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Will CCCs *lower* interest rates?

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Anonymous
Not applicable

Will CCCs *lower* interest rates?

. I just finished paying off the balance on the two CCs I own (HOORAY!!!) and am now in a good place to start saving. Here's the possibly most amazing part: I paid off these balances while paying 25%+ APR on each. IT's been a long journey, but I stuck with it and got them to zero.

 

The cards are a Chase Slate and a basic BofA Mastercard.

 

My question is: Will CCCs lower your interest rate? I don't want to carry a balance again, but you never know when unexpected expenses will hit you and I'd like to be better positioned should that happen. I'm working on saving an emergency fund, so hopefully I can dip into cash reserves should that happen, but I'd like to know that my "safety net" does not come with 27% interest.

 

I see lots of info on here about CLIs, but what about decreasing interest rates? Any luck?

 

As an aside, I have been receiving offers from CCCs for no fee cards with interests rates between 11%-20%. I am considering applying, but I also am working on rebuilding my score (669 TU, 748 EQ) and want to limit inquiries and also avoid the allure of getting new cards just to get them.

 

Thoughts?

 

 

Message 1 of 4
3 REPLIES 3
LTomBerry
Frequent Contributor

Re: Will CCCs *lower* interest rates?

It certainly couldn't hurt to call the banks and ask them, the worst they can say is no. Don't be a jerk, I'd try the diplomatic approach first and say what you just said here. If you've had the cards a while you may be able to ask BofA and Chase for a "product change" upgrade to a card that has more favorable terms.

 

Also, congrats on paying off your debt, it's a great feeling, isn't it?

 

You're at the point now where you can worry less about rates and more about rewards. You're right that you don't need to just jump at any offer that comes your way. Now's a good time to analyze your spending habits and figure out which combination of cards will benefit you the most. Decide what cards offer the rewards that you deem most useful and correspond to your spending. You don't need a ton, limit yourself to a handful and you should be fine. There are many sites like nerdwallet.com where you can input your spending and it'll tell you which cards give you the best rewards. Make a plan to get yourself in a position to qualify for those cards and apply when you think you have a good chance of getting approved. Many of us here have a main card that does all the heavy lifting, plus a few others that just get used for bonus categories, ie. Discover More, Chase Freedom, etc.

Once you have what you want you can lay off the apping and go into what we like to call gardening mode, watching your credit grow. You should go back and re-evaluate your status every once in a while to make sure everything still makes sense.

 

Congrats again, and keep us posted on your adventures!

 


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

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Message 2 of 4
wmarat
Valued Contributor

Re: Will CCCs *lower* interest rates?

BOA might decrease your APR, depends on CSR you'll talk to. I do not believe Chase will do it.

 

If you PIF your APR's are 0%.

IN VINO VERITAS.
Message 3 of 4
Anonymous
Not applicable

Re: Will CCCs *lower* interest rates?

Thank you, yes, I'm aware that if I PIF there is no interest. I just want to position myself better *in case* there is some kind of financial emergency and I have to carry a balance at some point.

Message 4 of 4
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