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Asking to lower interest rates on CC

New Member

Asking to lower interest rates on CC

We just got serious about improving our FICO scores and last week I purchased the Suze Orman package.  We have three CCs:  HSBC (CL $7790; Balance $5800; IR 19.99%), Capitol One (CL $2000; Balance $0; IR 10.9%), and Juniper (CL $5250; Balance $0; IR 23.24%).  Per the recommendations from the Orman package, I called today to ask HSBC to lower their rate to 12% because I have a FICO of 698.  The representative said the only rate they have to offer me is the current rate.  I said, "well I guess I will have to transfer my balance somewhere else."


Then I called Juniper (Orchard Bank) and told them that I have another care with a 14% IR and I want to transfer their balance to the Juniper card.  I asked them to lower my rate to 12% and give me a Balance Transfer rate of 0% for 12 months.  I was shot down on both requests.  I pretty much got the same line from the second company as I got from the first.


What did I do wrong, what can I do differently?


Thanks in advance for any advice.



Message 1 of 6
New Contributor

Re: Asking to lower interest rates on CC

My advice would be too cancel the cards or stop using them (i.e.) sock drawer because that's unacceptable. They could lower the rate if they wanted too they are just towing the standard boilerplate line speech to everyone because they want to continue to make hefty profits off those that carry a balance like yourself. Big Banks could care less if you cancel your accounts because they are so big it's not effecting them IMHO.  It's sad they only care about their profits only.


Good luck to you

Message 2 of 6
Super Contributor

Re: Asking to lower interest rates on CC

As long as you keep balances low or keep PIF'ing your other cards, closing the HSBC account won't hurt your FICO score.  I do not know all the rules and the new law but if closing the account will freeze the interest rates, I would do so to protect you from futher rate hikes.  I would also look at a local CU but don't apply unless you are sure they would offer you a BT.  Also look in ways to improve your FICO score.
06/13/2018: FICO 821 EQ 814 TU 808 EX
Message 3 of 6
Super Contributor

Re: Asking to lower interest rates on CC

I forgot, welcome to the forum.
06/13/2018: FICO 821 EQ 814 TU 808 EX
Message 4 of 6
Established Contributor

Re: Asking to lower interest rates on CC

You didn't do anything wrong, but when a financial institution sees your debt they can make the decision whether it is in their best interest to lower your interest rate.  In this case their analysis showed you weren't in a strong position to go elsewhere and it was financially beneficial for them to keep it where it was.

Message 5 of 6
Senior Contributor

Re: Asking to lower interest rates on CC

Greetings & welcome to the forums!!


Yeah...banks are pretty leery these days....but much of it was their own doing.  Lax lending practices, in the past, across the board have got them with their guard up now.     You only mentioned one score in your post.  Which one is it?  (EQ or TU?)  And what is the other score?


What negative accts do you have on your reports?   


For now, you may just need to work on paying the balance down with as much available cash as possible.  Also, clean up whatever is hurting your scores.  What ever bad accts you have, we can possible give you some guidance on getting them in a more positive light. 

Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 6 of 6