General Credit Topics

[Redbud]

My score is pretty much in the dumper.  But I am launching an ambitious plan to hit the 700s!!  To that end, I set up an automatic payment on my Discover Card in December to get me back on track with them. So at this point I have 7 months of on time automatic payments. Today I called Discover to find out when they report my payments to the credit companies (weekly they say)  Before hanging up the Discover lady asked me if there was anything else she could do for me today.  Laughingly I said "Nothing else...unless you care to lower my interest rate (it was at 29.99%).  She said "SURE..how about 25.99%!! I was expecting her to laugh at me and tell me I was lucky to even have a card!  But instead she was kind enough to offer me a LOWER rate!  I figured I was on a roll, so I replied "That's great! But is it the best you can do??" She then switched me to the financial department.  Now at this point, I'm grateful for the 25.99 but hey, it doesn't hurt to ask one last time, so I did.  I spoke with a gentleman and told him I was just wondering if he could lower it even more and he said "Well...how about 20.99!!!!     I know enough to quit when I'm ahead so I said WONDERFUL!!  Thanked him very much and got off the phone.  I totally understand that people with good credit have an even lower interest rate, but as I said in the beginning...mine sucks.  Bottom line is that one phone call got me a 10% rate reduction!!! WOOHOO!!!

[so_confused]

Way to go!!!!

[MidnightVoice]

Excellent stuff, congratulations.

[Redbud]

Thanks!! I'm so giddy that it was that easy! Every little bit helps.  I'm hoping that by year end my score will be in the "good" range!

[MidnightVoice]

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Redbud wrote:

Thanks!! I'm so giddy that it was that easy! Every little bit helps.  I'm hoping that by year end my score will be in the "good" range!

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And just think - once your score is in the good range, you won't care about APR, because you will be PIFfing 

[Tuscani]

Great job! People are too indimidated and often under estimate the power of simply asking.

[HappyDays]

Before finding this forum, I had no idea how a simple call can lower your % rates on CC. I know that a lot of people have trouble with Cap1 but I have not. I received checks from them with a 5.99 intrest rate. My CLI was also up from $3200 to $4200. I paid it in full. I have HSBC with a CLI to $3200 i owe $1300. I called & said.  I have better intrest rates on my other cards. You have me at 31%, Can you do better before I transfer to a better card? lmao  I now have a 20% intrest rate & will transfer complete amount to Cap1 after I get it in writing. I am an AU on discover (maxed) I plan to transfer some to Cap1 also. Then I will have hubby call & ask for reduction. It might be maxed $10,000 but good payment history.

I love this site, I have learned so much and am not afraid to call & ask for what I want. They can only say no.

[TheNewWorldMan]

The secret to credit card management is to keep balances below 10% of the credit limit, and below $100 on a card in any event.  Why?  Because the credit card company knows darn well you could PIF anytime you please.  Therefore, they want to keep you happy in the hopes that someday you'll splurge and take several months to pay it off and give them interest payments.

As a corollary, the surest way to get a raw deal from your credit card company is to keep revolving balances over 60% or so of your credit limit.  Why?  Because the credit card company knows you can't PIF and you're a slave to debt.  You have to take whatever terms they give you, and they know it!

[HappyDays]

Yes I understand that. The reason that I am maxing out my Cap 1 card is only because I will be moving amounts from 29% rate cards to 6.99%. I figure that the monthly pmt that was high I can apply to the cap 1 card & pay down much faster, Also I  am only an AU on the discover card,so his score will go up. I only have 2 cc in my name. ! will have a bal. $0  on one and  the other will be maxed but  I will be able to pay several hundred a month to pay off, and  because the int. is so much lower my available credit will go up much faster. What I am trying to do is pay off everything as fast as I can. Does that make sense or am I doing something wrong? 

 Oh and hubby is AU on my CC that will show bal. $0. so that should help him also.He is not AU on the Cap 1 card.