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I have an outstanding credit card that had around $9,000 worth of credit at a low interest rate of 3%. I lost the payment slip and forgot to pay the minimum amount. I am a member of a credit monitoring systems which alerts me to changes. The credit card service flagged my credit report with a past 30 day notice. How can I get the negative notice removed? Additionally the credit card has bumped the interest rate up to 24%. Should I apply for a new line of credit and transfer to get away from the high interest rate, or can I negotiate that rate after I reconcile my oversight?

Posted: Mon Dec 04, 2006 11:23 am Subject:

Unfortunately, it was your mistake not to pay the minimum amount within the due date. Credit Company will be good only if you make a payment on your account. After you have paid a certain amount, you can negotiate for a lower interest rate. But at present, they will stand strong because of the missed payment. And if you keep defaulting, the interest rate will rise higher.

You will only multiply your debts by doing a balance transfer. You have to show money in your account to do the repair. Living on credit is going to be a bumpy ride from this point. If your credit scores aren't good, opening new account will also be a problem.

Talk to a debt counselor for professional advice. You need things to be in control rather than opening up new lines of trouble.