I’m currently trying to build up my credit after making some mistakes 2 years ago (2 medical collections and a handful of late payments)
I had a student card with a 7500 limit that was closed with a balance. I currently owe 4000 and have been making regular payments.
I just applied for a car loan at my CU and at the same time requested a credit card, since it would only count as one hard pull on my credit.
I was approved for 7500 cc limit at 11% with a 0% BT fee. The only other card I use is a Capitol one with a 1000 limit and a $ 300 balance. My card utilization looks okay on my credit, because it appears it doesn’t count my $ 4000 from the closed account?
The closed account has a high APR over 22% – so I know the transfer would save me money and help me pay this balance off.
My concern is that it will increase my credit utilization pretty significantly. Should I still go through with this so I can save money and get this balance paid off?
Current TU 715 – Equifax 716 (up from 598 2 years ago) However when applying for car loan the bank stated my TU was 685 on their structure.