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runner777
Posts: 1
Registered: ‎04-30-2009
0

credit cards

I have 2 credit cards , one with a 5,000 limit and one with a 15,000 limit. I always paid on time and had no problem . I came into hard times and maxed out both cards and then missed a couple of payments. Both credit cards have raised their interest rate to 27 percent. But now I am making money again. The credit card companies contacted me and said if I close the accounts they will lower the rate and give me 5 years to pay it off. I do not want to do it. I just want to catch up with what I owe. And keep the cards. what do I do. Close the accounts or catch up with my payment and hope in 6 months they will lower back down my interest rate.
Epic Contributor
Creditaddict
Posts: 22,116
Registered: ‎10-23-2007

Re: credit cards

I would close the accounts and take the lower rates and when your scores get a little better apply for some new credit with new better terms.
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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Community Leader
Senior Contributor
laz98
Posts: 4,336
Registered: ‎09-06-2008
0

Re: credit cards

ditto.  otherwise you are just giving them buckets full of interest money.  not worth it.  they'll probably cut your credit limits as you pay your balances down anyway.
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