Credit Card Balance Transfers With Poor Credit

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When a person with poor credit transfers their balance to the last known credit card that they had with good credit, the process is called consolidation. Make sure to consolidate credit card balances to a card with a low interest rate with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial advisor, Patrick Munro talking about credit card balance transfers with poor credit. If someone has credit cards and they have poor credit it is possible for them to balance transfer to the last known credit card that they had while they had good credit, and it can be a move that you can make that will actually trigger you becoming a better credit risk. This is a form called consolidation, and you would basically take existing loan balances that you have and scattered around in different credit cards and put them under one, one roof if you will, under a single credit card. Always try to make sure that the interest rate on that credit card is as low as possible. And what this will do is open up different lines of credit in other credit cards that you previously had, and show that you are not overextending many credit cards, but rather, just have one main credit card. And of course, once this hits the credit bureau your credit score, over a period of ninety days, should rise. During this transition make sure you don't put any credit card purchases on any of your cards and just buy what you can on cash basis, and this will help you with credit card balance transfers if you have poor credit. Financial advisor, Patrick Munro.


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