Bouncing Credit card Balances

Bouncing Credit card Balances

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Discussion

head_ed

Original Poster:

19 posts

255 months

Tuesday 20th January 2004
quotequote all
How many times can you take advantage of various 0% offers before your credit rating starts to suffer?

I have had to cane my card recently, and a change in circumstances means I can't pay it off in one go.. I have the balance on an Egg card, but want to bounce it to another card that offers 0% till July as the Egg 0% offer is due to expire.

I have a good credit history, and don't want to damage it by bouncing things too often.

cheers,

mart.

Plotloss

67,280 posts

276 months

Tuesday 20th January 2004
quotequote all
Actually taking advantage of another 0% offer harms your rating in no way at all.

What does though is the succesful application for credit.

The logic is that there should be some way of tracking people who get a lot of credit in one or two days and then emigrate so on succesful credit application they drop your score by one. Then when the month ticks over they put the one back.

So as long as you dont move it everyday then your rating wont suffer at all.

head_ed

Original Poster:

19 posts

255 months

Tuesday 20th January 2004
quotequote all
Cheers,

Thanks for the info!

martin

m-five

11,392 posts

290 months

Tuesday 20th January 2004
quotequote all
That's exactly what I've been doing for the last three years when I unexpectedly end work or need an extra month to pay (without penalty).

I have three cards I bounce between, and wait until a week before the payment date before transfering the balance.

Have a look on the FT site for a list of credit card rates and introductory offers - http://credit.ftyourmoney.com/cards/creditcardsform.asp

BTW, each time I transfer the balance I get a nice increase in my card limit as well.

>> Edited by m-five on Tuesday 20th January 18:10

stooz

3,005 posts

290 months

Wednesday 21st January 2004
quotequote all
Plotloss said:
Actually taking advantage of another 0% offer harms your rating in no way at all.

not entirely true!!
its marginal true.

the key scroing factors are:
max amount available to spend Vs Income (gross)
applications per annum ( 1 a month is safe )
payment faults (late or missed)
current outstanding balance Vs Income

dont forget, nearly everything will register as an appliocation, a new mobile phone contract, a sofa, a mortgage, a loan, a direct debit agreement for sky...

Plotloss

67,280 posts

276 months

Wednesday 21st January 2004
quotequote all
They key scoring factors are whatever you want them to be.

Moving to a credit card with a lower rate will impact your loan score but NOT your credit score.