My mom has a card with DMB. In March, I called them to lower the rate. They lowered it to 16.24%. It has gone up steadily since then although the interest has been decreasing. It is now at 18.49% (ludicrous, when the prime rate is 5.5%). They refuse to lower it , saying they have nothing to offer her and to call back in 30 days. I told her to transfer the balance to Chase, but her Chase is maxed out. The interest rate she has there is 10.99%. The only other cards she has are department store cards. I have run out of ideas. She can't apply for a new card since both accounts are maxed and she's using about 85% of her credit lines. The balance is over $5000. Anyone has any ideas? Thanks in advance. Dani
Sam, She has good credit, but her lines are maxed. Will they still consider her or is it a wasted inquiry? Thanks. Dani
When DMB sees that you have other options then they will lower the interest rate. Can she make a bigger pymnt to DMB? Maybe then call and say she is considering transferring the balance if they dont lower rate.
She's already threatened to transfer the balance to Chase (which is a lie because she doesn't have enough available credit). DMB said okay. They really don't care. To bad Bloomingdales and Neiman Marcus don't make balance transfers, she would be alright. Dani
They know what balances she carries thru AR's. What about a LOC from somewhere? My APR with them is 10.99. She will have to call them over and over again.
MikeB.. I am with you ...!!! DMB suck...!!! If she can get away from those people it will be to her advantage..!!!!
Mike and Martysgirl, I agree. Anyone who charges you 18.49% when the prime rate is 5.5% has every intention of screwing you over. She said she is going to give the Citibank AAdvantage a try and see if they will give her a high enough limit to cover a balance transfer and pay off DMB.
