Balance transfer advice
Discussion
A family friend has asked for some financial advise and I'm hoping for further input from PH.
He currently have 3 credit cards:
Does having less credit card affect credit history? Should he just pay off Card 2 and not think about another balance transfer? He told me he could probably pay off Card 2 balance but would take sizeable chunk out of savings.
He currently have 3 credit cards:
- Card 1 with main bank - 0 balance minimum credit limit.
- Card 2 - Active credit card. Currently have sizeable balance of around 5k
- Card 3 - Opened around 1.5 years ago to take advantage 0% balance transfer. Not much left and was told can afford to pay it off in 1 go
- Close Card 1
- Transfer balance from Card 2 (and maybe Card 3) into a new 0% card and close down Card 3.
Does having less credit card affect credit history? Should he just pay off Card 2 and not think about another balance transfer? He told me he could probably pay off Card 2 balance but would take sizeable chunk out of savings.
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