steph833: Question about Credit Card “change in terms”…?
My credit card company sent me a notice saying what terms they were going to change on my account. (Basically they were raising the APR.)
However, it says that I can choose to NOT ACCEPT these changes. But doing so means: “Your account will be closed and your card will no longer be available for use.”
If I reject the change in terms, do I:
1. Have to pay off my card immediately?
2. Will my credit score take a hit because the card is closed?
Thanks, any credit experts out there!!
Answers and Views:
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Answer by SPIFIMAN11. No, people and banks close accounts all the time. You will however have to continue paying them. I look at credit everyday and see accounts that are closed with balances and the customers are making payments.
2. Depends. It will effect your debt to credit ratio since whatever credit you had left will go away. So depending on how much open credit you have, it could cause your score to go down.
Answer by jenny 867-53091. No, you can make minimum payments as required.
2. Maybe a little, but if you are not applying for any loans at the moment, it shouldn’t be a big deal. At least you will keep the low APR. Keep paying it down to rebuild whatever hit your score takes. Good luck!!
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