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New Member
hiphippo
Posts: 9
Registered: ‎10-28-2009

request for lower interest rate

I have a bank of america credit card that went from 10% to 24%.  I paid the balance off and has been at a zero balance. I don't use the ccredit card because of the high interest rate. Do you think they would lower my interest rate even though it's at a zero balance? The thing is, I want to use the credit card but only if it's at a lower interest. My credit score is 761.   

I have another credit card that I do use often and pay the balance off every time. If I asked, do you they would lower my interest rate and increase my limit at the same time?

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: request for lower interest rate


hiphippo wrote:
I have a bank of america credit card that went from 10% to 24%.  I paid the balance off and has been at a zero balance. I don't use the ccredit card because of the high interest rate. Do you think they would lower my interest rate even though it's at a zero balance? The thing is, I want to use the credit card but only if it's at a lower interest. My credit score is 761.   

I have another credit card that I do use often and pay the balance off every time. If I asked, do you they would lower my interest rate and increase my limit at the same time?


By all means ask them to lower the rate. All they can do is say no. The same for the CLI request.

 

Why should your interest rate decide if you'll use the card or not? If you always PIF before the due date each month the rate could be 100% and it won't matter.

 

 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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Community Leader
Senior Contributor
laz98
Posts: 4,291
Registered: ‎09-06-2008

Re: request for lower interest rate

never hurts to ask.  i do not always PIF, so i can understand why you would want it lowered.
Latest scores: Walmart TU: 766. MyFICO TU: ---. DCU EQ: 741. PSECU EX: 756.
Regular Contributor
Zar
Posts: 107
Registered: ‎04-23-2008

Re: request for lower interest rate

Sometimes I prefer to use my cards according how banks treat me no matter if I pay in full. If they increase my APR then I would also use my other cards with lower APRs. Customers usually prefer to make business with those companies that treat them better.

 

Zar :smileyhappy:

Valued Member
WD
Posts: 46
Registered: ‎01-02-2009

Re: request for lower interest rate

[ Edited ]

Just curious, was the increase all at once?


That seems like quite a jump.  Especially, considering you don't (going by the score) appear to have bad credit.

 

My score is much lower and even on my poop cards, the interest rate is lower than 24% (though, not by much, maybe 22-ish).

Message Edited by WD on 03-04-2010 10:20 PM
Valued Member
egold1234
Posts: 47
Registered: ‎07-10-2007

Re: request for lower interest rate

BoA did the same to me out of the blue, 7.99 fixed to 22.99 variable. Jerks. Be very careful if you call they might end up reducing CL or closing the card completly.
Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008

Re: request for lower interest rate

Go credit union
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
New Member
hiphippo
Posts: 9
Registered: ‎10-28-2009

Re: request for lower interest rate

egold: that's what I'm afraid of.

 

 

 i wast hinking about  going to a credit union. I have 4 credit cards all zero balances, car loan and student loan. Would asking for ANOTHER cc hurt my score?
Regular Contributor
armywifey85
Posts: 246
Registered: ‎01-25-2008

Re: request for lower interest rate

They might just close your account that seem's to be their thing!


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