Calling to lower credit card interest.

[effowe]

Originally posted by: Skoorb
It is easy enough except with your $3k on there they may think and be right that you cannot take it off, in which case why would they lower it?

I can't take it off? As in, whatever 0% card I may choose will not let me transfer the balance in full? Couldn't I just find one that would?

 

[Xavier434]

Originally posted by: effowe

Originally posted by: Skoorb
It is easy enough except with your $3k on there they may think and be right that you cannot take it off, in which case why would they lower it?

I can't take it off? As in, whatever 0% card I may choose will not let me transfer the balance in full? Couldn't I just find one that would?

No, he is saying that the CC company may not have any incentive to lower your rate because they believe you cannot afford to pay it off quickly. That doesn't mean that you cannot get a balance transfer which is why most CC companies will try to keep you by lowering your rate some.

However, let me also add that when and if you do transfer your balance to another 0% APR card that you make absolutely sure to pay it off in full this time before that 0% period ends. Right now, you are walking down the path that many people have walked in the past that leads to a lot of CC debt and a ton of cards. The problem with transferring your debt from one 0% card to another and another and another is that eventually there will come a time where the CC market is not just offering those 0% deals to anyone and you will be forced to pay off your debt with a ridiculously high APR like you are now.

The last thing you ever want to do is screw up your credit at a young age. It will hold you back in a lot of things that you will want to do later in life and it will take forever to recover.

 

[SoulAssassin]

Originally posted by: effowe

Originally posted by: Skoorb
It is easy enough except with your $3k on there they may think and be right that you cannot take it off, in which case why would they lower it?

I can't take it off? As in, whatever 0% card I may choose will not let me transfer the balance in full? Couldn't I just find one that would?

As in, depending on what your FICO is, D/I ratio, etc...they can call your bluff knowing that you won't get approved elsewhere. Not saying you wouldn't get approved elsewhere but hypothetically if your FICO was crap.

Anyways...pick up the phone and call.

 

[effowe]

Originally posted by: Xavier434
However, let me also add that when and if you do transfer your balance to another 0% APR card that make absolutely sure to pay it off in full this time before that 0% period ends. Right now, you are walking down the path that many people have walked in the past that leads to a lot of CC debt and a ton of cards. The problem with transferring your debt from one 0% card to another and another and another is that eventually there will come a time where the CC market is not just offering those 0% deals to anyone and you will be forced to pay off your debt with a ridiculously high APR like you are now.

Yes, this is the plan. I am currently looking for a new job, and moving into a less expensive place, so accumulating money instead of debt is my current goal. Thanks for all the advice everyone, I am calling them now, will report back with results.

 

[effowe]

Well here's the deal. The interest rate wasn't as high as I originally thought. It may have started somewhere around there 3 years ago when I first got it, but they say it is at a 19.99% variable APR, with the prime being 5%. They said the prime just dropped May 1st, and my standard rate (I forget what they called it exactly) is at 14.99%.

I had an overdraft fee last month, because I was hovering right below the $3,800 dollar limit, and they charged my interest which pushed me over the limit. I paid this off as soon as I saw it, but they say as a result they can't lower my interest rate as it takes 3 months after an overdraft before they consider lowering it. I am going to look for and apply for a 0% card, and once I get approved I'm going to transfer the balance over to them.

Thanks for all the help.