Had to close a CC today...
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Had to close a CC today...
| Thu, 10-01-2009 - 8:26pm |
I didn't have any intention of closing it either. Today I received a notice that my Chase card would be raised to 27.49% APR unless I opted out by November. This would become effective with the December billing. Considering I have a 3.99% offer until 2/2011, the decision was clear. What I do not get is that I had to close the account in order to opt out, but "you can apply for a new card at 0% for the next year". WHAT?? Sorry. No. What on earth are they thinking? How can anyone even use CCs at those rates?
I've heard a lot about this lately. Anyone else with a story?
Dee


I am getting a few letters. We had this one account with Union Credit card it is owned by Household and was given by the my husbands union to
My husbands HSBC card raised the rate and lowered the limit.
I read your posts about the CCs raising interest rates and it scares the bejeezus out of me as I owe so much.
Just got a notice in the mail yesterday.
My own experience is, if you have your other finances in order (overall income/debt/credit ratio, payment history, etc.), closing a card does not really do much damage to your credit score. I do it all the time to take advantage of those "open a card and take 20% off everything you buy today" at stores.
Last time I check, about 6 months ago, my score was 798.
edited for spelling, cannot spell before coffee
Edited 10/3/2009 1:18 pm ET by marie_1229
I had one (Capital One) raise the rate from 14.99 to 24.99
~Jackie, BookCrossing Member & Warming Families Volunteer
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