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What will opting out of my cc rate hikes do to my credit?

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nalai7



Joined: 21 Feb 2009
nalai7's page
Posts: 1



34 Magic Points

Subject: What will opting out of my cc rate hikes do to my credit?
 
Posted on Sat Feb 21, 2009 5:13 am  

First I heard about this happening to others and now I can include me. I am now among the many who have received notices from my credit cards that my interest rates will be going up due to the economy.

I have significant balances on two cards. One was at 8.5% and the other was at 9.9%. I have been notified that they will be going up to 17.9% variable. There is an opt out option, if I do not want to accept the new rates I can close the accounts and continue to pay the balances off at the current rates.

My question is, if I take the opt out option what will that do to my credit score?
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 446



10890 Magic Points

 
Posted on Tue Feb 24, 2009 12:45 pm  

Hi Nalai
You should not close down your old credit card if it has a good credit history because credit history plays a significant role in your credit score. The increase in interest rate will not be a problem if you pay back the debt within the due date. All you need to do is to budget your expenditures in such a way that you are capable of repaying the credit card debt in time.
_________________
SCOTT

Use your credit account responsibly and enjoy a debt free life.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30065 Magic Points

 
Posted on Wed Feb 25, 2009 6:07 am  

Scott is right. If you close down your old credit cards, your credit score will fall as you will lose your payment history and the length of the credit history on the card. However, if you do not want to pay the high interest rates on the card, you should not make any purchases on the card, and if you do, try to repay it within the due date to avoid the interest. Now, if the interest rate increases on the existing debt, and if you have a good credit score, you should immediately go for balance transfer credit cards and pay off the existing debt using the balance transfer card.
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Keep in touch
Carol
fireyone



Joined: 26 Feb 2008
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Posts: 4246



132 Magic Points

 
Posted on Wed Feb 25, 2009 7:04 pm  

You may also want to check with your bank. You could get a bill consolidation loan and just pay them all off and make one monthly payment at a much lower interest rate. Some other credit cards offer a zero percent balance transfer from 6-12 months. If you find a card that offers that and feel you can have these credit card bills paid off in that time limit I would go that route saving interest fees all togehter.
Now if you do not close the card,which I would not, I would make a couple small purchases and pay them off here and there. I say this because recently credit card companies have been closing inactive accounts. If the accoun is closed it will lower your score.
Keithmit
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