Quick Question: Do balance transfers hurt credit score?

[amdhunter]

Both cards have been in use since 1999.

Card A has $1500 in debt @ 9.9%
Card B has $0 and 2.9% APR for balance transfer + whatever fee for the transfer.

It's more of a convenience thing, since I can pay Card B online. Card A has been indefinitely blocked from Online access. (long story.)

I am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Is there a huge hit to credit score? I heard that any balance transfer is a sign of "financial distress" and can drop your score greatly. My score right now is just in reach of 800 points, and don't want to jeapordize it.

Anyone can offer advice? There was a forum someone mentioned before about credit cards and such, does anyone know what it is?

 

[imported_Lothar]

Originally posted by: amdhunter
Both cards have been in use since 1999.

Card A has $1500 in debt @ 9.9%
Card B has $0 and 2.9% APR for balance transfer + whatever fee for the transfer.

It's more of a convenience thing, since I can pay Card B online. Card A has been indefinitely blocked from Online access. (long story.)

I am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Is there a huge hit to credit score? I heard that any balance transfer is a sign of "financial distress" and can drop your score greatly. My score right now is just in reach of 800 points, and don't want to jeapordize it.

Anyone can offer advice? There was a forum someone mentioned before about credit cards and such, does anyone know what it is?

Spill the story already.

 

[TallBill]

Yeah, we need the story before we can help.

 

[FDF12389]

Originally posted by: TallBill
Yeah, we need the story before we can help.

Totally

 

[amdskip]

Originally posted by: amdhunterI am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Excuss does not compute. Get them a cashiers check or wire them the money if you can pay it off.

 

[thepd7]

hurt mine. Of course I transferred back and forth 5 times about $3k to get points on both cards but yeah, dropped my score 40-50 points. I don't need credit anytime soon so I'm fine but in retrospect it wasn't worth it.

 

[amdhunter]

Originally posted by: FDF12389

Originally posted by: TallBill
Yeah, we need the story before we can help.

Totally

It's not that bad a story. I used my Visa at a sleazy tire shop here in The Bronx a few years back, and that tire shop used my CC number to open multiple AOL accounts. I caught onto it rather quickly and my issuer decided to lock out my online access.

They think to this day that the problem had to do something with my own computer, and locked me out of online access. They considered me a "risk."

It's a Wamu card, and I am perpetually locked out of access, and they always tell me that they cannot unlock it, so I stopped calling. I would have cancelled the card if I didn't have such a long history with them.

Like I said, it's a convenience thing, I have NO problems paying off the card. I just don't like to go to a Money Order place, and hate having to rely on the postal service to get it there.

 

[amdhunter]

Originally posted by: amdskip

Originally posted by: amdhunterI am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Excuss does not compute. Get them a cashiers check or wire them the money if you can pay it off.

I am not going to pay the entire debt all at once, but I'd like to send 5-700 a month, which I don't trust in the mail...

Wiring money just seems to be a PITA.

 

[kranky]

Originally posted by: amdhunter

Originally posted by: amdskip

Originally posted by: amdhunterI am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Excuss does not compute. Get them a cashiers check or wire them the money if you can pay it off.

I am not going to pay the entire debt all at once, but I'd like to send 5-700 a month, which I don't trust in the mail...

Wiring money just seems to be a PITA.

I have sent over 4,000 checks through the mail with exactly 1 getting lost. I would not worry about it.

 

[amdhunter]

Originally posted by: kranky

Originally posted by: amdhunter

Originally posted by: amdskip

Originally posted by: amdhunterI am tired of getting Money Orders to pay Card A, and it is the whole reason that there is still debt on it. If transferred, it would be paid off in a month. If not transferred, it would probably hold debt until well into next year. (I dont trust huge amounts to Money Orders/USPS.)

Excuss does not compute. Get them a cashiers check or wire them the money if you can pay it off.

I am not going to pay the entire debt all at once, but I'd like to send 5-700 a month, which I don't trust in the mail...

Wiring money just seems to be a PITA.

I have sent over 4,000 checks through the mail with exactly 1 getting lost. I would not worry about it.

lol, it's more of having to physically going to a check cashing place. It's annoying...lol
I guess it isn't worth losing a few points for convenience.