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Hi,
I have a number of closed accounts which have balances on them. Now, I just got a 0% APR (for balance transfers) card and I would like to transfer the balance from the closed accounts onto the new card with the 0% APR offer. How will transferring balances from closed accounts onto this new card affect my credit score?
There are 6 such cards. Among these 3 are reported as closed by the credit granter, and the 3 others have been closed by me. So, please advise me.
balance transfer
Hi Maci,
Yes, you can transfer the balance from other cards to the one with the 0% APR offer. This can improve your credit score. However, you will have to request the credit card companies to reopen your credit cards.
After transferring the balances from all the old cards to the new one, you should try to maintain the ontime payments. In addition it will be better to pay off the debt within the offer period, if possible.
Thanks,
Aaron