Is there any way I could get my APR lowered from 27.99% to maybe 15%?

[Anonymous]

Hi all,

I'm writing because I'd eventually like to buy a house, and need to improve my credit.  I have a credit card with a 29.99% APR.  Now I admit it was my fault, I went overlimit a couple of times, and this was the default rate.  However, I have paid on time ever since.  Since the interest rates have gone done a bit, I asked this credit card company to have my APR lowered.  They responded with they were pleased to offer me an APR of 27.99%.  I did write back, telling them that I thought 27.99% a bit excessive.  They basically told me, in so many words, that based on my credit, that was the lowest they could give me.

Question:  Is there anyone who's dealt with an issue like this?  In either getting their interest rate lowered to maybe a 15% APR?  If so, please let me know. 

I'd greatly appreciate any help I can get.

Best,

Fiscallyfit

[Anonymous]

Try calling and talking to them about lowering your APR.  You might try www.whogavemecredit.com and see if you think you could get a different card and just not use this card.

[Anonymous]

Unfortunately the credit card game is rigged in the industries favor, and you did what you could to get it lowered. Your best bet would be to find another issuer, transfer the balance, and close the other account. Consider it a lesson learned that the card companies have an active and very lucrative strategy of pushing people toward the default rate.

Going over your limit is one of them- and there are no controls in place to stop overlimit transactions. Good luck to you.

[Anonymous]

Wait a minute, I do agree that you could try to get another card to which you can transfer a balance, but do NOT close this one.  You need to keep all of the "old" accounts that you can so that your average age of accounts continues getting higher.  If you open a new account and close this current one, you will most certainly take a hit.  Just open a new one, transfer your balance, then keep this current one open with a zero balance.  Use it once every 4-5 months to keep it active, then pay it off when you use it.

[Anonymous]

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Drachen wrote:

Wait a minute, I do agree that you could try to get another card to which you can transfer a balance, but do NOT close this one.  You need to keep all of the "old" accounts that you can so that your average age of accounts continues getting higher.  If you open a new account and close this current one, you will most certainly take a hit.  Just open a new one, transfer your balance, then keep this current one open with a zero balance.  Use it once every 4-5 months to keep it active, then pay it off when you use it.

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Agree.....keeping it open(and not keeping a high balance) will help your overal util.

[Anonymous]

Thank you all for the great advice!  I now know what to do!

Best,

Fiscallyfit