Question by Dizzboy66: How can I get WAMU to lower my credit card interest rate from 28%? I called them and they said they could not?
Because I was late for a payment 5 months ago they said there was nothing they could do to lower my interest rate. I was speaking to a supervisor. This is ridiculous. I must have some recourse.
Best answer:
Answer by src50
Your only recourse is to not carry a balance.
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Question by ghebert1111: What is the best approach to request a lower credit card interest rate?
I have 5 carded maxed out at $ 5,000 each at about the same interest rate, %27. I have $ 15,000 to pay them off. Is there anyway the ability to pay a card off can be used to leverage a lower interest rate, or should I just pay off 3 cards and not worry about it?
Best answer:
Answer by exactduke
Pay your cards away first, and then ask for a lower rate. That’s what I did. Seems to me, like you are still 10k abruptly of paying off all your cards. Five maxed out cards, is why your rate is so high. It appearing you are nearing your maximum amount of debt. No doubt, that is why your rate is so high.
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Debt Free League Offers Lower Fee Small Businesses Debt Restructuring Over Business Loans and Bad Credit Business Credit Cards
San Diego, CA (PRWEB) August 27, 2011
The scarcity of business loans has increased the popularity of business credit cards, yet Debt Free League warns, they also increase risks for bad credit and the loss of assets for small business owners. However, their business debt restructuring may be a better solution to resolve serious cash flow problems. Plus, now the debt relief company is offering lower fees through their Debt to Freedom Plan.
The heavy financial toll in Wall Street has put U.S. small business owners in an eminent debt and credit crisis. According to a Pepperdine University study, so far this year 60 percent of small business loan applications were denied by banks. (Source: http://bschool.pepperdine.edu/appliedresearch/research/pcmsurvey/)
Although many small businesses are scurrying for working capital to keep their doors open or prevent bankruptcy, commercial banks are hardly issuing business loans out of fear of yet another market crash.
San Diego based, Debt Free League explains banks have very valid reasons not to give out commercial loans. The U.S. economy presently hemorrhages from a 9.1 percent national unemployment rate. And over 36 percent of Americans are under employed.
The business debt relief company also cautions small business owners about the increased use of business credit cards to fund working capital.
In a 2008 National Small Business Association survey identified credit cards as “the most common source of financing for America’s small-business owners.” The Federal Reserve also confirms this reporting that in 2010 more than 80 percent of the country’s 27 million small businesses use credit cards for working capital.
But, Debt Free League representative, Eric Santacruz warns, “The use of business credit cards is seriously endangering both the personal credit score and assets of small business owners.”
He blames a dangerous business credit card entrapment.
Santacruz supports this observation citing a Cardhub.com study on the business credit card applications of Capital One, Bank of America and eight other of the top ten credit card issuers. The study reveals that buried in the fine print of most business credit card agreements is a “personal guarantee” clause that holds both the business owner and the small business responsible for the use of a business credit card.
The technicality aims to entrap even the incorporated small business owner. Consequently, if a small business gets in the red and business credit cards aren’t getting paid, the small business owner will not be able to shield personal assets or gain limited liability from financial obligations.
Debt Free League also warns of a secondary business credit card risk: The likelihood of acquiring bad credit.
The company states that business credit card payment delinquencies, such as late payments and charge-offs, eventually reflect on the individual’s personal credit report with Experian, TransUnion, and Equifax.
Additionally, the bad credit mark is reported for not less than seven years, which can radically reduce a personal credit score, hurting a business owner’s chances to get a mortgage, auto, or business loan.
In lieu of using business credit cards to resolve cash flow problems, Debt Free League has been helping their business clients to get out of debt via business debt restructuring. The solution, also referred to as commercial debt settlement, essentially restructures a business debt repayment at a substantial reduction of the original balance.
“After maxing away his corporate credit carded, one of our business clients went nearly bankrupt. Fortunately, we helped him restructure a pay cancelled on all of his outstanding business debts and he was able to increase his liquidate flow”, Santacruz adding.
Businesses in a financial crunch may glimpse business debt restructuring sounds as a miraculous solution. And now, with help from Debt Free League, small businesses are not only resolving severe cash fluxing deficiencies. Through this procedure, the Debt-to-Freedom Plan is also helping business owners save more money by paying lower fees. But, the promotion is offered for a limited time. For more information, call 1-800-213-9968 or complete their free quote form.
About Debt Free League
The debt settlement company and provider of the Debt-to-Freedom Plan provides a bankruptcy and debt consolidation alternative that negotiates discounted payoffs on unsecured debts, including credit cards, signature loans, medical debt, business debt, corporate credit cards, vendor contracts, and corporate leases. The company hosted the “How to be Debt-Free without Bankruptcy” radio program and can be reached at 1-800-213-9968.
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Question by Face on Fire: How can I lower my (wifes) credit card interest rate?
My wife opened up a few credit cards that I was not aware of and they have really high rates, I can not afford to pay them cancelled flop now, so how can I get a lower interest rate or what are some tips to deal with this?No need to comment on my wife, I am furious enough as it is.
Best answer:
Answer by Tim
You probably won;t be able to get them to lower the rates. Just cancel the cards and pay as much as possible towards them each month.
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Question by abc123: Contact bank or credit card company to lower credit card interest rate?
I want to negotiate my interest rate on my credit card. Do I call the bank my credit card it through, or contact VISA?
Best answer:
Answer by Lauren F
Call the 800# on the back of your credit card, or on your billing statement.
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Question by MamaBear: What’s the lowest credit card companies will lower my interest rate?
I want my credit card interest graded lowered now that I paid it off. What’s the lowest that they would lower it with a credit score of 759? The current APR is 19.53%.
Best answer:
Answer by Pugmama
My cards range from 7.99 to 10.99%.
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5 Easy Steps to Lower Your Credit Card Interest Rates
Lowering your credit card interest rates could save you hundreds, if not thousands of dollars. The lower your interest rates, the more money you save. Call your credit card company and request a lower rate. Many consumers are intimidated by the thought of requesting a lower rate. Don’t be one of those consumers. You’d be surprised at the results. Your chances are good if you have been a customer for some time, you are not at your credit limit and you have been making timely payments. Any extra money you can save by lowering your credit card interest rates may certainly be put towards the rising costs of gasoline.
(1) Review Your Credit Card Statements
Review all of your credit card statements. Note the annual percentage rate you are paying on all of your credit cards. You should also note any late, over-limit or any other extra fees. Many credit card issuers practice universal default which means they can raise your rates if you fail to pay another bill on time, even an utility bill. You may not even be aware if you have been a victim of universal default because the credit card company does not have to warn you. In this case, you really do need to negotiate a lower interest rate.
(2) Research the Competition
Do a little research to find out what other credit cards have lower interest rates. You should also look for cards which offer % balance transfers and no annual fee. Be sure to note what the interest rate will be after the initial period. It is not uncommon for various credit cards to have vastly different interest rates. Some banks issue respective different credit cards and there can be great interest rate and fee disparities within those cards. You could be paying twice the interest as someone else for the same credit card. Rates constantly fluctuate so it’s imperative you check all of your monthly statements.
(3) Contact Your Credit Card Issuer
Speak with a representative and request your credit card interest graded be lower. Always stay calm, professional and polite. You should always mention that you have been a good customer and that you would like nothing else but to continue your relationship with them. Point out the fact you pay on time. You may also desire to mention you have a zero percent or other low absorb card offer that you can transfer your balance to. If they agree to lower your interest rate you don’t have to stop requesting. Call again in a few months and request an even reefing rate. Getting your credit card occupied rate lowered is not an one time deal. As long as you are a good customer you can periodically request lower interest rates.
(4) Be Persistent
Sometimes the first person you mouth with will tell you they are not authorized to lower credit card interest rat. Don’t give up. Request to speak with a manager if this occurs. Someone in that company can lower your interest rate. Remember to be polite when asking to speak with upper management. At this point if you cannot negotiate a lower rate ask the reasons for the denial and inquire as to when you may call again to request a lower rate. Even if you threaten to close your account, do not fold your account. Remember that length of credit history is 15% of your credit score so you do not want to close any old accounts.
Call back every few weeks if you are denied. Being persistent increases your chances of getting your rate lowered. Your persistence lets your ascribe card company know you are serious.
(5) Pay-Off Credit Card Debt
Another alternative to a denial of your quest would be to pay off that debt. Take any extra cash and apply it to that debt. Every extra dollar you put towards your credit tease balance means you pay less in interest rates over clocking. For example, making a minimum payment of .00 a month on a credit card balance of ,500 at 19.9% occupy rate will take approximately 9 years to pay the entire balance. If you double that payment to .00 a month on that same balance and interest rate it will take only 2.5 years to pay off that balance.
According to the Massachusetts Public Interest Research Group (MASSPIRG), more than half of consumers who called their credit card company to complain about their eminent annual interest rates were successful in reducing those rates by an average of one-third. Your chances of getting a lower rate are good. It never hurts to try. Visit Lower Your Interest Rates to view a brief video on how simple it can be to lower your credit card interest rates.
For additional information on reducing debt please visit: http://rebuildcreditscores.com/Eliminate_Your_Debt.html
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