CC won't lower interest

Community Leader
Registered: 08-25-2006
CC won't lower interest
7
Thu, 08-30-2012 - 1:51pm

A little disappointed.  August was my review month and they won't budge.  Several months ago I was able to get it lowered to 9.99% for 6 months, so was hoping for something similar again.  In July they lowered like .20 or something minute like that.  I think he had a bottom number he was allowed to adjust it to.  And yes, this was the upper department, not the original customer service person that answers the phone.

So, am curious if you smart ladies had any suggestions.  My first instinct is to either 1) wait for the next review in 6 months and call ahead like I did this time or 2) just keep calling once a month and ask. 

Oh, the current interest rate is 13.720% and a balance of around $14,000. 

I guess just one more reason to get the balance down on this darn CC.   In all reality, it will take a couple years to get it down, let alone ever paid off.  So not giving up on getting that interest lowered just yet.  

 

 

Serenity
iVillage Member
Registered: 12-31-2010
Thu, 08-30-2012 - 2:20pm
I would call each and every month. Is your credit rate improving? If so, it might be time to check around for a competing card?
#Marie
Community Leader
Registered: 08-25-2006
Thu, 08-30-2012 - 2:36pm
I have applied for one card, and the reason for denial was my ratio of debt to income.

I also talked to my credit union, and it was an issue there, also. I was hoping to refinance my transmission loan, but the interest would be same at 16.99%.

So I stopped, as not to have too many inquiries on my credit report.

I know Credit Karma is a bit rough, but the red warning triangle is alway on my CC utilization.

Anyways, I like the idea of calling once a month. I just have a hard time believing anyone would transfer my $14,000 to a new card.
Serenity
iVillage Member
Registered: 11-14-2008
Fri, 08-31-2012 - 3:11pm
Aww I know you were looking forward to this budging. I would call at regular intervals until they gave me a better rate. It is time to pay it down. Perhaps your new working arrangement will help with this. Even $20 a month would make you feel so much better!
iVillage Member
Registered: 05-08-2006
Fri, 08-31-2012 - 4:23pm
This might be a cray idea and is a ways out..I think you have said in the past that you get a good sized tax refund. What if you put that on your credit card, lowered your debt to income ratio, got your rate down, and then if you have to, charge some things but don't let yourself go over the amount that you would be at if you hadn't done this? Money in the bank earns nothing these days....you would both lower the amount you were paying interest on and lower the interest rate...and maybe not having the money available would keep you from spending it..I don't know if this would work, but it might be worth considering...
Community Leader
Registered: 08-25-2006
Fri, 08-31-2012 - 4:42pm
Hi happy, yea, I hear you on that one!

I used to get way behind during the year, play catchup with my refund, then start the cycle all over again.

I tried something different the last couple years, and tried to make my refund stretch as far as I could during the year (i.e. putting 6 months of car payments aside in my credit union where my automatic payment comes out of)

Although medical bills sort of pushed me over the edge, it is really my bad habbits that got me here. In all honesty, I should have never purchased the rig I have now. I had every intention of buying a car I could pay for in full with my refund. But one test drive and that was all she wrote.

I don't have any regrets, but lesson learned. :smileyhappy:

Anyways, back to your reply. You have a good point that with the insane amount of interest I am paying every month, your idea isn't really that crazy. Obviously not ideal if I still have to use my card, but what I have been doing isn't really working, either.

Got my first pay check with the extra days and my overall percentage witheld went up 2%, so it was actually a little lower than I was expecting. But, can't complain. I still made $600 more.

Anywho, thanks for the idea.
Serenity
iVillage Member
Registered: 07-24-2001
Fri, 08-31-2012 - 5:04pm

I don't have any advice, but I wanted to let you know that I can understand how frustrating this is for you.

I really like the idea of thinking outside the box, but if your bad habits contributed to your current situation be careful not to think too far out of the box, kwim?