Do Balance Transfers Hurt My Credit Score? (EXPLAINED)

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We discuss whether or not a balance transfer credit card hurts or helps your credit score. The truth is that it depends on how you use the card, but in general there are several ways a balance transfer card might help and hurt your credit score. For starters, there will be a new hard credit inquiry that will ding your credit card right away. Also, if you get approved for the card you will notice that your average age of account goes down which represents about 15% of your FICO score, so that could obviously hurt you in the short run as well. As for the positives, with the new card, you should be getting a larger overall credit limit, which, all else being equal, should mean that your credit utilization goes down. And since credit utilization is 30% of your FICO score, by reducing your utilization ratio, you should be able to get a nice increase to your score. Beyond that, by getting the extra breathing room that a balance transfer card may allow, there’s a good chance you could significantly reduce your debt and utilization. Do Balance Transfers Hurt My Credit Score? (EXPLAINED)
Full Article - Does A Balance Transfer Credit Card Hurt Your Credit Score?
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▮▮▮▮ TIME STAMPS
00:00 - Video Overview
01:10 - How It Hurts
02:11 - How It Helps
03:59 - Single Card Utilization
04:45 - Paying Off Interest
06:15 - Final Thoughts