Have you ever paid off one of your credit cards using balance transfer from another & company cl

Why or why not? Neither credit cards were past due, over the limit, or had late payment. Thanks.

Have you ever paid off one of your credit cards using balance transfer from another %26amp; company closed account?

I transfered balances a few times and never has the company just out and closed my account.

Are you kidding me? They can%26#039;t entice you to run back up the debt if they close your account.

As a matter of fact, after your transfer you will probably start to get more offers from the company to try and get you back into debt with them.

If you are paying, you are a great customer, they will not risk losing you.

Have you ever paid off one of your credit cards using balance transfer from another %26amp; company closed account?

Have I ever done that? No.

Am I surprised they closed the account? Nope.

Credit card companies do what they want to do, within the confines of the contracts to which you agreed when you opened the account. And one of the stipulations of almost all of those contracts is that they reserve the right to close your account if your %26quot;creditworthiness%26quot; is evaluated to have changed significantly.

So, they%26#039;d use the fact that you chose to do the balance transfer to pay it off as a means of claiming you were suddenly a bad credit risk. (Who knows... it might actually be true. I mean, suddenly you have a lot more available credit if they didn%26#039;t shut you down, yes?) But even if it%26#039;s not, the fact is, you stopped being a profitable client for them when you stopped carrying a balance. They%26#039;re in business to make a profit. End of story.

Have you ever paid off one of your credit cards using balance transfer from another %26amp; company closed account?

Yes, I have paid a credit card off by transferring the balance to another account. The company does not close the account for that - you need to contact them and find out the real reason the account was closed. I did this because, like in your situation, the new interest rate was lower than the current one.

Your monthly payment being less is not going to help you get it paid off any faster.

The longer an account is open, the better it looks on your credit report. Any closure of an account, by you or the cc company, can hurt your credit report.

I have to say that I actually play a balance transfer game. I am 10s of 1000s of dollars in debt and generally don鈥檛 even bring home enough money to make all my minimum payments in life each month. I keep on my toes for when promotional rates will change and what balance transfer offers I have coming. I do make all my minimum payments (at least) and have them on time. I always find a way to get money or sell off investments I have so that I can keep my credit report looking good. I actually have 12 credit cards, but only 6 of these still have balances on them. I do not want to close any of them, because some are very short term and some are quite long term - either way I lose. One thing I have learned to raise your credit score is to distribute the balances among all the cards. You want to keep the amount you owe at 30% or below of the credit limit on each card (up to 60% is okay without much harm though).

By the way, for 2 years, I paid no interest, despite my overwhelming debt - I also paid no balance transfer fees. Now that I have so much debt and a hit on my credit score (from too many credit cards), I do have to pay interest on some cards, but I currently do not pay more than 3.99% interest on any card.

The last hardest lesson I learned is this: I transferred some balances, then applied for 2 more credit cards to keep up the game. My application for these cards was rejected and next thing you know, everyone of my credit card companies sent me those 鈥渁lmost impossible to see fine print鈥?notices that said my rate would be going up effective the first of the next month %26lt;though this does not apply to promotional rates until the end of the promotion period%26gt;. I had done nothing wrong, except my credit score took a hit because of too many inquiries鈥?