If you had 1 credit card with a high APR and other credit cards with low APRs, would it be a bad idea to …?
Friday, June 19th, 2009 at
11:44 pm
transfer the whole balance from the card with the high APR if it mean pushing your low APR card close to its credit limit? What is a better strategy for your credit rating? Spreading debt out over a few cards? OR having some cards with no balance and some with high balances due to transfers?
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credit institutions look at you at an aggregate level. they calculate your overall debt to utilization ratio, so I don't believe that it matters how you spread across the balance. It is a good idea to move your high interest balances into the low rate ones. Consider applying for a 0% balance transfer credit card offer. You'll save more in the long run.
http://www.apeepa.com/zero_on_balance_transfers.php
first of all stop buying things you want but don't NEED. Transferring a balance from one to another will effect your credit as each time you open a card a credit history is pulled. Never close a card with a balance as this to will effect your credit score. Better to be more fiscally responsible having a few cards with no balance. This shows creditors that you have the means to buy (on credit) yet are using the cc responsible. If your intentions are to improve your credit score you need to lower your debt to equity ratio not just spreading you debt all over the place and adding to it. Have you contacted you current CC and tell them if you lower my APR I will keep my balance with you, otherwise I will transfer the balance. They will often work with you. Buy, buy, buy its what we are taught from a early age. Consumption is good. Learn to live with in your means and you will be far ahead of the curve, have less stress and quite possibly be a bit happier
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