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Although I sold my company, the credit card has my personal name as guarantor. The current owners have been paying off the $20,000 debt very slowly, and after 6 years are only down to $12,000 with exorbitant interest fees and have damaged my rating. How is a better rate negotiated to be able to terminate this eternal tale?

Do a Google/Yahoo search for "Defalte Your Rate" and you should find a report that explains the basics of negotiating with credit card issuers for a lower apr. There are a few factors (like your payment history, age of the account, etc) that come into play, but the key is to have a competitor's balance transfer offer to "wave in their face" (nicely, though) to motivate them. This does not always work, but it sometimes does. One method is to turn the tables around and ask the credit card company rep "OK, you're charging me XX% APR and I have this balance transfer offer for a much lower APR and this would save me a lot of money. What would you do if you were me?"

That being said, your APR is not calculated as part of your credit score.

Sub: #1 posted on Wed, 09/03/2008 - 08:22

jjanney jjanney

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