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Registered: ‎08-07-2009
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How did you negotiate when your CCC changed your terms?

I'm trying to figure out a good strategy for dealing with a credit card company when it's changed the terms of the card -- for no good reason. You try to be a good customer, you pay on time and then the economy goes south, and suddenly it's, "We have not reviewed your account in some time ..."

 

This has got to have happened to somebody else. What did you do? How did you negotiate with the company? Did you get your original terms reinstated? I want to hear success

stories -- and missteps to avoid.

 

Let me know. Thanks!

Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: How did you negotiate when your CCC changed your terms?


Hecate21 wrote:

I'm trying to figure out a good strategy for dealing with a credit card company when it's changed the terms of the card -- for no good reason. You try to be a good customer, you pay on time and then the economy goes south, and suddenly it's, "We have not reviewed your account in some time ..."

 

This has got to have happened to somebody else. What did you do? How did you negotiate with the company? Did you get your original terms reinstated? I want to hear success

stories -- and missteps to avoid.

 

Let me know. Thanks!


How did I negotiate? About a year ago all my rates started being raised. I decided I wasn't going to pay them anymore interest. I paid all the accounts off as quickly as possible (the last one being just this month). I keep the accounts active but no longer play their game. They can charge whatever rate they want; it doesn't affect me. Others though have managed to get terms that were changed "unchanged". I'm sure you will hear from them soon.

 

7/09 (myfico)
TU-742
EQ-779

 

Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: How did you negotiate when your CCC changed your terms?

That is not negotiation. That is acquiescence.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: How did you negotiate when your CCC changed your terms?


Hecate21 wrote:

I'm trying to figure out a good strategy for dealing with a credit card company when it's changed the terms of the card -- for no good reason. You try to be a good customer, you pay on time and then the economy goes south, and suddenly it's, "We have not reviewed your account in some time ..."

 

This has got to have happened to somebody else. What did you do? How did you negotiate with the company? Did you get your original terms reinstated? I want to hear success

stories -- and missteps to avoid.

 

Let me know. Thanks!


 

I don't think there is any secret to succeeding here.

 

But there is one sure fire way to fail: DON'T ASK!

Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: How did you negotiate when your CCC changed your terms?


creditwherecreditisdue wrote:
That is not negotiation. That is acquiescence.

 

Negotiation: mutual discussion and arrangement of the terms of a transaction or agreement.

 

We did negotiate (in a sense). The companies said they were raising my rates. I said future transactions will exclude any payment of interest.The arrangement definitely came out in my favor. IMO.

 

7/09 (myfico)
TU-742
EQ-779

 


Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: How did you negotiate when your CCC changed your terms?


marinevietvet wrote:


creditwherecreditisdue wrote:
That is not negotiation. That is acquiescence.

Negotiation: mutual discussion and arrangement of the terms of a transaction or agreement.

 

We did negotiate (in a sense). The companies said they were raising my rates. I said future transactions will exclude any payment of interest.The arrangement definitely came out in my favor. IMO.

 

7/09 (myfico)
TU-742
EQ-779

 
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".



Agreed! Acquiescence would be paying the new higher interest rate.

I figure that the most sensible move is to pay everything off and sock-drawer the card, with minimal usage. In other words, remove yourself from any immediate penalties (paying interest), and then wait them out.

I'm not naive enough to think that anything that I say or do can make a CCC change its plans, but I don't mind putting the gears in neutral and seeing what happens next.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: How did you negotiate when your CCC changed your terms?

I prefer engagement - and I have gotten two APR decreases that way this year. You will never get what you don't ask for. I don't care much for the passive approach.
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: How did you negotiate when your CCC changed your terms?


creditwherecreditisdue wrote:

I prefer engagement - and I have gotten two APR decreases that way this year. You will never get what you don't ask for. I don't care much for the passive approach.

Understood. But just as I avoid doing business with irrational individuals, as I can't spin the conversation to get what I want, I also avoid doing business with irrational lending institutions. I don't know what their motives are, and I don't understand the effects of pushing their buttons, so I'd rather sit back and take notes while others fling themselves on the spiked barricades.

To me, this is not being passive. This is being analytical and a bit wary.

DH is a professional pilot, and one of the many (many, many, many, many) corny sayings that they love to kick around is "There are old pilots, and there are bold pilots, but there are very, very few old, bold pilots."

Full kudos to those who choose to engage the battle. I like to sit high up in my tree and take notes. Smiley Wink
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: How did you negotiate when your CCC changed your terms?


haulingthescoreup wrote:

creditwherecreditisdue wrote:

I prefer engagement - and I have gotten two APR decreases that way this year. You will never get what you don't ask for. I don't care much for the passive approach.

Understood. But just as I avoid doing business with irrational individuals, as I can't spin the conversation to get what I want, I also avoid doing business with irrational lending institutions. I don't know what their motives are, and I don't understand the effects of pushing their buttons, so I'd rather sit back and take notes while others fling themselves on the spiked barricades.

To me, this is not being passive. This is being analytical and a bit wary.

DH is a professional pilot, and one of the many (many, many, many, many) corny sayings that they love to kick around is "There are old pilots, and there are bold pilots, but there are very, very few old, bold pilots."

Full kudos to those who choose to engage the battle. I like to sit high up in my tree and take notes. Smiley Wink

There is a divers version of this saying as well. It's a wonder I am still alive...

 

But I will ask. I will probably also ask Chase for something again - maybe a PC this time. If I don't ask them for something and have them give it to me how would I know they've been good? Alternatively, if they don't give it to me how will I know what their objections are? Liklihood of success - LOW. Did they waive my AF in JUN/JUL? YES they did! They did it when they said there was absolutely no way they were going to do it. It would have never happened if I hadn't asked. I prefer engagement. If I am going to be defeated it will not be for lack of having engaged. I have yet to incur a mortal wound for asking. I suppose there's always a first time...  Smiley Wink

 

When I worked in telesales (not telemarketing, there is a difference) I had one of the highest closing percentages in the department (out of 600 or so people). Why? Closing is a bit of an art. But there are two keys: 1) ABC (Always Be Closing) and 2) Don't be afraid to close. That's really it. The rest is personality. Never be afraid to engage. All else follows!

Regular Contributor
Posts: 179
Registered: ‎10-21-2008
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Re: How did you negotiate when your CCC changed your terms?


creditwherecreditisdue wrote:
That is not negotiation. That is acquiescence.
Perhaps so, but why on earth would anyone carry a balance on a credit card today? The last time that I did was early in the first Reagan Administration, when it almost made sense to do so. Banks were paying almost as much interest on 6-month CDs as they were charging on CCs. (At one point in the spring of 1981, 3-month Treasury bills, arguably the safest & most liquid investment on the planet, were yielding 16%.) And back then, CC interest was tax-deductible. (The 1986 amendments to the Internal Revenue Code did away with that.)
But now that the spread between what banks pay on CDs & what they charge to those who carry balances on their cards is at an all-time high (or awfully close to it), failing to PIF has never made less sense. My sincere apologies to anyone who finds my remarks judgmental, but I simply can't fathom why anyone would carry a balance in today's economic climate.

 

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