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ARR's on all credit cards increasing. Need a solution.

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Anonymous
Not applicable

Re: ARR's on all credit cards increasing. Need a solution.

Credit,

 

Just a note to let you know how much I really appreciate the time and thought that you have given to my situation. I love the fact that you not only gave me two options to solve my problem but went through the effort to list the information as well. I am happy that you decided to help me out and I am happy to be apart of this forum.

Thanks for all of your help!

Message 11 of 14
GregB
Valued Contributor

Re: ARR's on all credit cards increasing. Need a solution.

If you can really decline the new terms, close the account and keep the Citi at 3.99% instead of the new 14.99%, that seems worthwhile. Are you sure that the 3.99% wasn't a promo that was going to end anyway?

 

Pay off the small balance, high interest cards and don't use them. HSN#1, CapOne#1, Houshold #2. That will help your FICO as you seem to have balances on all your accounts which is hurting your FICO. I have always noticed a big change in FICO whenever a balance reports on more than 50% of my accounts.

 

I would think any loan on your house with those balances on cards might be very unattractive terms.

 

If you don't get your FICO scores up, the rest of the CC companies are going to close your accounts, ratejack you, or reduce your credit limits. That will hurt your FICO scores more and the positive feedback loop just continues.

 

If you paid for credit reports thru MyFICO then you should have FICO scores. If you got them somewhere else, who knows or they are not actual FICO scores. That might still be worthwhile if you can see if the accounts and balances from all three CRAs are similar. Then you could just sign up for ScoreWatch and monitor your FICO with Equifax.

 

If I was you, I wouldn't spend a penny on anything for a few months and get those CC balances down!

 

This is just one persons opinion & you will hear others.

Message 12 of 14
Anonymous
Not applicable

Re: ARR's on all credit cards increasing. Need a solution.

You are very welcome.

 

We all come here to learn....then we pay it forward.  I encourage you to share your experiences, successes, and results so that we continue to have a place in which people may come to find a little light at the end of the tunnel.

 

Good luck, and please keep us updated as you progress!

Message Edited by txjohn on 04-01-2009 10:33 AM
Message 13 of 14
Anonymous
Not applicable

Re: ARR's on all credit cards increasing. Need a solution.

You are very welcome.

 

Like Txjohn said, we all learn and pass on the knowledge to others...

 

I wish you all the best in your future!

Message 14 of 14
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