Discover a variable rate with the Rate Request Form

[vakkotaur]

The rate request form mentioned in an earlier post arrived, as did notification of the new lower (but still higher than I care for) rate. They want me to specify a rate, and will reject anything not specific. They also say that any rate I then get under 19.9% will be variable. I don't need that crap. I'm still getting offers for cards with fixed rates well below that. The ones I don't shred immediately upon opening are for under 10%.

So I guess I'll be cancelling that card, after I look up the proper way to do it. Just phoning them isn't it, I know. I recall it should be a written letter, which a specific phrasing so that credit reports reflect that the cardholder, me, had it cancelled rather than the card issuer.

Huh. Just checked here and find out that a phone cancel isn't entirely a bad thing according to some. Still, I want a paper trail. It also mentions something different about how those looking at issuing a loan look at things. I'm not sure which is true. willowisp's followup to my earlier post said different, and the guy next to me at work had a similar experience - though my own has been that it seemed not to matter much. Oh joy, that same site has another article that contradicts the first one.

That's not really a big deal. I already have the mortgage and at a rate I don't expect to ever see again. Also, I don't have any plans to take out an auto loan anytime soon. If things go the way I'm planning, I hope to never take out an auto loan again.