This just reinforces the need to get this card quickly paid off. My finance charge for the month was... $153!!!
I need to try to negotiate the interest rate down asap. I assume it's best to wait until the card's paid off, and then they'll be more willing to negotiate?
15 hours ago
3 comments:
Depends on how your credit is. If you have a good history with the company and have a strong credit report and score, you should be able to get them to knock off a few percent at least. (I've read that if you have one of those other pre-approved offers from a competitor you can try to get them to match if if you threaten to switch... I imagine this doesn't always work though.)
My credit score is average - in the mid 600s (partially due to certain relatives using my name on stuff and then not making payments - but nothing I can do about that now but wait for it to drop off).
I've had the card for about 7 years, though it used to be MBNA and Bofa bought them out. Never been late with a payment. That's a pretty solid history, right?
I know paying off the card will improve my credit score. So maybe I should just wait for that. I'm still aiming to have it wiped out by October 1st!
I say give them a call anyway. Once you have no balance what good will a lower interest rate do? Now is when you'll benefit the most! The worst that can happen is they'll say no...and then you can call back again when you've paid it off.
I agree with foxie...tell them you're looking into a 0% APR balance transfer but are willing to stay if they lower it enough.
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