the account closed, that%26#039;s okay. if the creditor closes the account, that%26#039;s very bad.

Does 0% for 12 months credit card balance affect my credit score? how much?

Nope, it shouldn%26#039;t touch your credit score as long as the payments are made on time. Congratulations on the wedding!

Does 0% for 12 months credit card balance affect my credit score? how much?

The % rate on a credit card or a loan has nothing to do with your credit score or rating. Your on time payment history, number of credit cards, balances are the determining factors.

Does 0% for 12 months credit card balance affect my credit score? how much?

Go to FICO.com. Generally, opening up new credit will affect your score negatively because of the inquiries. However, if you have low balances relative to your line of credit(s) then that could be a positive. As long as you make your payments on time, you should be o.k. People with a 700 or higher score out of a 800-850 shouldn%26#039;t worry about fluctuations of 10-30 points. Even 650 is o.k. If you have anything below that, then you should be concerned about opening additional cards, etc. Late payments are killers.

Does 0% for 12 months credit card balance affect my credit score? how much?

the only problem with 0% for 12 months is that after 12 months all the interest will be added to your balance. If you haven%26#039;t paid anything on it you will be over your limit. If you%26#039;ve paid it down, but not completely off the full amount of interest will be added. So make payments now. It will not ruin your credit, but it will show that you have to much credit. Get them paid off then close them.