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Cancel Card or Pay increased APR

New Visitor

Cancel Card or Pay increased APR

I am caught in the dilema of paying an increase of 5% APR (from 16.99 to 21.99) on my old creddit card balance.  Never been late, never missed a payment and have been a customer for 15 years I have a $6,000 line of credit and have used all but $600.  I will be looking at a hefty increase in monthly payments. I have a heavy credit card debt but always have paid on time and alwats more than the minimum in order to try to pay my balances down.  Over the past  two lyears, I have chosen to close 3 credit card accodunts for the same reason and this is reflected in my FICA  score of 684.  But, I hate being squeezed by these banks when accounts  get  to the upper limits. How much more can my FICA score suffer if I close this card also?
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2 REPLIES
Super Contributor

Re: Cancel Card or Pay increased APR

Paulpepe- Welcome to the forum.  If that's the only card with a balance, your FICO score won't suffer at all for the next 10 years.  After ten years is when the tradeline risk getting deleted. 

 

At some point you're going to have to break the cycle and PIF.   If you don't, you're going to find yourself with no cards reporting if you close them all 

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Senior Contributor

Re: Cancel Card or Pay increased APR


DI wrote:

Paulpepe- Welcome to the forum.  If that's the only card with a balance, your FICO score won't suffer at all for the next 10 years.  After ten years is when the tradeline risk getting deleted. 

 

At some point you're going to have to break the cycle and PIF.   If you don't, you're going to find yourself with no cards reporting if you close them all 


Or at least get balances under control.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
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