Cut to the Chase

[Anonymous]

Following the advice of an article from the latest Money magazine, I called my Chase Visa issuer (I've had $0 balance on it for like 7 months and have indeed had it locked away in our fire-proof lockbox downstairs for like a year) and requested a lowered APR. It was ridiculous- 26.49%. I informed them that I was looking for them to work with me for a rate reduction. I pointed out to them that I had never been late with any payments, that my FICOs were over 760, and I simply couldn't see ever using a card again that charged me that type of interest rate. The rep was very nice, checked my info, and immediately offered me a rate of 11.99%. I gratefully accepted. When she informed me that she could also offer me a good rate on transfer fees from my other cards, I was very happy to let her know that all of my cards were at $0, but thanks anyway. This is quite different from my financial/credit situation a few years ago, thanks in nor small part to these boards. Credit Card Companies: Once they understand that I don't need them, and they need me, they become very helpful.

[John060675]

Preach on Brother Man! 

[Anonymous]

Something similar happened with me and chase. I paid off a $3000 balance a year ago, cut the card up, and left the account idle for 8 months. I eventually called with the intention to cancel. I was stern at first, and ready to cancel. I did not want any offers, considering I had 9 credit cards at the time.

However, I got a very intelligent and nice Rep.

After 20 mins of insisting of my desire to cancel, she offered to upgrade my card to the new Chase Freedom w/ dynamic awards, from the older chase platinum; she offered to decrease my rate from 18.24% to 12.75%; AND she offered me an immedaite $50 credit on my account. Needless to say, I was suprised and oh to happy accept her generous offer. 

To think soon as I didn't need them, they finally seemed to need/value me as a customer! I still almost feel like canceling out of principle, because their CR was not so great a year ago, but the new card is GREAT! 

Message Edited by pjriverap on 09-24-2007 04:35 PM

[Anonymous]

I just found this trick out too. I called to close an account and instead they lowered my interest rate and gave me a 2% cash back agreement. This was Household. Next I called Capital One to try and do the same thing, but they let me close the account. Side note: Instead of closing my account, Capital One gave me a $1500 limit increase. I don't get that.

[Anonymous]

Even if your FICOs aren't 760, you can still bully and threaten your CCCs into submission. You just need to find the right pressure point or joint lock.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4120

[Anonymous]

Great link, Noah. I should make clear too that I did not tell them that I would close it (I have a nice 0% util of $4500 working for me), just that I would not use it. They could of course close me for inactivity eventually anyway, but since they lowered the rate I probably will use it now and again to keep it active and working.

Message Edited by taz on 09-24-2007 06:44 PM