 TITLE: Should I Make a Balance Transfer? CONTENT: Will a Balance Transfer Impact My Credit Score?\n-----------------------------------------------\nIf used properly, a balance transfer card will help you pay down your existing debt—which should lower your credit utilization ratio and may help boost your credit scores.\nKeep in mind, however, any time you apply for new credit, a hard inquiry is recorded in your credit file and will remain there for up to two years. Depending on what's in your credit file, and how many recent inquiries you've had, applying for a new credit card could have a temporary negative impact on your scores. If you don't know how many recent inquiries you've had, check your credit reports and scores to see what has been recorded in your credit file. You can get a free copy of your credit reports and scores from Experian.\nIn addition, applying for new credit may impact your credit scores if you already have a balance transfer card and still have a balance once the introductory period is up.\nFinally, make sure once you have the balance transfer card, you make all your payments on time. Payment history is the biggest factor in your credit scores, so any late payments can have a negative impact on your scores.\nIf you decide a balance transfer card is a good option for you, be sure to find the right card for your needs, make all your payments on time, and work to pay off your debt as quickly as possible. With the right strategy, your balance transfer could put a lot more money in your pocket. END