Re: Cancelling a credit card?

Posted by lucy (199.182.122.121) on August 17, 2002 at 12:52:24:

In Reply to: Re: Cancelling a credit card? posted by susan on August 17, 2002 at 10:41:47:

It can hurt your pocketbook, too, because cancelling the card freezes the interest. If it is high the month you cancel and drops because Greenspan decides to lower the prime and your rate is connected to the prime, you might not benefit from the lower rate. Anyone with experience on this?

What you might do IF your credit is AA is to call your other credit card providers and inquire about opening a new account with them with a balance transfer from the account you want to cancel. You are shopping for the option and the most favorable interest, can your credit manager get back to me with a written statement of what the interest, terms and condition etc, (see the back of your own card) would be. You definitely will cancel the account being transfered because the creditor who has the account you wish to transfer has, with this unauthorized charge, aggravated you for the last time if you can transfer the balance to any of the other card providers.

Then when you call the creditor you are aggravated with, you have a way to close the account with $0 owing at your own request. It will take 3 months, I think, for an As Agreed rating to accrue to the new account if payments are made on time.

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