Need financial advice from people, specifically about credit cards?
Posted in Credit on 08/30/2009 06:59 am by admin
armero asked:
I have several credit cards with high balances that require minimum payments of at least $20.00 and higher. Interest rates are at 20% and higher. I know that banks will bargain with a consumer to lower the interest rates significantly by closing the credit card for use. My question is, isn’t it true that if one closes a credit card, it will look bad on their credit report and have a negative effect? Thanks for the help.
ETHAN
I have several credit cards with high balances that require minimum payments of at least $20.00 and higher. Interest rates are at 20% and higher. I know that banks will bargain with a consumer to lower the interest rates significantly by closing the credit card for use. My question is, isn’t it true that if one closes a credit card, it will look bad on their credit report and have a negative effect? Thanks for the help.
ETHAN