Changing CC to take adtvantage of 0% financing?

Over the past 18 months I have applied for Credit Cards that are offering me 0% interest on transfered amounts. If I do not have the balance paid off before the term is over, I apply for another 0% offer and move my money over to that one. Can I keep doing this without effecting my credit report in a negative way?

Changing CC to take adtvantage of 0% financing?credit score

Too much outstanding credit can be a bad thing. If you are simply opening a new account every 18 months and then a month or two later closing an account that you are not using, thus only keeping one or two accounts open, youe should be OK, not great, but ok.

You do not want to have a dozen open accounts as that can actually negatively affect your credit. You also don%26#039;t want to have only short term history on your accounts. Often it is better to see about transfers within the cards you have and see what rates they are offering, as this builds a better credit record with a lender.

Changing CC to take adtvantage of 0% financing?

loan

Yes, I do it all the time. The gotcha: you must not use such a credit card for routine purchases, because any resulting balance incurs interest at a high rate, and if you try to pay down the balance, the bank will place the payment against the zero-interest part, not the new purchases. So those will accrue interest at the full rate until the whole thing is paid off.|||It is good if you have cc debt and do not plan on applying for a loan any time soon. And if you have cc debt, you probably shouldn%26#039;t be buying anything with a loan. You must have a good credit score if you qualify for 0% for 18 months, so shouldn%26#039;t worry about it. I would just pay down the cc debt as rigorously as you could so you don%26#039;t have to play the balance transfer game.

SCOTT B:

Your credit history is not a major part of your credit score. It only accounts for 10%. I do agree that you need to keep your oldest accounts open, though.|||Every time you apply for credit it will affect your credit score. On your report they your last 1-2 years of credit inquires. As long as they are fairly spread out you should be ok. A major component of your credit score is how deep your history is--so it is a good idea to keep your oldest cards open, and close some of the more recent ones you have opened.