Hi, welcome to the forums! Sorry to hear that you got caught in the Citi ratejack. 
First of all, your credit scores aren't FICO scores, the ones that lenders generally use. They're what we call FAKO's, using different scoring formulas and different score ranges. It's impossible to reliably extrapolate from FAKO's to FICO's. At some point, when you've got some disposable income again, you should really pull your FICO Equifax and FICO TransUnion scores. (As of February 13, 2009, Experian refuses to let consumers buy our FICO Experian scores.)
Anyway, sounds like you and your husband have a plan, and I'm glad you're able to still work at it while being laid off.
If you decide to keep it open and pay at the higher APR, it will cost you an extra 8%/ month, or around $67/ month, less as you pay it down. I don't know if you and your husband will be able to handle that one on income --that's something that only you can decide.
When a credit card is closed with a balance, it continues to factor into your total utilization, as long as neither the balance nor the credit limit is $0. So if Citi allows all these cards to continue having (and displaying) current CL's, closure won't affect revolving util or history. If they change the CL to $0, it will be ignored for calculating util, so you'll have to figure out what will happen to your overall util. If they get really nasty and start "chasing your balance", or reducing the CL each time a payment is made, making you continually maxed out until you have paid off, that will hurt your util until the balance reaches $0.
This info comes directly from Barry, the myFICO admin. It sounds a bit illogical in a way, but it's meant to keep people from deliberately closing individual high-util cards to improve total util, so I suppose it makes sense.
We've had many posts from people with very high FICO's who've also gotten rate-jacked. Right now, the common thread seems to be carrying a high balance, as in your case. Banks know that unless you've got a nice savings account that you're willing to raid, they've got you over a barrel, and unfortunately, you look like a nice source of extra interest income to them.
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.
First of all, your credit scores aren't FICO scores, the ones that lenders generally use. They're what we call FAKO's, using different scoring formulas and different score ranges. It's impossible to reliably extrapolate from FAKO's to FICO's. At some point, when you've got some disposable income again, you should really pull your FICO Equifax and FICO TransUnion scores. (As of February 13, 2009, Experian refuses to let consumers buy our FICO Experian scores.)
Anyway, sounds like you and your husband have a plan, and I'm glad you're able to still work at it while being laid off.
If you decide to keep it open and pay at the higher APR, it will cost you an extra 8%/ month, or around $67/ month, less as you pay it down. I don't know if you and your husband will be able to handle that one on income --that's something that only you can decide.
When a credit card is closed with a balance, it continues to factor into your total utilization, as long as neither the balance nor the credit limit is $0. So if Citi allows all these cards to continue having (and displaying) current CL's, closure won't affect revolving util or history. If they change the CL to $0, it will be ignored for calculating util, so you'll have to figure out what will happen to your overall util. If they get really nasty and start "chasing your balance", or reducing the CL each time a payment is made, making you continually maxed out until you have paid off, that will hurt your util until the balance reaches $0.
This info comes directly from Barry, the myFICO admin. It sounds a bit illogical in a way, but it's meant to keep people from deliberately closing individual high-util cards to improve total util, so I suppose it makes sense.
We've had many posts from people with very high FICO's who've also gotten rate-jacked. Right now, the common thread seems to be carrying a high balance, as in your case. Banks know that unless you've got a nice savings account that you're willing to raid, they've got you over a barrel, and unfortunately, you look like a nice source of extra interest income to them.
If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)
These will give you the background knowledge you need to understand what you read here on the forums.
Thanks and I appreciate the advice
FAKO, huh? Im a bit miffed that I actually paid for that through experion...I have the credit protector thing for free as part of a settlement when Fidelity lost some customer data, and I paid for that PLUS score through them...grrrr
So regardless I am at Citi's mercy on if they decide to be "nice" when I do close the card. The 67$ is a bit much right now since that card is not my focus as I continue with my debt payoff plan. I'm thinking with or without that card my util % is way high, and thats not going to change much till the smaller cards are all paid off and the focus changes to the higher balance cards.
Im tending to lean on the side of "credit score be damned" right now...I really want to be as debt free as possible.
@Anonymous wrote:Thanks and I appreciate the advice
FAKO, huh? Im a bit miffed that I actually paid for that through experion...I have the credit protector thing for free as part of a settlement when Fidelity lost some customer data, and I paid for that PLUS score through them...grrrr
So regardless I am at Citi's mercy on if they decide to be "nice" when I do close the card. The 67$ is a bit much right now since that card is not my focus as I continue with my debt payoff plan. I'm thinking with or without that card my util % is way high, and thats not going to change much till the smaller cards are all paid off and the focus changes to the higher balance cards.
Im tending to lean on the side of "credit score be damned" right now...I really want to be as debt free as possible.
Welcome to the forums.
If you don't anticipate applying for any new credit in the near future I approve of your plan to concentrate on paying off debt instead of not concerning yourself with a score right now.You'll find that as you pay down your debt the right way (always paying on time, reducing your utilization, etc.) your score will improve at the same time.
Good luck to you.
(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
Thanks for the warm welcome 
I'm not sure if I will be applying for any credit in the near future, my car isnt the greatest and I may be forced to eventually. So while I'm not as concerned with the score as I am with debt, I dont want to take a HUGE hit. Would requesting CLI's on some of the smaller cards help me in that situation? TYIA.
I'm not sure if I will be applying for any credit in the near future, my car isnt the greatest and I may be forced to eventually. So while I'm not as concerned with the score as I am with debt, I dont want to take a HUGE hit. Would requesting CLI's on some of the smaller cards help me in that situation? TYIA.
@Anonymous wrote:
Thanks for the warm welcome
You can always request CLI's. But ask each issuer whether such requests will result in a hard inquiry or a soft one.
I understand about the need for transportation. If you have to get another car don't buy a new one. There are lots of decent used cars you can buy. I would wait as long as possible before car shopping to get those utilizations down. There is no reason to pay a higher interest rate than necessary. Getting a car loan might cost you a few points for the initial inquiry and the new credit but the revolving debt is what you need to take care of. Utilization (whether good or bad) of revolving debt accounts for 30% of your total score. It's one of the biggies that is looked at.