APR increasing soon!

[Anonymous]

My credit card company is raising my APR, I have not miss any payments and always pay more than the minimum, if I opt out will my credit score suffer?, what can I do?

[Anonymous]

do you have a balance???  because if you do not carry a balance then the rate is irrelevant.   I goat one of  those last year and my APR was 14% it was notifying me that the default rate was not 29%.  I do not carry a balance and did not opt out and instead my rate go up it went down over the last three months.  it went to 12% .  So play the game.  pay off the card. or keep it at zero and do not let you AAA suffer.  The CC co is  hoping you wil just close your card and fade away.

[MarineVietVet]

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@Anonymous wrote:
My credit card company is raising my APR, I have not miss any payments and always pay more than the minimum, if I opt out will my credit score suffer?, what can I do?

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Welcome to the forums.

If you don't mind giving more details different opinions can be offered.

How many cards do you have?

How old is this card compared to others?

What are the balances and credit limits on each?

I ask because closing this account COULD hurt you if you carry balances as it will lower the amount of available credit and raise your utilization ratio. As was mentioned if you don't carry any balances then the APR means nothing. I would try to keep it open but that's just me.

(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".

[Anonymous]

I had have this card since 1998, also I have had my share of mishaves and mistakes. The balance is 1200 and the credit limit is 2100, I use the card a lot, when I make a big purchese I pay at least have of the purchase total within a week or so, I also use it for work, I always get reinbursed and those charges get paid right away. I have a total of 5 cards

[Anonymous]

I appreciate the advice. Thank you for taking the time to respond

[MarineVietVet]

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@Anonymous wrote:
I had have this card since 1998, also I have had my share of mishaves and mistakes. The balance is 1200 and the credit limit is 2100, I use the card a lot, when I make a big purchese I pay at least have of the purchase total within a week or so, I also use it for work, I always get reinbursed and those charges get paid right away. I have a total of 5 cards

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In my opinion since you've had this card so long there is no way I would close it unless it had an outrageous annual fee. And even then I'd have to really think about it. What is the current APR and what will it increase to?

We've all made mistakes. That's because we're flawed human beings. We hopefully try to learn from those missteps.

The utilization on this card is 57% (1200/2100). That's pretty high. You need to get this figure much lower (preferably zero) as quickly as possible so the increased APR has no effect on you. If you don't carry a balance forward each month then APR means nothing. How is the utilization on your other cards?

(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".

[Anonymous]

what are they changing the APR to and from

[marty56]

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@Anonymous wrote:
do you have a balance???  because if you do not carry a balance then the rate is irrelevant.   I goat one of  those last year and my APR was 14% it was notifying me that the default rate was not 29%.  I do not carry a balance and did not opt out and instead my rate go up it went down over the last three months.  it went to 12% .  So play the game.  pay off the card. or keep it at zero and do not let you AAA suffer.  The CC co is  hoping you wil just close your card and fade away.

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