cash transfer from credit card and credit score

chrisfiss

Hello,

I want to transfer some debt from credit card A to credit card B. at the moment my provider (B) offers a 6.9% fixed rate till I repay. They also offer a 0% cash transfer to my bank account which can use to repay my debt on card A.

I'm looking to buy a house over the next 6 months so I don't want to significantly affect my credit score. From this point of view is the cash transfer a much worse option i.e. is it going to damage my rating more than the simple balance transfer?

Many thanks in advance!

Arleen

There is no credit score, it's imaginary - like bogeyman.

What really exist is your credit history, and we cannot say what will look better on your mortgage application as only the companies handing out loans know their criteria. Just keep in mind that most of those "0%" transfers come with a fee on balance transferred, so especially when used for period lower than a year it may not be cheapest form of credit available.

Sorry that this isn't much help, but it really is guessing how will lenders interpret it.

chrisfiss

Thanks for your response. You're right the question is whether a cash transfer looks worse in my credit history compared to a simple balance transfer. I guess it's hard to know.