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@Anonymous wrote:
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.
Absolutely. Scores are secondary to saving money, IMHO - unless you will be seeking more credit soon, before that balance gets paid down.
@Anonymous wrote:
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.
They most likely used TU FICO Score 4, or the Auto Enhanced score.