Topic: Credit Card & Loan Interest Rates, LOC loans...

[Jeff.Saunders]

OK... time for each of you to call your banks, credit card companies and ask for lower interest rates. With the Fed reducing rates, you should be able to negotiate a lower rate.  I recently did this for a couple of credit cards and the rates dropped significantly... go do it...

Also, if you have any line-of-credit accounts MAKE SURE you still have headroom on your loan. I just received a notice from my mortgage company cancelling my line-of credit as they require the property to be reassessed before they will loan any additional funds...

Not good as that was one of my fall-back sources of funds

[medic09]

Thanks for the tip!

In that past I have succeeded a few times to get lower rates just by calling...

[BobbyR]

I was in the loan business for a couple of years. You can do that if you have a perfect payment history and credit score. As far as HELOCS are concerned, they look more closely at your Debt to Income Ratio and also loan vs evaluation. A lot of recent assessments were bogus so they are wary, hence, the re evaluation using actual comps.

[74cb750]

Yeah I thought about doing that a few times for the credit cards, but usually just change cards for lower rates instread.

One major problem with doing this is lately some automatic renewal subscriptions I had on the old Canceled card are being honored by the old credit card company! Then they send me the bill. Seems I have to inform all the sub. renewal co.'s I no longer want their stuff. Really a pain as all the subscriptions are overseas and I haven't returned to work yet.

currently typing with 8 fingers but hope to be using  all 10 in a month or so.
peace,
michel

[tramp]

done that on a couple of cards works well
sometimes they'll say there isn't much difference
then i ask them to pay the difference

[BobbyR]

It is always worth a try. If you can pay off quickly, it is a pittance. For larger debt that will be paid off longer periods, it can help you get out from under quicker and cheaper. The worse they can do is say no.

[SD750F]

I had one business card that I found it switched from a monthly payment schedule to 21 days! Then they provided the invoice typically only 3 days before the next due date! Can you say "what's in your wallet?" So I paid it off and took a pair of scissors to it. And I still receive a new application letter from them every week!

Scott