CREDIT SCORE AND BALANCE TRANSFER FAQ’S
This article answers some of the
frequently asked questions regarding
your credit score and balance transfer.
For credit card statements, is it ok, if
I make only the minimum payment every
month, for the credit score?
The credit or balance limit of the
credit cards’ statements has a
significant amount of influence on the
credit score. If you are planning not to
pay off the entire amount, this will
have a good impact for the credit score.
However, you would have to pay the
interests for the credit balance on your
Is the credit score affected by the
credit card’s balance transfer?
The rate of “use of credit” has an
impact on the credit score. If your rate
of “use of credit” is very high, then
this will cause a negative impact for
the credit score. However, this impact
is only for the short – term and once
the “balance transfer debt” is paid off
by you this will vanish. The advantage
you get when you transfer the balance is
that your credit limit can be increased
after paying the balance transfer debt.
However, you have to request for it to
happen. Balance Transfer will definitely
help you to increase your credit limit.
Does my credit score decrease for non –
usage of credit card for very long time?
No, neither your credit score nor your
credit report will be affected. However,
your card company might not be too happy
Is my credit score decreased for many
several bank accounts?
No, no information about CD, money
market, checking or savings accounts is
reflected in your credit profile.
Can I shop around to get a car loan or a
Yes, if your inquiry is the same, within
14 days. Only one inquiry will be seen
in your report.
Will the subsidiary credit card help in
building a credit history?
Yes, a credit history can be built using
the subsidiary card.
How to raise the limit of a credit card?
Your yearly income or salary has the
highest priority while deciding the
credit limit for your credit card. This
is the primary reason why students don’t
get a good credit limit by the
companies. One thing that can be done
is: do a huge balance transfer while
applying for another credit card. This
will give you a higher credit limit on
the new card. You can ask your card
provider to increase your limit, which
will be approved after consideration of
Does “merchant credit cards” help in
improving the credit score?
Yes, the more positive
information on your report the better it
is for your credit score.
How can fix the credit report and credit
score that has been damaged due to the
There are several methods
to fix the problem and you should put
some efforts to search for the right
solution. It is available on the net or
you can consult an expert.
one of our helpful account
representatives to assist you in the
high risk merchant account or
offshore merchant account for a
high risk merchant.