Can Credit Card Rates and Loan rates be lowered, i heard that you can call an request lower rates and they could reduce it it? is that true, has anyone done that? Any tips on how about doing that if so.
Credit Card and Loan Rates
- Thread starter Mayfriday0529
- Start date
excellent as in all paid, or as in paid on time no late payments etc?
I have this CC from MBNA with 1800 limit and i own 1000, its my first CC i got back in college so its already 6 years old but the rate is like 24%
Cripes. :Q
Excellent as in no late payments for a long time, at the least.
Definately call them and see if you can get it reduced.
Better yet...pay the card off and BURN it!
I have no credit and was just issued a whopping 300$ credit line through Capital One, and my rate is "only" 19.9%.
I'm paying it, i havent used that CC card for purchases like in two years or more, i maxed it out paying for college payments. i can only afford about 100 bucks a month at the moment, any extra little thing i get i send it over to that CC.
Right a threat thats good, because i had another CC company offering me like 2000 credit so i could transfer my other account to this new one for a 8% APR and then up to 12%
although i dont want to close it because thats 6 years of credit history.
Why not get another card that has 0% (or much lower than your current rate) interest for 6 months with a balance transfer? I see those offers all the time. If you haven't paid it off in 6 months, find another card offering 0% interest on balance transfers. It really only takes 5 or 10 minutes on the phone to save yourself some money.
Moving that balance wont remove your previous 6 years of credit history. It's still going to be on your report. If they wont lower the rate after you transfer the balance, cancel the card.
Moving that balance wont remove your previous 6 years of credit history. It's still going to be on your report. If they wont lower the rate after you transfer the balance, cancel the card.
Transfer it IMMEDIATELY! What's the point otherwise?! You're just wasting money on unnecessary interest.
You've got it wrong. Your credit history is your credit history. It doesen't go away because you close an account. Depending your whole credit scenario, closing it could actually increase your score.
I believe you have to have Excellent Credit to have 0% right, anyone know that?
i dont have bad credit, i just have to much loans that are over the amount of money i make.
what i'm trying to do is concentrate on my CC's and deal with my school loans later since they only have like 3% rate.
Transferring the balance and closing the account is probably the best thing if you have a lot of outstanding debt, then.
As I understand it, your total potential debt is pretty significant factor in your credit score.
As for the 0% thing... It's just an incentive to go with them. My dad recently got a card with 0% for 6 months, so he transfered 2 of his other cards over.
After the 6 months, it changes to something else. 12.99% in his case, IIRC.
But it gives you 6 months to pay down the principle with no interest being tacked on, at the very least.
Many of those transfer specials are still going to be possible for you. They expect you to transfer money over. They just want to make the interest you are paying to your current card. Try and find some balance transfer deals and apply. I get them in the mail all the time, but I'm sure you can find them elsewhere. You don't need excellent credit ratings to take advantage of short term balance transfer deals. They know you charge too much, they just want a crack at your interest money.
I watch that show on CNBC the Suzy orman show, i remember hearing that if you close a CC that has a long time of history, you loose that when you close the account.
Since some are saying get another CC and balance transfer, where is the best place to get information on the best deals out there.
Rossman and Vic, you guys seem to know this stuff.
That makes absolutely no sense to me. Your credit score and history aren't kept through your card issuer. Why would that history disappear just because you close the account?
Sorry. I don't mean to spread misinformation, please correct me if I'm wrong and I will happily eat my words. That's just how I understand it. How am I wrong?
Is it true that closing an account makes the credit history for that accoount go away?
I guess we need a CC expert in the house to determine whether if closing an account will loose your score, or maybe it only hurts your FICO?
no. Its on there forever.
Also closing an account is generally a bad idea score wise, as length of time you've had credit counts.
http://www.myfico.com/myfico/CreditCentral/ScoreConsiders.asp
notice 15% of the score is length of credit.
Why would closing the account change the length of time you've had credit?
I thought that if you have too much potential debt, it can lower your score. Since he said he has more debt than he makes, or whatever, I thought perhaps it would be a good idea to close it.
Regardless, he should transfer the balance to a lower interest card and then just keep it balance free at the least.
RossMAN? Vic?
PingSpike
Lifer
- Feb 25, 2004
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Damn dude, I thought I got the worst capital one had to offer when I first signed up. $500 limit and 14.99% I think...which isn't that bad I suppose. I had zero credit at the time though.
I paid the bill in full every month for like 10 months, and I was going to go with another card because I need a slightly higher limit than that. Then just this last month they bumped it to $1300 and said it would increase $300 every 3 months or so because I'm in some 'credit by design' prefered card holder program. Nice.
My understanding was closing a CC account temporarily LOWERS your credit score...but it recovers quickly. Also, the credit for that card does not disappear when an account is closed...third party credit reporting agencies keep the info on file. Thats just what I've been led to believe. I just pay the whole fricking thing off every month. 14.99% interest = teh sux0rs.
I agree that i should look to transfer the balance pay it off and keep my 6 old card open still for history and just in case of emergency.
now to find a new CC
now to find a new CC
PingSpike
Lifer
- Feb 25, 2004
- 21,765
- 615
- 126
Originally posted by: Jnetty99
I agree that i should look to transfer the balance pay it off and keep my 6 old card open still for history and just in case of emergency.
now to find a new CC
Check your mailbox. Providean or whatever sends me 3 identical offers every couple days. I'm getting tired of tearing them up.
What do you guys do with all those offers? I open the envelop and take a quick glance at them, then I tear everything in there up and throw it away.
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