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fin223
Posts: 2
Registered: ‎10-15-2011
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Looking for lower rate or intro APR on 17% card

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Does anyone know how I can transfer from a high interest 17% card to a lower rate ? All of the spiffy 0% intro APR cards, I don't think I would qualify for.

I have approx. $5000 balance, missed a few payments and the interest has locked in for the next 6 months even though all my payments are current now.

(It used to be 9%, I threw away $300 to $500 just in interest over this total, what a horrible feeling of loss). I applied for a lower interest rate through another card but was denied, is there anywhere you can go to try to see if you are pre-approved? Because if you put too many applications in, it notches your credit score.

I don't think I'd qualify for a bank loan with my credit score, looking to somehow get the balance off the high 17% interest, any ideas appreciated.

:smileysad:

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Looking for lower rate or intro APR on 17% card

Welcome to the forums! Your post was split off of the thread "Looking for lower rate or intro APR on 17% card", as it wasn't replying to that thread.

 

In the future, if you'd like to start a new thread, go out of the thread that you're reading to the board where you want your new thread. If you want to post on Credit Cards, just go to the Credit Cards page and click the "New Thread" button above on the left.

 

As to your question, you might be stuck. The recent late payments are probably going to scare off any CC lender, much less one with 0% offers. One possibility is a local credit union loan, but there's a good chance that they'd make you close the CC if they loaned you the money to pay it off.

 

I'll step out of the way to let others respond. Good luck!

* 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
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MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
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Re: Looking for lower rate or intro APR on 17% card


fin223 wrote:

Does anyone know how I can transfer from a high interest 17% card to a lower rate ? All of the spiffy 0% intro APR cards, I don't think I would qualify for.

I have approx. $5000 balance, missed a few payments and the interest has locked in for the next 6 months even though all my payments are current now.

(It used to be 9%, I threw away $300 to $500 just in interest over this total, what a horrible feeling of loss). I applied for a lower interest rate through another card but was denied, is there anywhere you can go to try to see if you are pre-approved? Because if you put too many applications in, it notches your credit score.

I don't think I'd qualify for a bank loan with my credit score, looking to somehow get the balance off the high 17% interest, any ideas appreciated.

:smileysad:


Welcome to myFICO.

 

I agree with HTSU that you might be stuck with this for awhile. Recent late payments are a real score killer and make lenders very nervous.

 

But part of the new Credit Card Act says "If you are reported as delinquent on your credit card payments for 60 days your APR can be increased, but it must return to the old rate if you make 6 consecutive payments thereafter".

 

So if you were 60 days late you're rate will go back to the 9% if you make on time payments for 6 months. Just make sure you do this and you'll get some relief in 6 months.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


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