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5% + uncrease in credit card interest rate!
liquidstool_2
Posts: 39 Forumite
in Credit cards
hey all
i got one of those outrageoussly high interest rate credit cards from capital one to help me "build" my credit rating. 34.9%! got a letter this morning crying on my shoulder saying due to the economic downturn my interest rate would go up in december to 40%!!
Now i've had this card 2+ years, only have about £350 on it and have NEVER missed a payment, indeed i have what i consider to be an excellent credit history.
I'd like to change this card to one with a fairer interest rate, or a balance transfer with a good deal on it, however i'm understanding that each time i apply i get a search added to my credit history, not that i'm desperate, just desperate to ditch this bloody card!
Any ideas on a way forward
?
thanks all
i got one of those outrageoussly high interest rate credit cards from capital one to help me "build" my credit rating. 34.9%! got a letter this morning crying on my shoulder saying due to the economic downturn my interest rate would go up in december to 40%!!
Now i've had this card 2+ years, only have about £350 on it and have NEVER missed a payment, indeed i have what i consider to be an excellent credit history.
I'd like to change this card to one with a fairer interest rate, or a balance transfer with a good deal on it, however i'm understanding that each time i apply i get a search added to my credit history, not that i'm desperate, just desperate to ditch this bloody card!
Any ideas on a way forward
?thanks all
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