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Understanding FICO® Scoring

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FICOnater2007
Posts: 56
Registered: ‎07-05-2007
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Requesting a Lower Interest Rate -- IT WORKS!

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‎07-09-2007 07:50 PM

Last week on TV I caught part of the show called "The Millionaire Inside" which featured a panel including "Rich Dad" Robert Kiyosaki.  Normally I don't watch CNBC but this was a good show.
 
One of the speakers suggested that people call their credit card company and request them to lower your interest rate.  He said do this a minimum of SEVEN TIMES and ask for a manager if the person answering the call won't do it. 
 
Well...IT WORKS!  I called American Express regarding my business account and asked them to lower the interest rate.  In fact they agreed to it with *very* little prodding.  Essentially they said they would do it since I have been a cardholder for almost 10 years.  Okay...sure...whatever helps them sleep at night...I was just happy that it worked.
 
In any event, it is down to 14.9% from about 30.25%!  Like many cards out there, if you have even ONE late payment the small print says they can jump your rate -- it happened to me. 
 
Good luck to all,
 
FICOnater2007
 
 
 
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Moderator Emeritus
fused
Posts: 16,381
Registered: ‎03-12-2007
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Re: Requesting a Lower Interest Rate -- IT WORKS!

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‎07-09-2007 09:54 PM


FICOnater2007 wrote:
Last week on TV I caught part of the show called "The Millionaire Inside" which featured a panel including "Rich Dad" Robert Kiyosaki.  Normally I don't watch CNBC but this was a good show.
 
One of the speakers suggested that people call their credit card company and request them to lower your interest rate.  He said do this a minimum of SEVEN TIMES and ask for a manager if the person answering the call won't do it. 
 
Well...IT WORKS!  I called American Express regarding my business account and asked them to lower the interest rate.  In fact they agreed to it with *very* little prodding.  Essentially they said they would do it since I have been a cardholder for almost 10 years.  Okay...sure...whatever helps them sleep at night...I was just happy that it worked.
 
In any event, it is down to 14.9% from about 30.25%!  Like many cards out there, if you have even ONE late payment the small print says they can jump your rate -- it happened to me. 
 
Good luck to all,
 
FICOnater2007
 
 
 

Good for you! I like hearing folks do this. I have been known to be a real bulldog with CCCs with APRs and CLIs and it almost always works. Good job!
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Message 2 of 3 (1,150 Views)
 
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Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
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Re: Requesting a Lower Interest Rate -- IT WORKS!

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‎07-10-2007 09:32 AM

WTG! Smiley Happy
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 3 of 3 (1,124 Views)
 
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