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Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

May/June 2021

How Balance Transfers Affect Your Credit Score

Eliminating credit card debt is always a good plan. But accumulating interest can make it difficult to pay off your balances, especially if you're making only the minimum payments.


Consolidating credit card balances on a new card with a low promotional rate can save you money. And having a single monthly payment may be easier to manage.


What effect will a balance transfer have on your credit score? A lot depends on you. Here are some tips for consolidating credit card debt that will potentially boost your score.


  • Calculate the monthly payment you’ll need to make to pay off the balance before the introductory rate ends.

  • Don’t cancel your old cards. In addition to eliminating your credit history, closing accounts reduces your available credit. Both can have a negative impact on your credit score.

  • Avoid charging purchases to your old cards unless you can pay off the balance each month. People often fail at debt consolidation because they run up new debt.


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