Credit scores reflect the number of paid credit accounts you have. So, when you transfer from the first account to another, that first account becomes PAID. You don't need to close the account, since over time it will be beneficial to your score.
Myanswer
I heard the more credit cards you have reduces your credit rating as theres still a risk of using up your credit limit and risk of fraud. Also, a credit card in reality is a loan but reflected as a credit limit.
Having a few (4-5)credit cards, or positive trades, on your credit report is good. If you are using less than half of the available credit for EACH card, it shows that you know how to manage money. You can also freeze your credit account to avoid constant checks by prospective lenders.
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so basically having 4-5 credit cards on £0 balance with £3000 credit limits is good for your credit rating if those cards are frozen?
I had an MBNA card and applied for another card under the same umbrella orginisation and I told them I wasnt happy with my credit limit because I had another card different brand by MBNA that's why.
How do you freeze accounts?
There are a couple companies that offer a 0 percent balance transfer. Some of these companies are Discover, BankRate and Nerdoffer. 0 percent balance offer isn't something that is recommended.
One can apply for a zero percent balance transfer credit card on websites like Money Supermarket, Balance Transfer Credit Cards, Moneyning or Wise Bread.
One can obtain a 0 percent balance transfer through several different companies. Some of these include: Credit Cards Canada, Discover, CIBC, and TD Canada Trust.
$131.66
Take advantage of low credit card balance rates. For example, why pay 24 percent on three separate credit cards when you could pay 15 percent interest on one card? Credit card issuers typically charge a balance transfer fee. This is typically around 3 to 5 percent of the balance you transfer.
There are a couple companies that offer a 0 percent balance transfer. Some of these companies are Discover, BankRate and Nerdoffer. 0 percent balance offer isn't something that is recommended.
One can apply for a zero percent balance transfer credit card on websites like Money Supermarket, Balance Transfer Credit Cards, Moneyning or Wise Bread.
One can obtain a 0 percent balance transfer through several different companies. Some of these include: Credit Cards Canada, Discover, CIBC, and TD Canada Trust.
$131.66
Take advantage of low credit card balance rates. For example, why pay 24 percent on three separate credit cards when you could pay 15 percent interest on one card? Credit card issuers typically charge a balance transfer fee. This is typically around 3 to 5 percent of the balance you transfer.
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There are currently no credit card that offers zero percent balance transfer fees. However, there are many that is usually 5% and the compiled list can be found on Nerd Wallet.
There are a number of websites where you can find information about zero percent balance transfer credit cards including Nerd Wallet, Cash Money Life, My Money Blog and Wisebread.
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One of the most popular zero balance transfer credit cards in Canada is the MBNA Platinum Plus Master Card. This card also has a zero percent annual fee.
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The Ten Percent Law refers to the transfer of energy from one trophic level to another.