Share post
Share
Debt Consolidation Forums Credit Repair, Credit Score and Credit Report forums

Should I close a credit card with high rate?

Date: Thu, 03/04/2021 19:35
member profile picture
Posts: 1
Credits: 0
[Donate]

Should I close a credit card that has a high rate of interest and I use it rarely? I haven't been using it for past 5-6 months at least.




You can do it if doesn;t hamper your oldest credit history and the credit limit. If your debt amount is low, you can cancel your card as it won't increase your credit utilization ratio.

Sub: #1 posted on Thu, 03/04/2021 - 22:32

Mabelle Page Mabelle Page

(Posts: 295 | Credits: )

Cancelling a card with cost you points. If there is no annual fee, and you maintain a zero balance, it does not hurt to keep it open.

Sub: #2 posted on Sat, 03/06/2021 - 19:10

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17319 | Credits: )

Hi. I would suggest you close your high-interest credit card asap. Yes, it may hurt your credit score a bit. But using high-interest credit cards can make you vulnerable to fall prey to the debt trap.

Sub: #3 posted on Sun, 03/07/2021 - 21:34

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

You have to pay a high rate of interest only when you use the card. Right? In my opinion, the best option is to use the card only when there is no other option. But don't close it. You would lose the credit history. Maintain a good payment history. Thereafter, you can ask the credit card company to lower your interest rate.

Sub: #4 posted on Mon, 03/08/2021 - 20:20

David Martin David Martin

(Posts: 388 | Credits: )


DebtConsolidationCare (IAPDA member)
BBB (A+) logo for DebtCC
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2020 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 3.712 seconds.