Had to close a CC today...

iVillage Member
Registered: 01-23-2007
Had to close a CC today...
8
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



iVillage Member
Registered: 12-21-2004
Thu, 10-01-2009 - 8:30pm
I have had to close my Juniper card and my Wal-mart card for both of them doing the exact same thing - I just opted out.
iVillage Member
Registered: 11-17-2007
Fri, 10-02-2009 - 8:30am

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

iVillage Member
Registered: 03-27-2005
Fri, 10-02-2009 - 11:29am

My husbands HSBC card raised the rate and lowered the limit.

iVillage Member
Registered: 10-01-2009
Fri, 10-02-2009 - 3:35pm

I read your posts about the CCs raising interest rates and it scares the bejeezus out of me as I owe so much.


iVillage Member
Registered: 10-27-2008
Sat, 10-03-2009 - 11:44am

Just got a notice in the mail yesterday.

iVillage Member
Registered: 01-25-2009
Sat, 10-03-2009 - 12:32pm

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
iVillage Member
Registered: 10-27-2008
Sat, 10-03-2009 - 1:13pm
Thanks for the information.
iVillage Member
Registered: 02-09-2000
Sat, 10-03-2009 - 11:36pm

I had one (Capital One) raise the rate from 14.99 to 24.99