One of my credit cards jumped from 9% to 18%. Wher... - myFICO® Forums

Anonymous · ‎09-17-2011

One of my credit cards jumped from 9% to 18%.............

Because I missed a few payments. It's a substantial balance on the card and it will be hundreds of dollars extra per year on the extra 9% interest.

My credit score went downhill over the past year, so I don't know who would approve me, I've tried a few cards, gas station cards, Capitol One,

Anything I can try to get for lower interest? I don't think I'll qualify for any 0% intro APR I've already tried several applications I am denied for every one.

My credit score was very good late last summer but missed several payments and it's in bad shape.

Uborrow-Upay · ‎09-17-2011

Welcome to the forum, Pear23!

Sorry for your troubles, and I wish I had an answer for you.

MarineVietVet · ‎09-17-2011

@Anonymous wrote:
One of my credit cards jumped from 9% to 18%.............
Because I missed a few payments. It's a substantial balance on the card and it will be hundreds of dollars extra per year on the extra 9% interest.
My credit score went downhill over the past year, so I don't know who would approve me, I've tried a few cards, gas station cards, Capitol One,
Anything I can try to get for lower interest? I don't think I'll qualify for any 0% intro APR I've already tried several applications I am denied for every one.
My credit score was very good late last summer but missed several payments and it's in bad shape.

Hello and welcome.

One thing that moght help you down the road with this account is a provision from the Credit Card Act 2009 that says:

Restoring good payment history will lower a raised APR.

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.

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".

Anonymous · ‎09-17-2011

Welcome to forums! Pear23, I understand that your APR has been doubled due to your missed payments. Good news ... 18% is not that really high compared to some other's APR high in 30's.

This is what I want you to focus.

Don't charge on your ccs if you can't PIF.

Catch up your payments and nor more late/miss payments.

Don't app for any more ccs until your score gets improve.

Get a piece of paper and pen. (if you can, create the chart with Excel)

Write down your monthly net income and all of your expenses.

Cut down the expenses wherever you can to pay your debt down.

*Dining Out, Movie Night etc.

Can you post how many ccs you have and its Cl and balance etc. for us to assist you better?

Anonymous · ‎09-17-2011

Thanks! This particular bank needs 6 months or so before they will lower the rate, the payments are current now but I'm paying an extra $300 a year approx.

If anyone has suggestions of another card I can get please let me know. If you have a 720 score you can get that easy but I don't have it.

Horrible catch-22

Anonymous · ‎09-17-2011

It's a card of a few thousand and I'm sending in about $150-$200 a month to cover at least the minimum.

Anonymous · ‎09-17-2011

You need to pay more than minimum ... do the math. If you are paying the only minimum amount, it takes forever to PIF. You should pay additional $$s to bring the balance down instead try to get another cc. ~ sorry it's just IMO.

lithium78 · ‎09-17-2011

If I was in your position, I would take out a personal loan to consolidate your credit card debt. The interest rate would be much lower than 18% and you would instantly zero out your utilization. Plus, making your personal loan payments on time will help you rebuild your credit.

Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800
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Anonymous · ‎09-17-2011

It is a good idea, thanks, but where do you look for a personal loan? I bank with Bank of America and I'm sure I would be denied due to poor credit.

Do you have any suggestions who I could try? A bank? Thank you

MarineVietVet · ‎09-17-2011

@Anonymous wrote:
It is a good idea, thanks, but where do you look for a personal loan? I bank with Bank of America and I'm sure I would be denied due to poor credit.
Do you have any suggestions who I could try? A bank? Thank you

IMO you might not need to apply for another card or a personal loan. Did this account go 60 days late? If so your APR will return to it's original amount after you make 6 months of on time payments.

It seems to me that is the way to go. Just my 2 cents.

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".

One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

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One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

Re: One of my credit cards jumped from 9% to 18%. Where can I try to finance it at a lower rate?

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