CC / 0% / balance transfer

carslet

I had debt spread over 3 credit cards, now i have it over 2 cards.

wondering if anyone can answer these questions.

1) the card that is now cleared can i call and ask them if they will do any 0% deals on balance transfers? what are the chances of them saying yes?

2) does doing balance transfers go against your credit rating

3) should i close the card account, i will not spend on it so will just remain zero balance.

thanks for any advice

Sheriffsam

It is defintely worth calling them. The worst that can happen is they say no, in which case you are no worse off. If you say you are going to close the account, this might force their hand.

Closing the account shoudnt hurt you, but the only thing that would change is your credit utilisation. At present you have available credit on the card which would be lost. That is really all that will go against you.

As far as I know, doing a balance transfer itself cannot hurt your credit report, however, if you open a new card and BT to it, what will make your score go down in the short term is the fact you have a new credit account. If you BT to an existing card, you will avoid this issue though.

carslet

Thanks Sheriff I will give them a call tomorrow see what they say, would save me a few hundred if they did, but no big problem if they did not.

Also i will not open a new card to do any BT, not going to get any more CC ever again,

InsideInsurance

Depending on reporting cycles doing a BT could hurt you for 1 month if you are unlucky and the originating card does its production of reports earlier than the target card thus meaning that both cards report the balance for that month. Evidently for the next report the issue will be resolved.