Impact of Transferring Balances

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Will transferring balances improve my credit report score?

Impact of Transferring Balances

Transferring balances from one credit card to another to take advantage of promotional interest rates can be a good money management tool. However, this doesn't usually benefit your credit score. Your overall outstanding balance will remain the same. Potential creditors may view the shuffling as a sign that you are under financial stress. If you can pay off the balance rather than transfer it, that is best.

   

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