A Very Good Day!!

Discussion in 'Credit Talk' started by JacquiG, Oct 5, 2000.

  1. JacquiG

    JacquiG Well-Known Member

    I have to tell somebody this or I'll bust, so forgive me!!!

    My FNANB statement closed yesterday, so I called the automated system this morning to see how much interest was charged (I only owe about $400), and found out that they raised my credit limit AGAIN! This is the card I've had since Oct 96, started at $6K, stayed there until June 00, when they raised it to $7K. Couldn't pay them for an increase before. Four months later it's at $8K! Granted, this is just my 'mail order' card since I've got all these prime cards now, but Hey...I'm smiling.

    So I'm at work *working* and decide to finally call Direct Merchants and close my account. Had this card since Jan 99, interest rate creeps up to 22.7, so I call Jan 00 and ask for a reduction. Drops to 16.99 - decent at the time. Interest rates rise, comes up to 17.74%. Transfer it to Chase at 3.9, no balance. That's why I figure I can close it now. Called to cancel it, get sent to retention, tell him the reason, and he asks what I think a good rate would be(15% is acceptable); he tells me they can do 13.74 for purchases, 16.74 for cash advances! That makes it my second-lowest APR after my credit union.

    In January of this year, my rate was 22.7 for purchases, 26.7 for cash advance. Now it's 13.74 and 16.74. HUGE difference, and I still earn cashback awards!

    Thanks for listening (reading?)! I'll go eat now...
  2. Momof3

    Momof3 Well-Known Member

    Congrats, sounds like you had a great credit day. Wish we all could have some days like that:)
  3. miles

    miles Well-Known Member

    Congratulations! I'm jealous! :)
  4. RichGuy

    RichGuy Guest

    Notice that Jacqui negotiated from a position of strength: no balance.

    Notice also that she adopted an assertive position: she threatened to cancel the card.

    Congratulations, and I hope others will follow your example.
  5. Chet

    Chet Well-Known Member

    Awesome job!

    Great work JacquiG! What is your opinion of your FNANB card? I recently got one with a $500 limit and was wondering how they are with increases?


  6. JacquiG

    JacquiG Well-Known Member

    RE: Awesome job!

    Thanks everyone for responding. I feel really good!!

    Chet, I haven't had any problems whatsoever with this account in four years. The only 'issue' I have with them is that they don't have online account access.

    Increases? Started at $6K, didn't move despite regular credit report monitoring and my own increase requests. I don't know why they now feel I'm worthy.


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