Does it hurt you credit rating score to keep transferring balances?

Question

I continue to receive mail from credit card companies telling me to transfer my balances and receive 0% APR till 2009. If I continue to transfer balances each time I get one of these, does it hurt my credit score?

Answer 1

it's true that it will hurt your credit by opening more accounts. just don't simply CLOSE the accounts. that hurts your credit as well. wait until they send you a notice of account term changes... then close your account.

you should get your credit card and debt paid off so that you don't have to owe any more money. then you will have financial freedom and can use that money you were using the pay your debt to invest and save.

Answer 2

Absolutely no impact at all as long as you pay what's owed when it's owed

Answer 3

If it impacts the balance to available credit ratio then yes or if these are new credit accounts then again yes. Every time you apply for credit it lowers your score a little bit - approved or not. If you have more new credit cards than old - it also lowers your score.

If they are current credit card offers that you are using - then it may impact your score a little bit since transferring balances to one card will most likely push your balance over 50% of your available credit for that card. It will not make a HUGE differance but it will impact it slightly.

It is a good idea to keep your balance below 40% of your available credit on each card. Your total available credit should out weigh your total balances owed by 60% or more.

Also keep in mind you may end up paying more in the end  by doing this several times since 99% of the companies charge balance transfer fees. It would be wiser to choose one that is for a low rate and for the life of the balance. Just be sure to pay 10% or more of the balance each month.

Answer 4

No it doesn't.

Answer 5

It would as by doing so you continue to open new accounts thus creating more open to buy, thus you become a great risk of spending more than you can afford.  I suggest refraining from get to much open to buy & you should consider closing a few of the older accounts while you're at it.