Quick inquiry for my wife. She has a Gold FirstCard and her interest rate is 22.9%. She has had this card for 15 yrs. Balence = $4500. No late payments. FICO score around 705 (2 30d lates are only negs on CR). Her income 50k/yr, household 150k/yr. They wouldn't lower the interest rate over the phone. What would be the best way to go about getting it lowered?
Do the citi BDD, get a nice platinum select with a low apr, and transfer out of that terrible 22% apr card. Ironically, once your balance with them is 0, it will be easier to lower the apr.
yes, I have been reading about this. But, I have also been reading that you want to retain cards that you have a long history using?
Most certainly. Do not cancel a card with a 15 year history!! But you can transer the balance to a lower rate card, and use your old card only rarely, just to keep it active. -Roman
She has a pre-approval for a 9.9% fixed BT for Amex blue, would that be a good option. She doesn't have an AMEX card presently. Is there any inside info anyone has regarding the AMEX Blue? Thanks for the advice.
How is your wife's credit? Many companies are offering bt at less than 9.9. If her credit is really good, she might be able to get better. Bank of America has a card with 8.9 till paid on bts. If she wants something that does not report, she could try Amex LOC. They have limits up to 25k, and aprs as low as prime+2.99. For an apr as low as 9.9 and a generous credit limit, she could also try the generations bank credit card. Neither of these report to the cras. So her debt to limit ratio, and total debt as reported on her credit reports would be greatly improved which in turn should increase her credit scores. You could even transfer her balance to something that does not report, then see if FirstCard will offer a bt with a better rate. There are lots of options depending on her situation. My father had a pre-approval for Blue and was approved with a fairly generous credit limit, though I'm not sure what the limit was. He got the 9.9 apr blue.
Her FICO's are around 705. Her only negatives listed on her CR are 2 - 30 day lates. The rest is all positive. She does have a high debt/income ratio though. But we have never listed our income as household, she has always listed it as personal.
The first thing I noticed when reading this post was that she has (2) 30 day lates. Being that she has been with this company for 15+ years, I would contact them and asked for a "goodwill" deletion of the 30 day lates. Ensure that this takes place via mail, not over the telephone. Another question, how recent are the 30 day lates? If they are fairly old, there is no reason for this outrageous interest rate. If they are fairly new, that is a different story. You may have more difficulty securing another card with low APR's. But you should be able to secure a card with a decent rate. I WOULD NOT CANCEL THE CARD!!!! This is her longest tradeline and it may adversely affect her credit score. Persue the "goodwill" strategy. You state that they are unwilling to reduce her APR over the phone, how about a letter? or PFB? or by contacting the Executive Office. The debt to income ratio is not a FACTOR, considering that she uses the HOUSEHOLD income instead of her personal income. These are just suggestions.
The 2 lates are from a different card. She never recieved the first two bills, and therefore they were reported. They are 5 yrs old. I will be disputing them very soon.
I would put them in dispute mode first, then try to get the APR decreased. Also this is crazy!!!! From 5 years ago!!!!!! I would definately send them a letter!!!! Or even PFB, the Executive Office
Two quickies before I eat my ice cream and go to bed. What is PFB, and how do I get ahold of the executive office at any of these credit card companies? I am new at this, so don't laugh. But, I'll be around for a while. Have alot of work to do on my own credit. Thanks for all you input, I've learned so much in just one week of reading this board.
PFB= Planetfeedback. A free website which allows users to send off letters to almost any company out there. PFB usually has the e-mail address that goes directly to the consumers advocate office, or someone who is in the executives office. Most letters are automatically directed at the president of the company, however it won't make it that far, but close enough to where you'll want your letter to be. You can find the site here: www.planetfeedback.com
