I had heard that it is best to open a new credit card account and then wait to make a balance transfer after you get your first statement. Is that the best way to do it? Or is it okay to do the balance transfer when you first apply for the card on the initial application?
Answered on Thursday, August 5th, 2010 by
Amy Miller

Balance transfers can be beneficial and help you pay off your balance faster and save on credit card charges if handled right. You are absolutely right considering all aspects before making the application.
You probably know that every credit inquiry is recorded in your credit history, and recent credit card applications constitute 10% of your credit score. Application for a balance transfer can hurt your credit score, though experts say it is typically five points or less. If you make balance transfer after you get your card, you will already know your approved credit line, and if it is enough to transfer your entire balance, and you will also be able to calculate your debt to credit ratio, which also determines about 30% of your credit score. At the same time some issuing companies offer better terms if you apply for balance transfer at the time of online application or shortly after, otherwise 0% introductory APR is not guaranteed. Balance Transfer rules do differ from company to company and to know details of the particular offer you liked, see terms and conditions on the card application page.

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If you feel like you can afford and manage the fourth card, you can apply for a credit card that fits your credit history. You can consider applying for a credit card with 0% introductory period on balance transfer and pay off the balance of one or two credit cards. For example, look at the […]

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