| 0 |
Subject: Credit Card Rate %
Posted by: Punk42AE
- Donor [036635522] Fri, Aug 10, 2007, 01:37
I know you can ask your credit card company's to get a lower APR, but how do you go about it, and who has done it and what experiences have you had? Are you able to do it through email? Or do you have to call them/snail mail it. |
| 1 | Perm Dude
ID: 87299
Fri, Aug 10, 2007, 02:18
|
You can call them and ask for a customer service rep. Fairly simple process. I had a 1% drop the last time I tried it, and with the amount of money I have on that card it was certainly worth it!
|
| 2 | Boxman
ID: 211139621
Fri, Aug 10, 2007, 06:13
|
I know you can ask your credit card company's to get a lower APR, but how do you go about it, and who has done it and what experiences have you had? Are you able to do it through email? Or do you have to call them/snail mail it.
A lot of cards have a 0% balance transfer feature when you open a new card. I would open a new card, transfer the balance from the old one, cut up the old credit card, and start hammering away on the new one.
|
| 3 | Perm Dude
ID: 14747108
Fri, Aug 10, 2007, 09:49
|
We used to do that as well, but your credit scores drop when you do that, and cancelled credit cards take some time to get off your active credit card reports.
That's a possibility, but I'd first see if your current cc company can step up.
|
| 4 | Punk42AE
Donor
ID: 036635522
Fri, Aug 10, 2007, 09:55
|
Believe it takes 2 years to get canceled CC off your account, as long as they were in good standing. But dropping your debt to ratio will lower your Score because you're loosing your extra "debt spot".
|
| 5 | Great One
Sustainer
ID: 053272014
Fri, Aug 10, 2007, 12:06
|
How long does it take for a CC to get off your credit report if it didn't end well? 7 years? I had a bad one from 2001 and was hoping it would fall off in 2008.
|
| 6 | Punk42AE
Donor
ID: 036635522
Fri, Aug 10, 2007, 12:15
|
You should get one of your free credit reports GO. It tells on there when they are supposed to come off as long as they are closed. I got mine last night from Experian and has one of them saying it comes off Jun 2008.
|
| 7 | Boxman
ID: 136161615
Fri, Aug 10, 2007, 13:14
|
We used to do that as well, but your credit scores drop when you do that, and cancelled credit cards take some time to get off your active credit card reports.
That's a possibility, but I'd first see if your current cc company can step up.
Don't misread my tone here. What's more important to you; paying off the credit card or your FICO score? I would rather pay off the card and avoid the interest expense so who cares if getting a 0% transfer card lowers my FICO?
Then, what's your current company really going to do in comparison, just waive your interest rate?
From my standpoint, I'd still go with the 0% balance transfer card, cut up the old one and pay off the new one.
|
| 8 | Perm Dude
ID: 14747108
Fri, Aug 10, 2007, 13:26
|
I would first request a reduction in the interest rate. That reflects better on your credit score while costing your score nothing in having more available debt.
In the meantime one can certainly scout out other cards and what they offer (including transfer rates, etc). But keep in mind that 0% on balance transfers doesn't always mean transfers themselves are free (often, there is a transfer fee of 1% of the transferred amount, which is often charged at the cash amount).
And I'm not saying transferring to a new card isn't a good thing--we did it for years and probably saved thousands of dollars. But right now our score is important as we think about buying a house, and getting a smaller house loan would be really painful if it occurred because of dead cards still sitting on our report.
pd
|
| 9 | Bond, James Bond
ID: 16713911
Fri, Aug 10, 2007, 13:28
|
Check out daveramsey.com! He's the best at all things financial IMHO.
|
| 10 | Punk42AE
Donor
ID: 036635522
Fri, Aug 10, 2007, 13:37
|
I'm in the same with you PD. I'd rather keep my score higher as i'll be buying a house sooner rather than later. It isn't like i've got alot of debt and that's why i'm doing it. I just know i've read about requesting reductions and wondered how they worked.
|
| 11 | wiggs
ID: 41152287
Fri, Aug 10, 2007, 13:54
|
What if you just dont cancel your other card, that is what i do. Transfer the balance onto a 0% interest card and then just use the old card for gas 1 time every month or 2. It keeps the card active, you pay off the balance and it doesnt hurt your debt ratio I dont think.
|
| 12 | ChicagoTRS
ID: 4110481415
Fri, Aug 10, 2007, 17:39
|
Having additional cards can hurt your score and future borrowing because it extends your amount of available credit. In most cases you are probably better off taking the short term hit and closing the account.
|
|
|
|
Post a reply to this message: (But first, how about checking out this sponsor?)
|