Transfer or not to Transfer
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digitalvibe
Posts: 23 Forumite
in Credit cards
I'm carrying a bit of a balance on one of my credit cards. Of course paying it off in full is a goal and one I'm doing pretty well with. It's the only debt I have aside from my mortgage.
I did a check on my credit score recently using the Credit Club and everything looks very good however I noticed that one of my credit card account is showing a "Dormant" status. I wondered if transferring my balance to this card (which has no debt on it and an identical APR) would be wise, i.e. is having a dormant account something should avoid if possible?
I did a check on my credit score recently using the Credit Club and everything looks very good however I noticed that one of my credit card account is showing a "Dormant" status. I wondered if transferring my balance to this card (which has no debt on it and an identical APR) would be wise, i.e. is having a dormant account something should avoid if possible?
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Comments
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Transferring will cost you a fee. There is no point in paying that if the Apr isn't lower.
It's good to have a backup credit card. If the dormant status bothers you put a small payment through it every month and then pay it in full before the due date.0 -
Thanks. Not so much about the dormant card "bothering" me. More a question of is it "bad" to have a card that's dormant.0
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No I don't think it's a problem. The card might be cancelled if it remains dormant.
I have at least 6 dormant accounts!0
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