Impact of Transferring Balances

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about About Credit Reports and other Credit Report topics.

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.



Nobody has commented on this tip yet. Be the first.


URL: (optional)


Not finding the advice and tips you need on this Credit Report Tip Site? Request a Tip Now!

Guru Spotlight
Alexis Niki