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Bank of Scotland APR Increase, Close Card, Credit Rating impact?
tickedon
Posts: 11 Forumite
in Credit cards
Hi everyone,
I've had a Bank of Scotland credit card for about 2 years now. They sent me a letter saying they were going to increase my APR / interest rate around 7 months ago - at that time, I phoned up, and they agreed to not increase my rate for the next 6 months.
Surprise surprise, 6 months later (Dec 2010) another letter saying there was going to be a rate increase (to 19%) from April. I phoned up at the end of Feb, they wouldn't budge.
I then applied for another credit card, which was successful, and gives me a nice long 0% interest purchase period.
As such, I don't really need the Bank of Scotland card anymore - but I'm not keen on paying the extra interest, so I'm thinking about closing the account. My only question is, is closing the card likely to damage my credit score?
To add insult to injury, they sent a letter offering a limit increase to £3000 (from £2300 at the moment) just last week. My balance has always been less than 75% of my available credit limit with payments on time and above the minimum payments.
I've had a Bank of Scotland credit card for about 2 years now. They sent me a letter saying they were going to increase my APR / interest rate around 7 months ago - at that time, I phoned up, and they agreed to not increase my rate for the next 6 months.
Surprise surprise, 6 months later (Dec 2010) another letter saying there was going to be a rate increase (to 19%) from April. I phoned up at the end of Feb, they wouldn't budge.
I then applied for another credit card, which was successful, and gives me a nice long 0% interest purchase period.
As such, I don't really need the Bank of Scotland card anymore - but I'm not keen on paying the extra interest, so I'm thinking about closing the account. My only question is, is closing the card likely to damage my credit score?
To add insult to injury, they sent a letter offering a limit increase to £3000 (from £2300 at the moment) just last week. My balance has always been less than 75% of my available credit limit with payments on time and above the minimum payments.
0
Comments
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It will have no impact on your credit score other than this account being shown as settled.0
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