SmartMoney Monday - Impacting Your Credit With Credit Cards

We continue on with the topic of bank cards for the month of October. Halloween is approaching, and we never want credit cards to become a frightening topic. Credit Card Product Manager Courtney Hirayasu from Bank of Hawaii is here now to answer some of our viewers questions on credit cards and your credit history. Melissa asks, Is it ok to keep transferring balances between credit cards to get the promotional interest rate? Or, should you stay with one card to pay it off? I see they charge a 4% transfer fee each time you transfer balances. Balance transfer fees will differ depending on the credit card. Opening new credit cards to maneuver balances from one offer to another can impact your credit. Its a good idea to research and find the most effective promotional offer and amount of term, then calculate the total amount per month you'd need to pay back your balance within the promotional time frame. Winney asks, How old does a credit card have to be so that closing it won't hurt your credit score? Closing any card can impact your credit score since it essentially reduces your total credit availability. Any change to your credit history can have a direct effect. Its far better keep the cards youve had the longest, since their history best reflects your ability to pay your bills. Kawena asks, How should teenagers appearing out of high school with no credit, build credit? Its a good idea to visit your local bank, and see what loan or credit line products they can offer to simply help establish credit. Whether its a secured loan or small credit line, see which option is best suited for you. Sometimes a credit card might not be the best option, so its always good to work with your bank. If you have a SmartMoney question youd like answered, go to our web site to post your credit card questions. Next, well talk about unmet financial goals for 2015 and tips on how to maximize the rest of the year to meet those goals.