Refusing new credit card terms, effect on my credit score/rating?
My Chase card was taken over by J.P. Morgan. I have a great credit rating (score 763) and have never missed a payment. Today I get a letter about the”new” terms: my fixed 8.99% rate is going up to $ 15.89%.
After calling and complaining to multiple people about their punishing people who have excellent credit, I basically got the same attitude/response: We’re a giant, multi-billion dollar bank and we can do as we please…so screw you and your great credit.
My only way to keep the old terms is to close the account….Will doing this effect my credit rating/score?