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  1. #11
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    Don't use the new card at all until u pay off the full balance transfer. Otherwise you will pay months off interest on new purchases until your transfer is paid. U need to use your old card for new purchases and hide the new card until full transfer is paid.

  2. #12
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    Yep, i got rid of all my CC debt doing this. I had a bankwest card at 0% and an ANZ card at 2.9% (i think it was). I paid them off then got rid of the cards and probably saved myself a heap of $$$ in interest repayments.

  3. #13
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    Quote Originally Posted by Zeddie View Post
    But as I recently found out whenever someone does a credit check on you it lowers your credit rating.
    Well that's a little offputting, as I have a fantastic credit rating.

    Why does it lower your credit rating? Is it because it makes you look less desirable from a financial standpoint for needing to take up such a service?

  4. #14
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    Why does it lower your credit rating? Is it because it makes you look less desirable from a financial standpoint for needing to take up such a service?
    I think it's because the credit provider you are applying with assumes that for each credit check done, you were granted the credit.

  5. #15
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    Quote Originally Posted by HarvestMoon View Post
    I think it's because the credit provider you are applying with assumes that for each credit check done, you were granted the credit.
    this is what my mortgage broker said.
    Dh has had and paid off much more credit then me but I had a higher rating because I had applied for less credit.


 

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