My last post about Experian generatated so much "Buzz" yesterday perhaps I would toss idea someone gave me as a last chance option would do me any good. I got one Wells Fargo Card Platnium with a mere $7200.00 Balance the current rate is 9.9. However, the min. monthly payment is about $177. but I never pay that much always pay alot more however effective the end of December they will adjust that rate to almost 17.66% making the min. payment almost double. If I had a problem and accepted the terms I would then be bound to that aggrement or just ask them to just freeze my account at the current rate and just pay it off. At the current credit market freeze it's not very likely to transfer the balance or get another card and they know that. But I don't want to default or put myself in a situation where I could be at financial risk for being either late on a payment or short or just paying huge interest for no reason. Has anybody heard of doing this before?
Opting Out That's Allright, I'm OK with that considering I Do have another Credit Card I can use, if I have to...Will that count as any kind of a negative or should a say black mark if I continue to pay, but just don't really want to be forced into their rediculous rate increase. My Master Card through my Credit Union is a fixed 9.9% and has been that way for 4 years. The last time Wells Fargo pulled this little game was 2004 and I should have wised up at that time they kept telling me to call back next month to see if there was a better interest rate offer this went on for nearly another 18 months. Until they lowered it again. If they weren't my primary Bank which I've been with since 1979 I'd dump them. I've always been on time, and had a good history with them so it just must be the times, And they know that at this time it's about impossible to do a balance transfer so their going to take advantage of the situation. Get while the gettin' is Good!
they do it all the time,can you pay it off or pay it down were the bite isn't so bad,Hey i was with a bank for 35 years did most of my banking through drive thru.Same lady for 10 years one day she woukdn't accept my deposit with out id i turned my car off and walked inside and closed my accounts Smart i don't know but i was not going to be treated like a stranger
Did the same thing at a regional bank when they would approve me for a credit card. I had and still have over 720 scores . . . and I had "some" money with them. I made them pay me in 100 bills rather than a certified check.
Some great feedback Folks, But I think maybe we're getting just a little off track from my initial Question: If I was to as apexcrsrv refers to as "opt Out" and refuse to take on their rediculous increase( from 9.9 to 17.66) I understand they would just freeze me at the current 9.9 and allow me to pay it off but I wouldn't be able to use the CC. But would reflect as a negative effect on my FICO score or should I just bite the bullet and Roll the Dice and hope nothing happens and take the interest increase and not "Opt Out" thereby closing that account. Also would that account show Closed by Consumer with 7200 balance. That doesn't sound too good to me. In this present Credit Market I seriously doubt I will be able to get a Balance Transfer and CLI from my Credit Union Master Card in time to avoid this debacle. TransUnion 698 Equifax 696 Experian 710 fako 717
Closed by Consumer isn't bad, but having a balance with no credit limit counts against the usage ratio. Back to the original question, if you read the fine print, I'll bet you find some place that says they can change anything at any time so it could be that they decided to change something (the interest rate).
Closed by credit grantor isn't bad either in terms of FICO scores. Could mean anything. To answer your question, no, it won't hurt you to close it so long as it isn't your oldest account.
