Shifting debt to 0% card I already have vs credit score

Anousha

Hi everyone.
I have a chance to move my debt from one credit card with 2.9% interest to a card with 0% interest- its a card I already have, so won't be applying for new one, but there already is a debt on this card which I am paying off regularly. Credit limit on that card is £11k, my debt on it is currently at £6.6k, and I think to transfer some £1700 from another card, as they lender offers 0% interest on balance transfer until November next year.
I wander if my credit score will be affected if I shift debt from one card to another that way?
Can you help?

Many thanks

[Deleted User]

Probably, but it doesn't matter as your credit score is not seen.

You're not increasing debts or limits, so a lender would not view the situation any differently.

JimmyTheWig

Anousha wrote: »

I wander if my credit score will be affected if I shift debt from one card to another that way?

I tend to think that how a lender would view you is normally quite sensible. Who do you think a lender would prefer to lend money to? Someone who owed £6.6k on one card and £1.7k on another, or someone who owed £8.3k on one card and no balance on the other.
I personally don't think they'd be that bothered.
So I don't think it would affect what people think they mean when they say "credit score".

But there is more to think about than your credit report...

I have a chance to move my debt from one credit card with 2.9% interest to a card with 0% interest
...
my debt on it is currently at £6.6k, and I think to transfer some £1700 from another card, as they lender offers 0% interest on balance transfer until November next year.

Firstly, are they offering 0% interest for Balance Transfers with no fee?
Secondly, how quickly can you realistically pay this whole debt off? £550 a month? If not, you'll still have this balance on the card next November. At which point what will the interest rate go up to?
What's the deal with the 2.9% interest? Presumably you mean 2.9% APR, which is already a very low rate. Is that for the life of balance on the card, or will that go up to a high rate at some point?

Anousha

Hi Jimmythewig- I meant that the 2.9% APR is for life, so the interest on it will not increase if I dont move it.
Yes the card I want to shift the £1700 debt to offers transfer with a 3% transfer fee and I am planning to move the reminder of the debt from this card before end of November next year to a card which will again offer 0% interest on it for a while, if I don't manage to pay it off entirely within that period of time, that is.

I am currently on a lookout for my first house so was wandering if this transfer would hit my credit score or affect me in any way getting a good mortgage deal- I know that if I applied for a new credit card it would take it (the score) down for a while, but that's not the case in here.

Many thanks for your reply

MallyGirl

but 3% is more than 2.9% so you will be paying (slightly) more and have the risk of much higher interest if you don't pay it off before the deal runs out or you fail to get another 0% balance transfer.
Can't see why you would do this

JimmyTheWig

Anousha wrote: »

Hi Jimmythewig- I meant that the 2.9% APR is for life, so the interest on it will not increase if I dont move it.
Yes the card I want to shift the £1700 debt to offers transfer with a 3% transfer fee and I am planning to move the reminder of the debt from this card before end of November next year to a card which will again offer 0% interest on it for a while, if I don't manage to pay it off entirely within that period of time, that is.

3% of the full balance or 2.9% APR on a reducing balance for 15 months. There's very little difference. Depending on how much you pay off, the interest could be less than the fee.
Then there's the big gamble that you can get a new 0% deal next year. Market conditions may have changed. Your circumstances may have changed. For that tiny gain (if it even is a gain) it's not worth it in my mind.