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I received an email from Wells Fargo regarding my credit card terms and conditions. Beginning in mid November my terms will be adjusted to reflect a change in company pricing. I've had my Wells Fargo credit card for 7 years now and have never missed a payment or exceeded my credit limit. My FICO score is 725 (honestly, I wish it was better but it's
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One thing I never knew was that closing out a credit card account w/ money still owed hurts your FICO until it's paid out in full. It hurt my stellar score by 50 points and even though I was still in the mid-700s -- it pissed me off!
Providian was the credit card ... my rate was 10.9% and then they became a part of this financial mess three years ago and I received a letter stating that if I chose to keep my account active my APR would go to 22.9% -- and like you, I'd never missed a payment and had used that card wisely. The second option - close the account out to stay at my current rate -- WITH NO MENTION OF IT ADVERSELY AFFECTING MY CREDIT SCORE. I'm not a financial planner or credit guru - so, I had no idea.
Needless to say, I paid that card off and sure enough my score within one quarter jumped right back up to where it was previously.
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