Thanks for the help guys! Just to clarify, I was only given 2 options... Either opt out of the change in terms and close my account with my old rate of 7.49% or keep my account opened at the new rate of 29.99%. Of course I decided to opt out... so my utilization ratio will not be affected by the closed account? I was reading in the forums that once you close an account, the credit limit will not be factored in. For example if you have 3 credit cards with limits of 10k, 10k, and 20k... and balances carrying 5k, 5k, and 10k, respectively.... and then having your credit card with the 20k being canceled... that would leave you with a 20k/20k utilization of 100%. Is that correct? Or you are saying that my nothing will change and my ulilization will be the same as before 20k/40k 50%? Thanks in advance.
This is most emphatically not correct...
... making this unnecessary. (At least for as far as addressing any damamged cause here is concerned.)
And another question... if I was added on to my wife's credit cards as an authorized user, would that help? She has a few credit cards with no balance that are high credit limits.