APR increase relating to making min pymts?

If you did not ask them to lower it, do so. Keep calling until someone does lower it.

If that does not work, transfer the balance to another credit card (make sure you request a balance transfer deal first), then call them when the balance is 0 and ask again. They will be more likely to do so.

Lastly, check out this article below. It tells you how your score is tabulated and quick things you can do to get that score up.

Hope this helps.

First, the simple answer is that yes, your credit card issuer can raise rates at ANY time for ANY reason. If you've done nothing to violate the terms of your contract (such as paying late), they will need to give you a 30 day previous notice. Usually that notice will be sent along with the other junk that you receive in the credit card billing so it's possible you didn't see it.

If they do send the 30 day notice, you have a right to turn it down by:

1. notifying them that you wish to close out your card account with them by maintaining the remaining payments as per your original contract.

2. discontinue use of the card (first time you do so, you violate the terms and they can retroactive all of the back interest).

If you have done something to violate the terms of their contract (such as being late), they can raise your rate to whatever is legal in the state in which the card is issued. Even worse, if you default on ANY card or piece of credit (or even run late on anything - even if it's not that specific card) they can STILL raise your rate under something called a "Universal Default" clause of their contract. This has already been through court sessions and found to be legal. SOME card companies are voluntarily eliminating these because of bad publicity but I don't know if BOA has done so.

Bottom line - if you have a credit card with anyone and you are carrying a balance on it - it means that the credit card company OWNS you.

Assuming you have good credit --- notify BOA that you are going to close this account and move to another bank. That may well get them to see the light and bring you back down to earth.

Good luck .... believe it or not, I personally had a card cancelled by a Bank because I always paid it off and never carried a balance. I only used it for the extra airmiles and free trips I got for it!

Credit card companies are only there to make money ..... always remember that!

while you're only commencing out with credit then you definately want 6 months of a cost history to verify your credit status. you're able to try this quite a few techniques. a million. you pays off your stability on the top of each and each month and recharge the subsequent month - this could be maximum efficient 2. divide what you owe by utilising 6 months and make that quantity of a cost each and each month till your stability is paid in complete 3. pay a undeniable quantity each and each month ( say 50.00 even in the adventure that your minimum is 20.00 ) and confirm you do no longer can charge up on your shrink top away. that's truly straightforward to spend your shrink the 1st month yet %. your self and constantly pay greater advantageous than your minimum to be sure the credit line is there for emergencies. OR greater acceptable do no longer use till you have a real emergency ( like motor vehicle maintenance or living house maintenance )

Read your account agreement. Some have a clause that permits you to retain the previous interest rate if you close the account (no additional purchases, but you still have to pay off the existing balance).

In your notice, you can turn down the increase by writing or calling them. Unfortunately, by turning down their increase APR, they will close your account and you'll just have to pay your account off.

If you have good credit....get a new card with a 0% balance transfer and transfer this debt to the new card.