Comments for 0 apr balance credit card transfer

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by xbluebellax

xbluebellax — Mon, 03 Nov 2008 19:32:53 +0000

Rip them up, they will be reported as in good standing with a $0 balance over the months and this is good. As long as you don’t miss payments it shows a positive reflection on your score.

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by Etta P

Etta P — Sat, 01 Nov 2008 20:10:16 +0000

Think of your credit score like you would a grade in school. A teacher calculates grades by taking scores from tests, homework, attendance and anything else they want to use, weighting each one according to importance in order to come up with a final single number (or letter) score. Your credit score is calculated in a very similar manner. Instead of using the scores from pop quizzes and reports you wrote, it uses the information in your credit report.
The number itself can range from 300 to 900. The formula for exactly how the score is calculated is proprietary information and owned by Fair Isaac. Here, however, is an approximate breakdown of how it is determined:
35 percent of the score is based on your payment history. This makes sense since one of the primary reasons a lender wants to see the score is to find out if (and how timely) you pay your bills.
30 percent of the score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more cards you have at their limits, the lower your score will be. The rule of thumb is to keep your card balances at 25% or less of their limits. This does count closed accounts into this balance to high credit ratio.
15 percent of the score is based on the length of time you’ve had credit. The longer you’ve had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions.
10 percent of the score is based on the number of inquiries on your report. If you’ve applied for a lot of credit cards or loans, you will have a lot of inquiries on your credit report. These are bad for your score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt (even if you haven’t used the cards or gotten the loans). The more recent these inquiries are, the worse for your credit score. FICO scores only count inquiries from the past year.
10 percent of the score is based on the types of credit you currently have. The number of loans and available credit from credit cards you have makes a difference. There is no magic number or combination of types of accounts that you shouldn’t have. These actually come more into play if there isn’t as much other information on your credit report on which to base the score. This information is compared to the credit performance of other consumers with similar histories and profiles. Based on this information having only a few credit cards open but at -0- balance, keeping one open and used rather than closing them will be more beneficial as long as you remain in self control in not using the cards that remain open. If you feel at all like you may impulse buy or tempted by the great offers you will get in the mail, then I feel compelled to tell you better to keep a modest score and be able to afford your bills by closing the non-essential cards.
Just food for thought, hope it helps!

Comment on Which is the best credit card deal out there - in the UK? by smily

smily — Sat, 01 Nov 2008 07:14:19 +0000

all about credit cards visit

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by CreditCards.com

CreditCards.com — Thu, 30 Oct 2008 17:11:12 +0000

There’s an old saying in the credit card business: Old credit is the best credit.

Having a long credit history, showing that you’ve been paying on time for a long time, really helps your score. Closing down accounts erases part of that history.

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by Shadowjack

Shadowjack — Tue, 28 Oct 2008 21:44:35 +0000

We opened a new account at Bank of America and the loan officer told my fiance that she had a credit card opened since 1988. She said she’d forgotten about it since it had no balance and that she’d thought about closing it. He said not to since having a card for that long was excellent for her credit.

Some balance is okay now and again but having a high balance doesn’t help obviously.

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by MIKE YANTREE

MIKE YANTREE — Sun, 26 Oct 2008 23:58:36 +0000

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Choose 3 and get rid of rest. Close them out. Rotate these three and pay them off each month. That will set up your credit nicely. Use for gas and groceries, which you will need. Try not to use on impulse purchases. Getting into serious credit card debt is the greatest danger you have. This would totally wreck your finances and credit score. LIMIT their use. Save cash for big purchases.

Comment on Credit card balance transfers? by Jeremy B

Jeremy B — Sun, 26 Oct 2008 14:07:03 +0000

Technically you could keep transferring your credit card balance to different credit cards. This can save a lot of money if you have good enough credit to qualify for 0% balance transfer interest rates. Depending how your credit is, this could become more difficult as you accumulate more credit cards. For some good credit card balance transfers offers check out

Comment on Is it better to have credit cards with no balance or close them in order to have good credit or help build it? by Don E

Don E — Sat, 25 Oct 2008 10:47:33 +0000

no balance on existing cards will net more credit.

Comment on Credit card balance transfers? by Curious_Rob

Curious_Rob — Sat, 25 Oct 2008 00:19:25 +0000

I believe what the other credit card is offering you is actually a promotional APR of 3.99% until the balance is paid of or for the life of the loan. That is actually a great promotion since it won’t be expiring anytime soon and you won’t have to worry about transferring the balance again like what you’re doing now. The only thing is that you will have to pay interest but $3000.00 at 3.99% won’t be that bad. Find out also how much the balance transfer transaction fee would be. Does it have a cap (meaning is there a maximum dollar amount for the fee no matter the amount of the transfer, e.g. $75 maximum even for $3000 balance) or will it be a certain percentage of the balance no matter what amount (e.g. 3% of $3000 is a $90 fee). So if you do decide to try this offer, then call the credit card company and they will transfer it for you directly by sending AMEX the payment for your card.

Another option, of course, is to just look for a card with another 0% promotion maybe for a year or so. Just don’t open a lot of cards to look for this because a lot of hard inquires on your credit report (applying for accounts) will drastically affect your FICO score. So if you already have other cards, then just call those companies and ask them if they have a balance transfer promotion available. They’ll check if they can give you.

Important things to help you decide:
*APR
*Length of promotion
*Transaction fee

Comment on Credit card balance transfers? by Michael F

Michael F — Thu, 23 Oct 2008 08:26:12 +0000

yes….you can transfer the balance to the new credit card. But if your credit is good you should be able to find 0% for a year….i recently opened up 3 cards at 0 percent for a year

go to creditcards.com and search for balance transfer cards and you should be able to find one