topic Re: Credit Card Question in Credit Cards

Credit Card Question

Anonymous — Sun, 28 Oct 2007 06:19:48 GMT

I am new here and I have a quick question.

I have a credit card with citibank and I felt behind on my payment. The interest rate is 30% because I felt behind. They told me the only way I can reduce the payment is to pay for 6 month without missing a payment. I was wondering is there a way I can lower the interest rate on this card? I owe about 7k on it Help help and help.

Re: Credit Card Question

future — Sun, 28 Oct 2007 06:33:07 GMT

have you consider a balance transfer.... i would do a bt and leave maybe about 2 or 300 dollars on it and pay that over the course of the next 6 months... the balance that you transfer will more than like be 4.99% maybe even lower depending on what kind of card you transfer it to.. good luck

Re: Credit Card Question

Anonymous — Sun, 28 Oct 2007 06:51:25 GMT

Does that mean I have to applied for a new redit card with 7k limit?

Re: Credit Card Question

future — Sun, 28 Oct 2007 07:23:22 GMT

do you have any other cc, if so you still might be eligible for a promotion. what kind of scores do you have

Message Edited by future on 10-28-2007 12:23 AM

Re: Credit Card Question

Anonymous — Sun, 28 Oct 2007 10:22:52 GMT

mcdady73 wrote:
Does that mean I have to applied for a new redit card with 7k limit?

Hello,

It depends on what you have now. Do you have any other CCs with a decent limit? Depending on who you already have a card with will determine the answer to this question. Hopefully one of the cards you already have has a promotion with a no BT fee and lower APR. Then you can either transfer the whole 7k or at least part of it. You just need to watch utilization and what not. If you dont mind your scores temporarily dropping, you could even transfer most/all to a card which may max it out but save you money in the long run.

Post your cards and hopefully someone can give you further advice.

Robo

Re: Credit Card Question

Creditaddict — Mon, 29 Oct 2007 19:43:01 GMT

I don't if you can get it without being behind, but I had a Quicken card by citi, 22,500 limit with balance to boot. I stopped paying on it for 2 months and when they called to collect, I said I just couldn't pay it. They offered me a 12 month payment arrangement on the card (not sure if you can ask for these without being behind.) but citi bank says they can give you up to 2 - 12 month payment arrangements on any one account with citi bank.

My first 12 months was 0% apr with $200 monthly (you can pay as much as you want to try to get it paid off in the 12 months)

My 2nd year was 2.9% at $250 monthly

before settlement I was paying $450 or so at a good 10.9% but at 22k that's over $250 in interest month

Call citi and talk to them... ask for a 12 month settlement payment

Re: Credit Card Question

Anonymous — Mon, 29 Oct 2007 20:39:05 GMT

Hi mcdady, and welcome to the forum. There's a wealth of information here to help you with your credit life.

Unless you can convert to some other type of financial instrument to pay down on the cc bal., the only way I know how is bite the bullet, withdraw the lions share of that 7k out of savings, investment and pay it down.

The CCC's are not going to lower your interest rate. Yikes! 30% on 7k. The ccc loves you! They are making a lot off of you.

(btw, withdrawing from savings was the route I went, and my scores went from 521 to 636 in 3 months time.

Good luck to you.

Never ever, ever be late. Never