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Anthony Penree
Financial Advisor
ABC Company
236 Broadway
Menands, NY 12204
Phone: 518-870-1081
Email: apenree@ltmclientmarketing.com
Website: ltmclientmarketing.com
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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ABC Company and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative. * Securities offered through ABC Company, Member SIPC, 45 Prospect Ave, Albany, NY 12206.
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