No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Has anyone successfully gotten their credit card company to lower their interest rates? Any tips on how to approach them or feedback on whether this is a good idea would be much appreciated. i While I have never been late on a payment and my FICO scores are in the low 700s, I have a massive amount of debt (nearly $100,000) and I am having an increasingly difficult time servicing my debt. I am employed and also do freelance work on the side but that has been tough to manage. I have some work in the pipeline but getting paid can take months.
I would prefer not to consolidate the debt but rather come up with a way to lower the payments some other way. We have a lot of equity in our home but I also would prefer not to touch that if I can avoid it. However, if I can't somehow lower the payments, that may be the route I need to take. However, I am not sure given my debt level that is even feasible. The credit card companies include Chase, Navy Federal, and USAA and the rates are 10.24%, 14.65%, 9.90%, and 10.90%. Thanks in advance for your help.
As far as I am concerned, if you make your payments on time and have a good history with the CCC, asking for APR reduction is never a problem. I actually do it from time to time even though I PIF, just to get the best possible rates in case I do need to carry a balance. Call in and ask away. If they have one available for you in their computers they will implement it right away.
While you have them on the line, ask if there are any promotions for 0% APR or BT. I know that Cap1 has offered me 0% for 12 month on BT which basically would make that card carry a balance as all new purchases would cause for the whole amount to fall under the standard APR.
I wish you the best of luck in getting your APRs reduced, and hopefully get some other promotions that will help you take care of your debt. Of course good luck in the near future paying everything down!
@betterdays2011 wrote:Has anyone successfully gotten their credit card company to lower their interest rates? Any tips on how to approach them or feedback on whether this is a good idea would be much appreciated. i While I have never been late on a payment and my FICO scores are in the low 700s, I have a massive amount of debt (nearly $100,000) and I am having an increasingly difficult time servicing my debt. I am employed and also do freelance work on the side but that has been tough to manage. I have some work in the pipeline but getting paid can take months.
I would prefer not to consolidate the debt but rather come up with a way to lower the payments some other way. We have a lot of equity in our home but I also would prefer not to touch that if I can avoid it. However, if I can't somehow lower the payments, that may be the route I need to take. However, I am not sure given my debt level that is even feasible. The credit card companies include Chase, Navy Federal, and USAA and the rates are 10.24%, 14.65%, 9.90%, and 10.90%. Thanks in advance for your help.
If your CCCs offer a lower rate, you can certainly ask. When my intro period expired on my BCE, AMEX was willing to lower my standard rate from 18.99% to 16.99%. I was also able to get Cap One to lower my APR on my QS from 19.9% to 17.9%. I didn't have success with a regular CSR, but the EO was able to help.
It wouldn't hurt to call in and see what you can get. You can just ask if you're eligible for a lower APR. The worst they can say is "no"...good luck!