Should I Close Account?

iVillage Member
Registered: 03-04-2007
Should I Close Account?
3
Tue, 01-13-2009 - 6:51am

I received a change of terms letter from Discover "due to the challenging economic environment, they are increasing the interest rate for purchases-existing and future."


Right now, my interest rate is 6.99%.

iVillage Member
Registered: 11-17-2007
Tue, 01-13-2009 - 7:56am

Personally I would start moving that debt out of Discover

iVillage Member
Registered: 09-07-2003
Tue, 01-13-2009 - 9:48am

In terms of "Which is more important, paying debt down or keeping a good FICO score?

Teresa
http://www.affordingpickles.blogspot.com

iVillage Member
Registered: 08-02-1998
Tue, 01-13-2009 - 4:38pm
Personally I would opt out of that account and continue to pay at the lower interest rate. You haven't used the card in 6 months so you have shown yourself that you don't need to have access to it.
JMO
Sharon
Also the way things are going in both countries right now, that $15 a month difference in interest may make a huge difference in your budget later on.