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If I transfer from anothr credit card to a 0% , will the inquiry lower my fico score? |
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Date:
September 28, 2007, 3:13 pm |
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If I transfer from anothr credit card to a 0% , will the inquiry lower my fico score? |
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Answer:
As a matter of fact each time you apply for a credit card it influences your score. Inquiries on your credit report can indicate your risk as a borrower. So, you see, too many inquiries might mean that you're taking on too much debt, and that is a risk for lenders. So, if you want to raise your score you should minimize the amount of inquiries on your credit report and open new accounts only if you need them. However if you are eligible for a balance transfer deal your credit must be either good or excellent (above 660 at least). In this case an inquiry won't damage your score. And if the transfer of balance will help you to move your high-rate balance to a better card, you will be able to avoid debts, and consequently, it will affect your credit in a positive way. |
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