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Thread: Opting out of new terms
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- 01-29-2009, 02:08 PM #1
White Belt
- Join Date
- Jan 2009
- Posts
- 5
Opting out of new terms
What are the repercussions of this? I've had a Citi Aadvantage credit card for about 10 years - it is one of 7 credit cards, all with long histories. Has the largest balance by far and no available credit. We are in the process of snowballing our debt, and this one is fourth on the list...won't get to it until late 2010. I just got a notice that my interest will be jumping to 16% come March, but that I have the option of opting out. Don't want to negatively affect my credit (my Bof A card is already chasing the balance), but wondering what to do?? ALso, once my cards are paid off, do I have to keep all seven open??
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They didn't define what opting out meant in real terms? I'd suggest reading any available fine print first.
As for keeping accounts open... no, you don't have to keep them all open. Having a couple open won't hurt your scores though even if they have zero balances.
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They didn't define what opting out meant in real terms? I'd suggest reading any available fine print first.
As for keeping accounts open... no, you don't have to keep them all open. Having a couple open won't hurt your scores though even if they have zero balances.
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And by the way, congrats on working on the snowball technique!
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