Can you transfer a credit card balance if you've missed payments?
Summary
If you have missed credit card payments, transferring your balance to a new card with a lower interest rate can still be possible but harder to qualify for. Missing payments lowers your credit score, which makes lenders less likely to approve a balance transfer or may offer less favorable terms.Key Facts
- Balance transfers allow moving debt from one card to another with a lower or 0% interest rate for a period.
- Missing payments on your current card can damage your credit score.
- Lenders use credit scores and payment history to decide if you can get a balance transfer card.
- Missing one payment might still allow approval if your overall credit and income are strong.
- More severe delinquencies (60 or 90 days late) make qualifying much harder.
- If you apply before missing payments, you have a better chance of approval.
- Balance transfers work best if you can pay off the transferred debt before the low-interest period ends.
- If debt problems continue, balance transfers might not solve the issue and other debt relief options may be better.
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