Anthony Bardi photo

Anthony J. Bardi

Registered Representative

Enrolled Agent, LTC# 454

 

Tax and Financial Solutions, Inc.

151 SE 223rd Avenue

Gresham, OR 97030

 

Phone:  503-666-7909

May/June 2021

Balance Transfers and Your Credit Score

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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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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