This post originally appeared January 7, 2016 on CreditCards.com as “Check credit score before applying for balance transfer“
By Barry Paperno
Dear Speaking of Credit,
I just lowered my car interest rate and have 24 months left. At the same time, I’m using my credit to finance a used car for my son. I want to transfer my credit card balances to a lower percentage rate, but I’m afraid it will look bad to apply for a balance transfer at the same time as I am financing another automobile. How long should I wait? — Lyndi
Dear Lyndi,
It’s good that you’re being cautious about applying for credit, as there are some credit-scoring downsides that can occur once a credit application is submitted, whether successfully or unsuccessfully, that every credit applicant should know.