| Credit Line vs. Credit Score question |
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sq80
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| Credit Line vs. Credit Score question |
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Say I have 2/5 of my credit line for a credit card used for purchases, and I can't afford to pay the purchases off right now. I'd like to do a balance transfer, because it features a lower interest rate, to pay off the purchases. However, if I procure a balance transfer of 2/5 my credit score and then pay off the purchases, I will be using 4/5 of my available credit on this card for a few days until the payment for the purchases (which is money from the balance transfer) goes through. Will these few vulnerable days hurt my credit score?
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Wed Feb 09, 2011 7:32 pm |
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KatherineLee88
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Yes and no.
Yes if the credit bureaus do their "monthly" or periodic look at your credit during those few days.
No if they don't.
At least, this is my understanding.
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Thu Feb 10, 2011 1:51 am |
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MrPolarZero
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Yest, it probably would, but not by much. The thing is, these transfers would still appear in your statements. But most often, the issuing bank would not bother with this one.
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Thu Feb 10, 2011 4:10 am |
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sq80
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I understand it will appear in my statement, but I'm concerned about the lapse which occurs during having the transfer AND the unpaid purchases on the card. Thanks for your answers:)
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Thu Feb 10, 2011 5:36 am |
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coaster
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Don't worry about it. If it goes as you say, it will never show up. The credit cycle is monthly. The only thing I'd suggest is to know what the closing dates are on the accounts so you can coordinate your transfer to occur after the beginning of the cycle and will be conclude before the end of the cycle.,
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Thu Feb 10, 2011 7:15 am |
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