Balance Transfers and Your Credit Score

Here are some tips for consolidating credit card debt that will potentially boost your score.

• Calculate the monthly payment you’ll need to make to pay off the balance before the introductory rate ends.


• Don’t cancel your old cards. In addition to eliminating your credit history, closing accounts reduces your available credit. Both can have a negative impact on your credit score.


• Avoid charging purchases to your old cards unless you can pay off the balance each month. People often fail at debt consolidation because they run up new debt.