Legal Question in Credit and Debt Law in California

credit card

I have a credit card debt of about $13000 and I am thinking about transferring my current balance to another credit card by opening a new account, I need to know if that would lower my FICO score or it will help to go up?


Asked on 8/04/07, 4:18 pm

2 Answers from Attorneys
Jonas Grant Law Office of Jonas M. Grant, A.P.C.

Re: credit card

This is not a legal question - I think you are on the wrong BBS.

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Answered on 8/07/07, 10:29 pm
Jonathan Stein Law Offices of Jonathan G. Stein

Re: credit card

No one really knows. The formula used to determine those is a proprietary formula. However, one of the criteria is the amount of time you have had credit. By opening a new card, you will hurt that. Also, if you dont close the old accounts, your score will drop because you will have more credit available to you.

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Answered on 8/05/07, 8:10 pm


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