Best way to get a lower cc interest rate

[MarcusJubin]

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

 

[canuck78]

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

You can call and ask but it’s not like you are in a situation where you have the bargaining power. You still have the balance and given your credit status you may not qualify for a lower rate on another card.

 

[Jets13]

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

you can see if you qualify for a loan, the loan will be much lower interest rate than the cc. if the bank gives you a loan you can then use that to pay off your cc and then you can start making payments to pay back the loan. But then be careful not to use up your credit card again or you can get yourself into a tight financial situation!

 

[Copingwithlife]

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

I am confused," I can confidently tell them I'm going to leave if they don't lower it.[/QUOTE]", you can tell them all you want, but you are on the hook for the amount you rung up. And if you have a bad credit rating, banks aren't exactly going to be lining up for you business
I would check to see if you qualify for a line up credit, which possibly could be a lower interest rate, but if your credit rating is poor, even that would be a long shot for the bank to extend you further credit. They look at your ability to pay, and past payments

 

[zardoz]

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

I don't think that they will care if you threaten to go elsewhere. The existing CC company will still get their money back and your credit score will take a small hit. If you don't pay them, then it will take a massive hit and you will still end up paying eventually, + interest & charges.
You really don't have any bargaining power. You are a very small fish in a very big pond. What is your current interest rate?

 

[abhijeets13]

Hi, working with the bank in the credit card department; here are your options; these options are pretty much standard across the leading 5 banks

1) Stop paying the card for more than 90 days and they will offer you a payment plan - you score will take a serious hit
2) get a line of credit and pay-off this debt; and pay lower interest rate on LOC.
3) if you have a CC with another bank and they are willing to offer you promotional balance transfer at 0% or 1% - do that.

few things you should not do - going over your limit or missing on the minimum payment; you do either of the two and you are loosing out on options.

hope this helps!

My cc limit is 7500. I've been stuck floating between 7100 and 7500 for a couple of years now and I finally have enough of a grasp on my finances to properly start paying it off. Should I just call asap and see if they're willing to work with me in lowering my interest rate to help me pay it off? I've been a client with the bank for 6 or 7 years and they have made more than their fare share off of me so would they be willing to work with me out of loyalty or should I shop around and figure out what other banks might be willing to do if I were to transfer my debt somewhere else and then take that information to my current bank with more " either lower my interest rate or I'm leaving" kind of tone. I don't think I've ever missed a payment but I have gone over my limit a couple times last year due to fees.

In summary, should I call them and just ask if they are willing to lower it in order to help me out to pay it off easier or should I wait till I can confidently tell them I'm going to leave if they don't lower it.

 

[MarcusJubin]

You can call and ask but it’s not like you are in a situation where you have the bargaining power. You still have the balance and given your credit status you may not qualify for a lower rate on another card.

Hi, working with the bank in the credit card department; here are your options; these options are pretty much standard across the leading 5 banks
1) Stop paying the card for more than 90 days and they will offer you a payment plan - you score will take a serious hit
2) get a line of credit and pay-off this debt; and pay lower interest rate on LOC.
3) if you have a CC with another bank and they are willing to offer you promotional balance transfer at 0% or 1% - do that.


few things you should not do - going over your limit or missing on the minimum payment; you do either of the two and you are loosing out on options.



hope this helps!

thankyou so much!!

 

[zardoz]

thankyou so much!!

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