Citi won't lower interest on closed credit card

Date: Fri, 10/22/2010 - 08:55

Submitted by mica marinone
on Fri, 10/22/2010 - 08:55

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Total Replies: 2

I closed Citi MC 2/09 at 19.99% to avoid the 29.99% APR. I can no longer afford paying nearly $500/mo so I called to see if they would lower the interest rate. Deepak @ Citi told me they can't make changes to an account once it's closed, and apologized for not being able to suggest me to call back. ??? If the payment is late, the rate goes up to 29.99% so YES they can make changes to a closed account. Please, what do I do? The bil is due today.

Try applying for hardship. If the first operator you speak to w

Try applying for hardship. If the first operator you speak to won???t help then ask for a manager. Tell them if they can not reduce your rate then you have no option but to default on the debt. Defaulting is really your only bargaining chip. You can then renegotiate in a couple months as the debt gets closer to charge off.

lrhall41

Submitted by on Fri, 10/22/2010 - 14:02

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citi lowered rates on 3 cards for us and they were all closed a

citi lowered rates on 3 cards for us and they were all closed a few months prior to avoid the higher interest.. the key word is HARDSHIP ! just say you are in a financial hardship and want to talk to someone about that program.. they dropped our rates to 0% for one year. when the year is over, we either make one payment (or dont make the payment), and call back to see what they can do for hardship again.. was easy for us, only took one call..

lrhall41

Submitted by generallee on Tue, 10/26/2010 - 09:45

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