Any tips / FAQ's on negotiating better APR's from existing CC's / Loans???

[MrSpock]

Hi all,

As I work to improve my FICO scores, I am hoping that I will be able to get the interest rate reduced on some of my current cards / loans.  Any tips / suggestions / ideas on the best way to approach this?

[Anonymous]

You call ...you ask...I just did that a while back on a purchase of a Flat screen ....The reduced my rate on that purchase by 3% until paid

[Anonymous]

i hear a lot of people threaten the big BT to a different card, i havent tried it but plan to sometime this week.

[fused]

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MrSpock wrote:

Hi all,

As I work to improve my FICO scores, I am hoping that I will be able to get the interest rate reduced on some of my current cards / loans.  Any tips / suggestions / ideas on the best way to approach this?

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Personally, I bullied the CCCs, except for Amex, into giving me CLIs and lowering my APRs.  I would call them and place demands and threaten to close accounts by saying this, I have charged thousands of dollars on this card (account), never paid late, I want you to lower my current APR of 13% to 9%.  My other CCCs have granted me this request.  If not, connect me to someone so I can pay off this card and cancel it.  No guarantess, YMMV.  But it has worked for me many times.  If you don't use the card much or your credit is horrible, you might not succeed.  I have done the same thing with FIA on CLIs.  In Feb 2006 FIA approved me for an unsecured Visa Plat with a low $500 CL, it now has a CL of 15K

[Tuscani]

Never underestimate the power of asking.