I have 1 clean credit card & 1 with a balance pd. on for 5 yrs. Will tranfer to3rd card improve credit score?
Idea is to tranfer the balance to a 3rd card with no interest for 6 months and get the card paid off in that time frame. I have heard that the more cards you have the lower your credit score. Will this strategy hurt more than it helps? Where can I learn how to improve my credit score?
Public Comments
- I dont think it will improve your score. The more account you have open or active even if there is no balance on them reflects if you are a risk for credit or not. If you want to transfer, try to transfer to a credit card that has a 0% interest rate for one year, then call your other credit card companies and tell them you no longer want the credit card to close the account. Then when that year is up with the 0% try to transfer to another 0% for one year and close the previous card that will now carry an interset rate. See this way you can pay off your credit card debt without paying interest.
- it is actually better to have that open account that is 5 years worth of credit than a new one with short timeframe. every inquiry of your credit(by new card apps) will decrease your score approx 5 pts. lower interest is fine, but dont close the accounts that have years of credit history on them also keep your balances below 35% of available credit if you are going to apply for a mortgage or multiple cards, do them all within a weeks time, because all those inquiries will be bundled as ONE inquiry also for a real punch to your score, payoff balances down to zero right before you apply for a mortgage, that alon can be worth 30+ points on your credit score
