negotiating lower credit-card interest rates
Date: Fri, 07/27/2007 - 07:23
I have another question though ...
After taking a personal loan which enabled me to consolidate a credit-card mess that was quickly spiraling out of control, I've recently paid down my credit cards to zero balances. (I now have just one monthly payment, automatically deducted from my paycheck -- the loan was through my employer's credit union -- and I will only use my credit cards once or twice a month and pay them off immediately.)
Anyway, because of getting behind in the past, and even though I now maintain zero balances, all of my cards have terrible interest rates. They are:
DISCOVER: 24% (3K limit, customer since 1995)
CITI: 22% (6K limit, customer since 2005)
CAPITAL ONE: 28% ($750 limit, customer since 2000)
I'm wondering if I stand any chance of getting a lower rate now that I have zero balances. Is there any particularly good way to negotiate this?
Thanks!
For Citi & Discover ask for the retention department.You will wa
For Citi & Discover ask for the retention department.You will want to speak with a underwriter or credit analyst.Cap 1 I personally would never use because of their poor customer service in my opinion.
I agree with Cajun on the Cap1!! Also once u use these cards fo
I agree with Cajun on the Cap1!! Also once u use these cards for a few months and pay them off at the end of the month, there will be NO interest! After doing that for a while it will raise ur credit score and u may be able to get better rates with other cards!
Good Luck,
Ang
Thanks to both Cajun and Ang! I agree entirely about Capital
Thanks to both Cajun and Ang!
I agree entirely about Capital One; if I weren't such a long-standing customer -- such that closing the account would hurt my credit -- I'd just do that: close the account.
Do you think I should wait for a couple of months, for my credit score to improve even more, or can I go ahead and contact them now?
Also, do I need to threaten to leave, or can I just say "I'd like a lower interest rate please"? What motivation could they possibly have?
Well i think ull have better results with saying u will leave an
Well i think ull have better results with saying u will leave and go with someone else who is offering u a better rate but that's just my personal opinion!
Good luck and let us know how it goes,
Ang
Thanks! One follow-up ... Obviously, anything lower than what I'
Thanks! One follow-up ... Obviously, anything lower than what I've got is, well, better than what I've got. But any idea what rate I should be asking *for*? Or when I ask for a lower rate will they just tell me what they'll give me, and I should just live with it?
If your reports are all clean of delinquencies and ave around 70
If your reports are all clean of delinquencies and ave around 700 scores,you should be getting prime rates.Squeal long and loud to see what they can offer you.
Well, my scores are now around 700, but I was late on some payme
Well, my scores are now around 700, but I was late on some payments in the past -- we're talking 2 years ago or so.
After two years most lates are not harming you much.I am gonna g
After two years most lates are not harming you much.I am gonna give you a site where you can search a database to see which report is most likely to be pulled by creditors. whogavemecredit.com