Chase Pulls What Report?

[Anonymous]

This thread made me just go check my Citi and mine is the same as well.  7.9%.

I am afraid I don't check my cards very often!

Does seem like you have been hit with a rate that usually comes when something is wrong.. like a late payment, etc.

[Percy]

Okay.... So i just called Citibank i supposidly had recieved in a change in terms, which i could opt out and they would close my account. Doing so would bring back my interest rate down to 6.7 and i would just pay off my card. Now.... Say i do this.... and my credit card account is closed.... what do i do after its paid off? Would it effect my credit report? if its closed? they say if i opt out it does not effect my credit report in a negative way... any suggestions? should i just apply for a different card after that?

[creditwherecreditisdue]

Doesn't answer why they raised you APR.

If you opt out it may have effects on your FICO scores, either immediately or eventually. Depends on whether you have balances and whether you have a balance on this card. That may not be a reason not to opt out. Opt'ing out may make a great deal of sense economically. If it makes the impossible possible or saves you enough money you may not have much of a decision to make.

[Percy]

All they told me is they sent me an agreement of terms, and that i had a choice to opt out.... they said i am one of the 11000 they sent those to... I figured 30 percent... no way...... if i opt out my rate will go down for 6.7 and ill pay the remaining balance of 1600  its a 2.5k CL. They said it didnt effect my credit report.

[haulingthescoreup]

If your card is a newer card (younger than your AAoA, average age of accounts), closing shouldn't hurt. It should continue to report for 10 years.

Please read fused's Closing Credit Cards, linked in my siggy, for my info on how closing a card might or might not affect your credit.

And if you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.