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One Credit Card Raised my Rate when I was at my limit on the other!
So, I have two credit cards for the first time ever--one that I use primarily for business expenses and one for personal. I've been studiously paying off my personal card for a while, and have it down almost to nothing. The rate was pretty darn decent, too.
My newer card is almost maxxed out, due to balance transfer and lots of expenses that sometimes take a bit for reimbursing. One day, I opened up my personal card to discover that my APR had gone up by over 50% overnight. Why? Because I'm almost at my limit on the other card, that isn't even the same issuer. Totally insane.
And you can bet I'll be calling them, telling them I'm paying them off, and never using them again.
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2 Comments
Billy Amon
02/03/08 10:08 PM
My advice is to be careful with closing cards. Closing cards decreases your total available credit and makes your debt-to-credit ratio appear worse. I totally understand not wanting to do business with them, however. So, if you plan to get another credit card to replace it, I highly recommend doing so before you cancel the current card. It will be easier to be approved.
Erika Mitchell
01/31/08 11:27 AM
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