When my sibling asked me for a bridge loan last week, the only way for me to help was to take out a balance transfer for a low APR. But then my sibling emails me and lets me know it’s not needed anymore.
Well I’m now wigging out about a large balance transfer request in process. I was borrowing a substantial amount because I had no idea how much to give my family (i.e. what was needed). It was definitely going to effect my credit score by changing my utilization substantially. It costs 3% for a balance transfer fee and the balance transfer check was not yet here. I wasn’t sure what to do, but I decide to call my credit card company and cancel it if possible.
That was all it took was to cancel the check (which had not yet arrived) and that was it. I am supposed to destroy the check and I’ll see a change in my credit card balances in a few days. Nothing crazy at all.
When I asked about the 3% fee, the CSR told me that the transfer charge is not applied until the check is cashed. So flushing the offer costs me nothing. We’ll see what this does to my credit report in a few weeks. I am not certain that my balances will have an accurate high water mark on my report at the end of June. But it should by the end of July.
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{ 2 comments… read them below or add one }
It’s amazing what one phone can do. Be quick to take action
It will be funny if your sibling calls back and need the money for something else, lol
It was very generous to be willing to take on a balance transfer for a family member. I would think your credit score will snap back within a month or so, although the inquiry on your credit won’t go away for 12 months.