CREDIT » CREDIT REPAIR & REPORTS

Transferring a credit card balance from one card to another is easy - if you can find the right offer. In the past, transferring a credit card balance was practically guaranteed as an option because all the credit card companies were fighting for people's business, and so offers were everywhere. Now that the economy has entered a downward slide, and credit is drying up everywhere you look, the offers to transfer your credit card balance have dried up with it. Nonetheless, there will still be offers out there, you just have to look a little harder for them. Once you find one that meets your needs, transferring your credit card balance is a fairly easy transaction to perform.

If you find a credit card that wants your business by transferring your balance to it, congratulations. Credit cards are really scaling back their credit and offers of credit, and the once ubiquitous fliers, emails, and pop-up windows are vanishing. When you transfer your balance to another credit card, you're doing so because the offer includes a grace period of zero or very low interest rates. Most credit cards offer this grace period for periods up to one year. To transfer your balance, simply apply for the new card either online, by phone, or in written form. If your request is accepted, the new card will pay off the debt on your old one, and move the balance to it. It's that simple. However, be sure to read the fine print at the bottom of your balance transfer contract. You never know what kind of unpleasant fees your new card may inflict on you.

To learn more about transferring your credit card balance, interest rates, grace periods, or any other aspect of credit cards - be sure to ask lots of questions prior to signing up so you are aware of what you're getting yourself into. Also, don't forget to get a free credit report so you know what your credit score is - because chances are, the higher your credit score the more likely the credit card company will give you a good balance transfer rate.

It's truly astounding. When you apply for a credit card online that offers "instant approval," that credit card company can zip around the internet in the blink of an eye and pull up your information electronically, know almost instantly whether you are a good credit risk, what balances you are carrying on your existing credit cards, and whether you have a history of on-time payments. (Sure, sometimes they need to take a few days to make a decision, but in general, they move pretty fast).

How do they do that? Is there some repository of information out there somewhere on the internet maybe in a place that an identity thief might also be able to access just as quickly? Well, don't panic. Your banks and credit card companies are keeping your information safe. In fact, the online credit card companies are not even talking to those companies directly. They get their information from the credit bureaus, and there are three of them: Experian, Equifax and Transunion.

These three credit bureaus are in the business of tracking and recording your behavior with credit from the time you open your very first credit account. They know whether you have a history of making your payments on time, whether you have ever defaulted on a loan, or if you open or close a credit account or loan. that information is noted in a document called a credit report, and each of these agencies has compiled their own credit report on you. From the information on your credit report, they also create a three digit number, known as a "credit score," which represents your creditworthiness. Like the high score in a video game, your credit score lets other people know how well you can play the credit game. So when online credit card companies look online for information about you, this is generally the score upon which they will base their decision to extend you credit.

The best way to maintain a good credit score is to make your payments on time, pay off your credit cards and don't carry high balances from month to month. As you can see, your credit score and credit report are important tools used by creditors to determine your creditworthiness.

Are you interested in finding out what your credit score is? Try a free credit report at GoFreeCredit.com - they're a secure and credible source.

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