Closing my high precentage APR credit cards?
hi my wife and i had many opened credit scores with high APR we already payed all the amount s due for these cards.. i am trying to negotiate with them to lower their high APR (the average is between %24 for some cards to %14 for others) so the wquestion if they refuse to lower their APR or lower it to a non satisifed APR what i suppose to do ..can i close these credit cards and apply to another low APR cards with a good credit line or closing these credit card will effect our credit scores for my wife and i . or leave these credit score pending without any activities...and applied for new credit cards that give us a satisfactory APR. Thanks
Public Comments
- It depends. Have you had this card for a long time? When you close a credit card, you lose that credit history in a way. So if it's the first card you opened, I wouldn't close it. If it's a recent one, go ahead, but it doesn't look very good to have a closed credit account that still has a balance. It looks to creditors like you couldn't handle the credit you had. Keep hunting for a lower APR and asking them to lower your APR. Go ahead and tell them you want to close the card out since the APR is too high and maybe that will light a fire under their tushies. They don't want to lose your business.
- Yes, you are right about how closing your credit cards affecting your credit score. The best way is to stop using that high percentage APR card (but do pay off the balance before doing so). Then wait till the experiation period. When they ask you if you want to renew it, tell them you will under one conditon, that they lower the APR. And if they refuse to do so, just don't renew it. You are also right about getting a new card with an APR that you like. Good Luck.
- You have done a great thing by paying them off. The best thing to do is pay off any credit cards any month that they are used. This results in 0% APR. The more credit you have available the higher your credit score.
- I would cancel all of the cards. Credit card companies are snakes. They make all the rules and can change the rules anytime they want. Banks spend millions brainwashing people into thinking they need credit cards and a high I love debt score to make it in todays world. Not True! Pay as you go and you will win with money. Dont worship at the alter of the almighty fico score These people that work in banks and do financing for a living are gonna tell you different But, Debt Free is Definitely the way to be! Love me or Hate me, You know i'm right!
- 1. pokemike...'s suggestion will not work. Many credit card companies have renewed my cards on their own, without asking me. 2. Never close you oldest credit card, because doing so would decrease the number of years of credit history that you have. 3. Beyond that: a. If the total of your credit limits is very high, close enough of your newer cards (any other than the oldest) to bring down the total of your credit limits. b. If the total of your debts is a large percentage of the total of your credit limits, leave all the cards open (with no balance so that you pay no interest). If you close any, your debt as a percentage of total limits would increase (which is bad).
