I have two credit cards and both have raised the rate by 20% should i cancel them

  • Thread starter Thread starter tim snkik
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tim snkik

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now before the rate hike? I am a full time college student and don't currently have a job. I owe less than 2k and only get a couple hundred dollars a month through random gigs. I want to cancel them now so i don't get stuck with these substantially higher rates. I know that I will be able to pay them both of before I graduate in three years if I cancel them so im not too worried about the effect on my credit score.
 
Cancelling the cards now may hold the current interest rates as long as you make required payments on time, But the accounts will not truly be closed until sometime after they are fully paid off. If you do not make required payments, interest rates can still rise, with additional fees if payments are insufficient, late, or the accounts become delinquent. Payments more than 30 days late will affect your credit score and can show up on your credit reports for a little more than 7 years.
 
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