Help with CC APR's!!

[Anonymous]

Okay, I'm very new at this!! It's my first post!!  Here goes....My fico's are below, I hope...They are all in the mid 600's....History...I had stolen identity by a close family member who got a Discover and AMEX in my name while I was in college....I did not want to press charges, therefore, I got stuck with the mess....I also made some mistakes myself along the way with Providian and am dealing with that....well needless to say I have been working on them for a couple of years.....Well now I have a few credit cards...okay more than a few...but I REALLY want to pay them off/down so that we can purchase another house....we got an awful rate on our first home....but we are paying it anyway with help from a modification from 11%-7% (thanks to good ole W)....2 Cap 1's, Merrick(hate it), and HH....all of them have been opened for at least 4 years....but the APR's suck the highest is Merrick which is 24%(I know, I know), The lowest is Cap 1 12.14% (not good, but better than Merrick)...so I have been reading the forums and tried calling the CC to see if I could bait them to lower my APR.....well HH fell for the bait....they went from 28.99(highway robbery) decreased to 15.99 (yeah) after speaking with the supervisor (the CS rep straight told me no), Merrick stated that they did not have a lower rate, Cap 1 just waived my yearly $29 fee and gave me a $300 CL on the other card (whoopee, I know)....but it was something....Now I just don't know what to do about Merrick.....I have had the card for four years and now since they won't lower my APR....would it be beneficial or disastrous to close the card???  Should I actually try to get another card and do a balance transfer or should I pay it off and sock draw it???  The CL is $1350 and I owe about $1000....I know that is really bad, but I am learning about utilization thanks to this forum!!  Please help a newbie out!!

Message Edited by toshaa on 06-03-2008 03:02 PM

[Creditaddict]

Don't close it while it's got a balance on it, but I would def. try to do something with it.  Look for a card that pulls EQ or EX and possibly balance transfer.

You a member of a local credit union, maybe a personal loan to pay off all credit cards.

[Anonymous]

Thanks for the advice...yeah I def won't close it with a balance, but I'm just PO'd that they won't lower the APR......I am just getting sucky APR's due to my boo boo's and the identity theft!!  Do you think the CU will give me a good rate with my scores??  I tried to refinance my car with them, but they would only loan the Kelly Blue Book Value??  I didn't understand that either!! 

[Creditaddict]

well for a personal loan probably 10-15%

yes very common for CU not to lend more than blue book.

[Anonymous]

How would that effect my score though??  Wouldn't it lower my score??  My score can't take any more hits!!

Message Edited by toshaa on 06-03-2008 03:09 PM

[smallfry]

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@Creditaddict wrote:

well for a personal loan probably 10-15%

yes very common for CU not to lend more than blue book.

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Navy Federal had no problem refinancing a 6 month old car for nearly the original loan amount.

[smallfry]

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@Anonymous wrote:

How would that effect my score though?? Wouldn't it lower my score?? My score can't take any more hits!!

Message Edited by toshaa on 06-03-2008 03:09 PM

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I wouldn't get any more cards or take out any more loans. Pay everything off then cross that bridge.

[Anonymous]

But I don't think Merrick will ever lower that rate....should I pay it off and then close it??  I think that four years ago, my credit score was at least 150 points lower!!  I am trying to get into the 700 club by the end of the year!!

[smallfry]

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@Anonymous wrote:

But I don't think Merrick will ever lower that rate....should I pay it off and then close it?? I think that four years ago, my credit score was at least 150 points lower!! I am trying to get into the 700 club by the end of the year!!

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Don't close it just use it for a small charge every couple of months and PIF.

[Anonymous]

Thanks for the advice....I really want to make it to the 700 club by the end of the year!!  No more excuses!!