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P.O. Box 1411 Bismarck, ND 58502-1411
May/June 2021
Balance Transfers and Your Credit Score
Consolidating credit card balances on a new card with a low promotional rate can save you money. And having a single monthly payment may be easier to manage.
What effect will a balance transfer have on your credit score? A lot depends on you. Here are some tips for consolidating credit card debt that will potentially boost your score.
- Calculate the monthly payment you'll need to make to pay off the balance before the introductory rate ends.
- Don't cancel your old cards. In addition to eliminating your credit history, closing accounts reduces your available credit. Both can have a negative impact on your credit score.
- Avoid charging purchases to your old cards unless you can pay off the balance each month. People often fail at debt consolidation because they run up new debt.
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