Negative impact of closing a CC account?

DebtMagnet

I have 4 credit cards in my name. 3 of them have rate jacked me and so as a result I have used my option to close 2 of the accounts and freeze the interest rate. The 3rd one jacked the rate prior to the rule change in Jan 09 and so I had to accept that one.

Today I have just recieved a letter from Credit Card number 4 provider to say, surprise surprise, that my rate is going up. My inital reaction is to close this too but I am not sure what effect this will have on my credit rating if any? Will 3 accounts showing as closed, but with big balances on look bad for my credit rating?

Is there any possible logical reason why I should just accept the rate hike without closing? I know it may be a daft question but just want a second opinion?

Thanks in advance
DM

CLAPTON

depends upon what debts you have on the 4 th card

PNPSUKNET

they wont show as closed on your file, they will be active but the lender wont allow any further transactions to be authed

DebtMagnet

Thanks for the reply

The 4th card is pretty much maxed out. I have taken on a 3rd job with the intention of using the (hopfully.. baring any more unexpected bills) spare cash to start paying something over the minimum and start making a dent, as at the moment I am stuck in a rut with the min payment only just being more that the interest rate.

So what do you think?

alfred64

Seems as if freezing the interest rate and then afterwards closing the account - when balance is cleared - is your best option.