Credit score has increased dramatically - GS says I'll have to close my account & reapply to get a lower APR
Title says it all. I paid off a ton of debt recently, and waited for my credit score to increase, which it did. Dramatically.
My question is, why can't GS lower my APR like every other credit card issuer has done?
I contact Chase - they lower the rate while I am on a chat with them. I contact Citibank - they lower the rate while I am on the phone with them. I contact Goldman Sachs - they tell me it is impossible, that I would need to pay off my balance, close the account, and reapply.
First of all, this is inefficient just from a business perspective. Secondly, closing any card account that has a low balance will negatively impact your credit score. Why they insist on you taking action that would lower your credit score certainly sounds like they are operating in bad faith. They then use that lower score against you when determining your APR.
I carry a zero balance most months, so I certainly could jump through their hoops, take a hit to my credit score, and hope they lower my rate. But I am not. I am closing my account.