frances99 Posted August 10, 2007 Report Share Posted August 10, 2007 I have been with a credit card company for many years. While I was in the military due to the Soldiers and Sailors Act my APR was reduced to 6%. However, after I separated my APR went up to a 23.99% fixed APR. I talked to the company and asked them to lower it and the lowest they offered me was 11.99% variable. However, I have another company that its offering me a 9.99% fixed rate. I am thinking about switching because it's ridiculous to keep a credit card with that APR but I am afraid that it will affect my credit score since I have kept a perfect credit with this company for many years. Should I go ahead and take the 11.99% offer they made me and stay with this company or should I get the new credit card with the new company. I just don't know if that will be a bad move from my part. Thank you for any help anybody can provide. Link to comment Share on other sites More sharing options...
aints68 Posted August 10, 2007 Report Share Posted August 10, 2007 This is just my opinion, but I would stick with the one you have.The history you have on your existing account is better for your credit rating.That low fixed rate the new company is offering you comes with a lot of rules and restrictions. They can still raise that rate at a later time if they want by saying you have become a higher credit risk. That's not just based on late payments, but factors in other kinds of things.If you go with the new one, I don't think I would close the old one down. Maybe charge one thing a month and pay it off just to keep it active until you get some age on the new card and find out if they are going to play fair or if they are going to start jacking your rate. Link to comment Share on other sites More sharing options...
frances99 Posted August 10, 2007 Author Report Share Posted August 10, 2007 Aints68,Thanks for your reply. I never even thought about keeping the other one open to just keep the history, but that might work. Actually i just talked to them and they offered me the 11.99% variable APR and I accepted. I think its a good idea in the meantime to keep looking at other credit cards before I do a balance transfer. Link to comment Share on other sites More sharing options...
incognito Posted August 10, 2007 Report Share Posted August 10, 2007 Get that second credit card and just transfer balance from the first one to this one and keep the first one open with a very tiny balance and keep making payment. Link to comment Share on other sites More sharing options...
frances99 Posted August 10, 2007 Author Report Share Posted August 10, 2007 Thanks incognito I think thats what I'm going to do. I just got my credit card lowered in the meantime while i look for a better offer. Thanks for the input. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted August 11, 2007 Report Share Posted August 11, 2007 11.99% on a credit card is AWESOME. Welcome to the real world. Link to comment Share on other sites More sharing options...
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