FREQUENTLY ASKED QUESTIONS ABOUT THE
TRANSFER OF BALANCE AND CREDIT SCORE
Here are some of the common or
frequently asked questions about the
transfer of balance and credit score.
1. Is it okay if I make minimum payment
per month for credit score?
The limit on the balance of the credit
card or the credit statement has an
influencing significance on the credit
score. If you do not want to pay the
total amount, this shows a vital impact
on the credit score. However, a certain
rate of interest is charged for the
credit balance against the credit card.
2. Can I use the credit card to get a
housing loan or a car loan?
Yes, within 14 days one of your
inquiries should be seen in the report.
3. I have not been using my credit card
for a long time, does the credit score
No, there is no decrease in the credit
score as well as the credit report.
However, it is not advisable because the
credit card issuing company may not
4. While doing credit card transfer,
will the credit score get affected?
The rate of use in terms of credit score
has to be maintained as low as possible.
A high rate of use of credit card may
have a declining enforcement for the
credit score. But this system is only
for a short period, and as soon as the
balance transfer debt is paid, the
impact will vanish. After the balance
transfer debt is paid, the credit limit
can be extended to certain point.
However, a request has to be made in
order to get these services. There is a
guarantee on the increment of the credit
limit once the balance transfer debt is
fully paid off.
5. Does the credit score affect all
other bank accounts too?
No, there is no record of any savings
account or current account, money
market, etc. in your profile.
6. Is it possible to raise the limit of
the credit card?
It all depends upon your monthly income
and it is categorised according to the
priority which determines the limit of
the credit card. The minors or the
students do not get the limit of credit
as there is no statement of income.
There is one option to get a credit
card, that is by transferring huge
amount of balance in your bank account
and then proceed with the application
for a credit card. The company or the
card issuer will provide with an
increase in your credit limit, only
after the verification as well as after
the fulfilment of the formalities.
7. Can a credit history be created with
the subsidiary credit card that I have?
Yes, of course. A subsidiary credit card
can be used to build a credit history.
8. Is it true that the merchant credit
card helps in the improvement of the
Yes, positive information about your
monthly credit report will help to get a
better as well as increased credit
score. Contact one
of our helpful account representatives
to assist you in the setup of a
high risk merchant account or
offshore merchant account for a
high risk merchant.