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kernst90

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How will a credit card balance transfer affect my credit score when from a closed account?
I had a credit card with a 7500 limit closed by tbe credit card company while there was a remaining balance. I have been continuing to pay this off, however the interest rate is over 20%.
I recently got a car loan through my CU and applied for a credit card at the same time since it would count for only one hard pull on my credit. I was approved for 7500 at 12% and 0% transfer fee.
I currently have one other CC with a 1000 limit. When pulling my credit currently, it doesn't account the $4000 that I am paying to the closed account in with my credit utilization.
**If I transfer my balance to this new card, would it be a bad move because it will raise my % of credit utilization? I would like to pay the balance off quickly, but I also have been working to build my score (have gone from a 600 to 715 in last 1.5 yrs) ***

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Yes and No!

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The advantage to Transfering that old balance will be the $$$ you save on interest.  The Disadvantage will be that your utilization will go up. bringing down your score.  Unless ou are trying to apply for new credit right away, I'd say saving the money on interest would be to your advantage.  Your score won't make any immediate difference if your not applying for credit.  

I'd bite the bullet, Transfer the balance and save the interest. Sufer with a lower score for a while until the balances are paid down. 

Good luck 

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