New LOC

[Anonymous]

I called Bank of America recently and asked them to lower my current interest rate (23%) or I would transfer to other credit cards that were charging 8% or less. Their answer was to offer a LOC with 7.99% if I got approved. Well I got approved for a $20K line, but the rate was 17.99%. I decided to transfer balances to my lower rate cards, instead of the LOC. But now I have a 20K line that I don't need. Should I keep it?

[MidnightVoice]

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Sillygirl wrote:

I called Bank of America recently and asked them to lower my current interest rate (23%) or I would transfer to other credit cards that were charging 8% or less. Their answer was to offer a LOC with 7.99% if I got approved. Well I got approved for a $20K line, but the rate was 17.99%. I decided to transfer balances to my lower rate cards, instead of the LOC. But now I have a 20K line that I don't need. Should I keep it?

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Yes

[Anonymous]

yep- keep it

call them every other month and ask them to lower the rate-

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Sillygirl wrote:

I called Bank of America recently and asked them to lower my current interest rate (23%) or I would transfer to other credit cards that were charging 8% or less. Their answer was to offer a LOC with 7.99% if I got approved. Well I got approved for a $20K line, but the rate was 17.99%. I decided to transfer balances to my lower rate cards, instead of the LOC. But now I have a 20K line that I don't need. Should I keep it?

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[haulingthescoreup]

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@Anonymous wrote:

I called Bank of America recently and asked them to lower my current interest rate (23%) or I would transfer to other credit cards that were charging 8% or less. Their answer was to offer a LOC with 7.99% if I got approved. Well I got approved for a $20K line, but the rate was 17.99%. I decided to transfer balances to my lower rate cards, instead of the LOC. But now I have a 20K line that I don't need. Should I keep it?

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I agree with the others. It's not costing you a penny, and it's one heck of a back-up if some sort of disaster hits. Pester them for the lower APR, and wait them out.

Eventually they will decide whether they want your business or not.

[fused]

I agree with the other two mods and MV.