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Credit apr

a few months ago i noticed my citicard raised my apr significantly.when i called they explained they had sent a notice to opt out of the higher rate by closing the account. i transferred my balance to my capitol one card which carried a much lower balance and to my distress this month that rate has doubled also.when i called cap one the rep explained that they anticipate the change won't last for long and of course was due to the recent change in credit laws. i have good credit and longevity with both credit companies.my question- should i apply for a lower rate and transfer without closing the accounts as in research i understand closing accounts can hurt the fico score.

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3 Answers

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Jean Answered:

I watch a lot of the morning shows that have financial advisors on them and they all say that all the credit card companies are doing that now because as of February, 2010 a new law comes into effect that governs the credit card companies and they are trying to get everything they can before that change takes place. They have done the same thing to me and all the people I know who have good credit.

Posted 2 years ago
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Seethegreen Answered:

Erase Debt Legally
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Posted 2 years ago
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CreditCardAssist Answered:

When using balance transfer credit cards, many people cut up their old cards and close the accounts. Closing credit card accounts may not look great on your credit report, and lower your credit scores. Let’s say you’ve decided never to use your old credit card again after switching to balance transfer credit cards. You aren’t happy with the company, the interest rates are too high, and you’re trying to get out of debt, after all. You still shouldn’t close the old account after completing your balance transfer because keeping it open is more likely to help your credit score.