Credit card balance transfer to existing credit card
ayr2019
Posts: 3 Newbie
in Credit cards
Hello,
I have 3 credit cards, all of which had a 0% interest deal when I originally signed up.
The 0% interest on one of my credit cards is coming to an end and I therefore wish to do a balance transfer. One of my other credit cards has a deal that I can transfer a balance onto it, again at 0% interest.
My question is, will my credit score be affected if I transfer a balance from one credit card onto another credit card I already have? I’m not applying for a new credit card so there won’t be a new application to go onto my credit file and my overall credit limit won’t have changed, I’ll just be moving debt from one credit card to another that I already have.
Apologies if this question has already been asked; I did have a search through the threads but they seemed to be more for new credit card applications which definitely would affect my credit score.
Any advice is greatly appreciated!
I have 3 credit cards, all of which had a 0% interest deal when I originally signed up.
The 0% interest on one of my credit cards is coming to an end and I therefore wish to do a balance transfer. One of my other credit cards has a deal that I can transfer a balance onto it, again at 0% interest.
My question is, will my credit score be affected if I transfer a balance from one credit card onto another credit card I already have? I’m not applying for a new credit card so there won’t be a new application to go onto my credit file and my overall credit limit won’t have changed, I’ll just be moving debt from one credit card to another that I already have.
Apologies if this question has already been asked; I did have a search through the threads but they seemed to be more for new credit card applications which definitely would affect my credit score.
Any advice is greatly appreciated!
0
Comments
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Some of your credit scores will plummet, especially Experian, but that's not a problem, as they're not a measure of your credit worthiness and not seen by anyone but you.
Lenders will see that you have the same level of debt and that it's on a promotional rate.0 -
Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email forumteam@moneysavingexpert.com.
I’ve moved your thread from the ‘I wanna’ board to the ‘Credit Cards’ board, where it is better suited.
Regards
NileI’m a Forum Ambassador and I support the Forum Team on the 'I wanna' and 'In my home' and Health & Beauty'' boards.If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.10 Dec 2007 - Led Zeppelin - I was there. :j :cool2: I wear my 50 (gold/red/white) blood donations pin badge with pride. Give blood, save a life.0 -
Thank you - I think I originally tried to post it in credit cards but it came up with something saying that page was for recommendations or something.0
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