New Visitor
Posts: 1
Registered: ‎04-30-2009

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
Posts: 22,067
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)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
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Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008

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.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.

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