Hey all, I'm normally not a person that allows a balance to carry over on my credit card unless it's a specific large purchase on 0% cards. However, this year has been a bit unusual for me financially.
Earlier in the year, we purchased our home (25% down and only 1 year's gross income borrowed), then I found out I would be leaving for 6-9 months for work. Normally, they would pay to move the entire family, but we instead opted for my wife to remain since I'll be moving back and she has her career here. This means we are managing two households during this time. Just before leaving, our refrigerator and dishwasher quit (we knew it was coming when we bought the home) and so we purchased about $6k in appliances on a 0% interest store credit card.
I say all of this to explain why I have, for the first time since I turned 18, found myself carrying a balance that is not on a 0% interest card. It is also, the first time since I was probably 25, that my credit score is less than 750 (sitting about 730 right now).
I just paid off the appliances 9 months earlier than planned. And I know that l will have the credit card paid off by March.
I received an email today that CitiBank has raised my credit limit another $4000 and this started me thinking that I should request a better interest rate (currently 16.99% and no cash back). I originally started this card because it was 0% for 18 months and I was remodeling our last home.
Should I go ahead and request a better rate or wait until my credit score begins to return to it's norm? Should I instead request a different account that offers cash back or other benefits? Or is there a better option?
Submitted December 22, 2017 at 12:07AM by menchet http://ift.tt/2BXhSqe personalfinance
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