credit card balance transfer bad credit
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Can transferring my credit card balance be bad?
I have one/first credit card and I want to open a new credit card account with the same company. Will transferring my balance be bad? or should I wait till i may a payment and cancel it or is that even worse. Or is it better just keeping the old one while opening up the new on?
It’s perfectly fine to open another credit card with the same company. It’s also fine to transfer a balance, especially if it’s for a lower interest rate. Just make sure when you are doing the transfer that it’s okay with them that it’s from another one of their cards.
But whatever you do, make sure not to close the original credit card. This will lower your FICO score. You want to keep your debt-to-credit limit ratio high, so the more credit you have available to you (that you’re not using), the better. This ratio counts for 30% of your FICO score, so it’s important.