Balance transfer from closed account score impact?

QuestionsBalance transfer from closed account score impact?
asked 4 years ago

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.

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