CC Interest Rate Lowering; Prob. Naive Questions

[Anonymous]

I have credit scores in the low 600s (625 or something like that).  I’ve a Wells Fargo Mastercard at 22% that I’ve had for a couple of decades and would like to see if I can get the interest rate lowered.  I have been making timely payments for a long time. (I recall one of their customer service people on the phone looking at my ‘record’ and making the remark that I was a ‘good customer.”)

Unfortunately, I’m in the middle of a clinical depression, which makes everything more difficult and some things impossible, so I’ve asked my brother – who has much negotiating experience with large corporations – to call WF and ask them to lower the rate. Not sure if he is going to pretend to be me, or simply call as my brother and make the plea.  He agreed to do so, but then asked me if he should mention the word ‘bankruptcy’ or ‘credit counseling.’ I sense those are words that should not be used, but thought it best to get the opinions of people much more experienced than I at this.

Two other questions.  With that FICO score, what do you think the possibilites of success are, and if so, what would be a reasonable interest rate?  (Please forgive me if any of these questions are naïve, but my brain isn’t thinking too clearly right now.)

[Anonymous]

What is your overall utilizaion on the card. If you carry a high balance and make slighly more than minimum payments they may not. It never hurts to ask though.

As far as BK, you may use it as in, 'after the stress of BK I am proud to say that I have learned how important my credit is to me...''' or something along thoe lines.

[Anonymous]

Brammy:

  I have a 19K credit limit and I owe about 14.  I used to merely pay the minimum every month, out of necessity, but lately I've really been trying to approach paying $800 to $1,000 per month (if the rest of life allows).

  Thank you, Sir, for replying.

[Anonymous]

Hello,

If your brother has good social skills and can talk easier to people then you can, i see no reason why he shouldnt try to talk to them for you.  To make it easier, i would suggest he just pretends he is you.  He has your permission so i dont think it is a bad thing.

Make sure he has all of your personnal information handy, I.E Address, phone #, account #, SSN #, birthdate, you want it to all go as smoothly as possible when the representative ask the ID questions.

I wouldnt necessarily threaten the BK but just have him tell them that you are a good customer and would like a lower APR to help you pay off the debt.  Heck, if you are a good customer, i would ask for a lower APR, then if they give that to you ask for a CLI.  This could help you two fold, as the CLI would help utilization and of course we know wha the lowe APR will do.  Also ask if this inquirey for the lower APR and possible CLI is a hard or soft pull. 

Nothing hurts to ask.  Your FICO score in the lower 600's isnt too bad, as it seems you have a great history (a couple of decades!?) with WF so that should be to your benefit.

Robo

[Anonymous]

Robo:

  Well, I don't really need a credit limit increase, but if I asked for one, what impact would that have on my credit rating when it was either accepted (given me) or not?  At this stage, I'll do just about anything to raise my score.

  Thank you for responding, Robo.  Appreciate it.

Christopher