how much does doing a BTransfer hit your credit history?

moneysavinggirl40

Unsure whether to do a Balance transfer to a new cc or pay off old cc as the 0% on purchases is ending.

Any advice? I can pay the cc, but would it be good to keep monies in my current account instead of paying off cc in order to get the interest from that account? and just do a Balance transfer to new cc?

My concern is: would this make a mark on my credit history in a negative way?

grumbler

How long is a piece of string?

Negatives:

• a credit search
• an increase in your available credit (and in available/income ratio)

First one is temporary. So is the second one if the new credit limit isn't much bigger and you close the old card.

Positive: smaller used/available ratio.

Superscrooge

I've been spending on 0% cards and then doing a 0% balance transfer at the end of the promotional period for the last two years and it hasn't stopped me getting further credit.

The money saved is all sitting in current accounts earning interest.

The debt is now roughly equal to my net annual pension. So I'm fully expecting sooner or later I'll apply for a BT and get rejected. But it hasn't happened yet!

Despite this debt Noddle are still giving a score of 4/5 and Clearscore 522 although credit providers never see these scores, so they are only of curiosity interest to me.

Whilst nothing is certain. If you have a long history of using credit responsibly and never missing payments, Doing a BT is unlikely to have much effect on your credit history

moneysavinggirl40

Thats good to know Superscrooge. I do have a long history of using credit responsibly and never missing a payment but never done BT before, for the fear of it impacting on my credit history, but was wondering whether to play clever and have the money saved sitting in current accounts earning interest instead this time.

MABLE

Superscrooge wrote: »

I've been spending on 0% cards and then doing a 0% balance transfer at the end of the promotional period for the last two years and it hasn't stopped me getting further credit.

The money saved is all sitting in current accounts earning interest.

The debt is now roughly equal to my net annual pension. So I'm fully expecting sooner or later I'll apply for a BT and get rejected. But it hasn't happened yet!

Despite this debt Noddle are still giving a score of 4/5 and Clearscore 522 although credit providers never see these scores, so they are only of curiosity interest to me.

Whilst nothing is certain. If you have a long history of using credit responsibly and never missing payments, Doing a BT is unlikely to have much effect on your credit history

I have about 6 cards with BC and some obtained through migration and because I always receive lots of excellent offers each month I never have to apply for new cards for interest free card purchases or
balance transfers.