Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
Re: CC Payoff Tactics

bobkelly wrote:
Certainlly doesn't hurt to demand credit card companies to lower your rates.  It can be part of a tactic  to lower or perhaps eliminate your debts one day.  Still, for most borrowers, time can be a bigger obstacle in overcoming debt.  If it's paid in full, it won't matter what your interest rate was. 
For that matter, your FICO score won't matter much if you're not planning on getting in the lifelong debt trap.  Do you think Bill Gates cares about his FICO score?
(BTW, Noah hates me so I'm sure he will disagree, and loudly I might add.  Probably a cheap shot with a dose of bad humor to boot. )

It's true that a PIF CC doesn't adversely impact you--trouble is most folks aren't there yet. They are still trying to get there. No one is ignorant of the fact that being debt free is desirable. It's the getting there part and how to get there faster that most wanna know about.
I know personally that one can bully CCCs into compliance. State Farm Bank is a very conservative lender, and I've pressured them into a CLI and APR reduction. It's not 100%, but that's why Louis Cyphre created sock drawers. [Louis Cyphre is an extremely esoteric reference to Satan from the movie Angel Heart. Louis Cyphre = Lucifer. Movie scared me awake--one of the few. This is but a subtle inference that I worship the Devil. I'm told it's not needed as he worships me.]
It's true that a PIF CC which one keeps PIF each month doesn't incur interest charges, so the interest rate be danged. However, one never knows what the future holds. As such, it's still a good idea if one has PIF CCs, to seek lower APRs, higher CLs, and better terms. If it's AMEX and any of a myriad of other OCs, seek to get the CC upgraded to a better CC with better terms, no annual fee, more attractive rewards, etc.
Of course the wealthy don't care about their FICOs. Donald Trump could walk outta prison having lost every dime to his name after going bankrupt and pleading guilty to a myriad of criminal charges, and the banks would be lined up to give him money for his next deal. Poor people can't get credit and rich people don't need credit. It's those of us in the middle who need credit.
bob, buddy, where's the love? I love my wife and kids, but I disagree with them.
Fear leads to anger. Anger leads to hate. Hate leads to suffering, not disagreement. I sense much fear in you.
I thought rich guys could take a punch? What gives? Either you BKed overnight, or Mom caught you surfing the Internet and made you go outside to play because summer is gonna be over soon and you'll be back in school--only it's no longer middle school, it's the big leagues, high school.