Does a balance transfer affect my credit rating?

Depending on several factors, balance transfers can help or hurt a credit score. Someone with excellent credit (a score of more than 740) may qualify for some of the best balance-transfer cards. Those with scores not as high may still qualify for good deals—but may not be granted initial credit lines sufficient to transfer large balances and may want to ask their existing card issuers to consider lowering rates on any balances not able to be transferred.

For example, initially applying for several different cards with low introductory rates can negatively affect credit. Fifteen percent of a credit score is based on the length of time a consumer's credit accounts have been open: The longer the accounts have been open, the better the score. Opening several new accounts brings down the average age of all credit accounts, hurting a score.

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