The new law has passed.
If you don't agree with the new credit cards terms you simply call up the credit card company and tell them.
By law, they have to keep your old interest rate, but the got-cha is that they will close your account.
One note - you must pay off the account within 5 years.
If not - the monthy payments may go up.
Did you know that carrying any balance on a credit card was reducing your credit worhtiness.
If you want perfect credit you must have that cc paid off by the time you plan to buy a new home.
Look, having that card paid off is the best thing you can do for your credit score.
Having a balance is the worse thing.
That in mind, close the account or pay it in full.
The amount of mortgage payment will directly be reduced by the amount of your credit card debt.
One more note: Don't sweat the score.
Major lenders like FHA and others do not look at the score.
They view your reports in detail and make their own decisions.
Sweat the reports.
Go to annualcreditreport.com once a year and review your reports for free.
And learn how to maintain perfect credit by reading, reading, reading.
A score is just a number - the reports are your life.
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