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Joined: 21 Jun 2010
davidwalker023's page
Posts: 1

96 Magic Points

Subject: Credit Card Debt
Posted on Mon Jun 21, 2010 2:28 pm  

Do you have a considerable amount of credit card debt? Many times people are unaware that you can lower your credit card interest rates simply by calling and asking your credit card company. If you tend to carry a high balance each month it can really save you money lowering your rate. Even if your rate is only lowered a few percentage points I highly recommend making the call.

I see too many people these days with huge interest rates of 18% plus and it is sad they don't realize that they are probably capable of receiving much lower rates.

Give it a try today, call your company and see if they can lower your rate for you. A 10 minute call can potentially save your thousands of $ in interest.

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Joined: 26 Feb 2008
fireyone's page
Posts: 4246

142 Magic Points

Posted on Tue Jun 22, 2010 2:31 am  

Hello, My question is does it effect your credit score if you call and ask the creditor for a lower interest rate? I would be inclined to think that it may have a negative effect. If not then I would imagine everyone would try to go this route. It really would be great if a person could do this, especially with a lower balance card, then you could get it paid off mroe quickly. Also how long do companies let you have the lower rate?


Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883

1916 Magic Points

Subject: credit
Posted on Tue Jun 22, 2010 5:09 pm  

(Just making a comment here..) I wouldn't think it would effect your credit score, in a 'negative' sense. I think, if anything, it would improve your credit a bit. If a lender sees that a CC, on your credit, has a low % rate, that should be an advantage to the consumer.


Joined: 01 Jul 2010
hgimmy229's page
Posts: 11
Location: Florida

259 Magic Points

Subject: CC Debt
Posted on Mon Jul 12, 2010 7:55 pm  

That is a valid point. Please make sure when you contact the credit cards companies that you find out if the reduced rate is a fixed rate or a variable interest rate.

A fixed interest rate is a a rate that stays the same through out your whole repayment term of the balance. Fixed rates generally increase when your account is in a default status. Very seldom do creditors give fixed interest rates on credit cards. Generally, the only time you get a fixed rate is when you are ready to close your card & pay down your balance.

A variable interest rate is a rate that fluctuates do to current economic conditions, credit scores, & repayment history with the creditor (current or delinquent). This is the most popular rate that creditors apply on credit card debt because the rates fluctuates do to the above listed factors.

Please remember, your credit card companies makes their money based upon the amount of interest they charge on your outstanding debt.

When you call your credit card companies, unless you close your account, when you ask for a reduced rate, most likely they will give you a variable interest rate rather then a fixed interest rate.

Always make sure that you read the terms of the card member agreement that you signed when you accepted the credit card which will also confirm what terms you accepted the card under.

If in need of free financial counseling, please do not hesitate to contact me.

- Thank You -

Respectfully Yours,

Heather Gimmy
Heather Gimmy
Non-Profit Budget Counseling

Subject: Credit card interests.
Posted on Wed Jul 14, 2010 6:57 am  

Hi fireyone,

It is actually the other way round. If you have a good credit score, you can get a lower interest rate on your credit card. Your credit score is always referred to, when your creditors are deciding on your interest rate or your credit limit on your card.
Amanda W

Joined: 14 Aug 2010
AmandaW's page
Posts: 11

236 Magic Points

Subject: Credit Card Debt
Posted on Sat Aug 14, 2010 5:42 pm  

just asking for a lower interest rate wont hurt your score. However, if you opt for debt consolidation, it will affect your score negatively. But, if you make regular timely monthly payments, your credit rating will improve over time.

Posted on Thu Aug 26, 2010 8:17 am  

Eliminating credit card debt might be a little difficult, but surely isn't impossible. To know more, read on. A little effort on your part today is sure go a long way towards a healthy financial future!

Subject: Debt consolidation
Posted on Sat Aug 28, 2010 2:28 am  

The second worst thing you can do to your credit is perform a debt consolidation plan, behind only bankruptcy. The really crappy part of debt consolidation plans in my opinion is that they can stay on your credit for up to 14 years. The reason it is so crappy in my opinion is people who choose to do the right thing and pay off their debtors are punished. People who go ahead and file bankruptcy can get the bankruptcy off of their credit in 10 years or less. That doesn't make any sense to me, but it is what it is.


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: debt consolidation
Posted on Sat Aug 28, 2010 12:29 pm  

Hi Bud,

Debt consolidation can hurt your score. However, all these depends on what kind of debt the person has and how he is handling the debt.


Keep in touch Smile

Joined: 18 Apr 2011
williamsjohn's page
Posts: 2
Location: USA

24 Magic Points

Posted on Mon Apr 18, 2011 7:37 am  

hello ,
i think it will be a good option to follow , if someone has good transaction and flow of debt-credit monthly , then he may ask the company to offer some good,beneficial rates of interest ,
the discussion regarding this matter will be more helpful

Joined: 02 Jun 2011
SilverDollar's page
Posts: 9

82 Magic Points

Posted on Thu Jun 02, 2011 4:18 am  

Hmmm... for me, it's okay to let my credit be like that. It's all about management by controlling yourself in using it. You can always use alternative ways in making sure that you won't be tempted of getting used to it. I have a card and my credit already increased big time, but i can always manage it. I only use it for emergency purposes only or by purchasing plane tickets whenever i travel.
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