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Author: shulamite One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308722  
Subject: Re: NextCard/Aggravation Date: 5/29/2001 5:16 PM
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Here are some pointers which will help people avoid situations like Nextcard just subjected you to:

NEVER close an account with a balance on it. Your APR will go out of the roof and you have no way to negotiate it back down. If you must close, make sure that you owe no money on the account before doing it.

NEVER ask to reduce your available credit on any card, I don't care what Fair Isaac says. "Too much available credit" is a farce that they want people to believe and reducing available credit without reducing balances owed will seriously increase your total balance:limit ratio and cause your credit risk to shoot skyward. Nextcard is absolutely right to consider you high risk. If you're worried about too much available credit, ask them to put a cap on limit increases but NEVER ask them to decrease limits.

NEVER close zero balance accounts with long histories and spotless records. That will cause your credit worth to plummet and it will take as many years to rebuild a long history.

CALL your other issuers (i.e. the accounts you closed) and have them re-opened ASAP. If you closed them less than 60 days ago, you'll have a good chance of getting them re-opened.

Once they are re-opened, then negotiate hard with Nextcard to reduce your APR. In the meantime, ask your other issuers to give you a balance transfer option to transfer that Nextcard balance. Once you have a zero balance with Nextcard, then you can play hardball and get them to make that APR really drop.

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