Need CC advice
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Need CC advice
| Tue, 11-16-2004 - 12:38pm |
I just called one of our cc companies to ask if they could lower our rate. It is currently 12.5% variable. They said they could to 6.5% variable (prime + 1.75%) but the kicker is they would close the account number and give us a new number. This would show up as a closed account on our credit report and I think would hurt our FICO score since it is the longest cc account we've had open (it's been open since 1992). We have another account (line of credit) that has been open since 1994 or 1995 with the same company.
What would you do? Any advice. Should we keep it open so it won't hurt our FICO score-- I ran the numbers and with what we owe, we would only pay it off one month sooner with the 6% reduction or should we opt for the 6% reduction and close it out?
Any thoughts/suggestions would be most welcome.
Kellie

Kellie -
One small factor of your credit score is the "Length of Credit History".
All my best,
Danni