PIRG: Mistakes Do Happen: Credit Report Errors Mean Consumers Lose @: http://www.pirg.org/reports/consumer/mistakes/index.htm
This is a great site. http://truthaboutcredit.org/truth.asp?id2=6153&id3=credittruth& Also on the site: Findings A 1998 Federal Reserve survey of 2,000 credit cardholders found that 81 percent felt their annual percentage rate (APR) was too high. In January 2002, the state PIRGs conducted a survey to show one simple action consumers can take to lower their credit card interest rates and save themselves hundreds or even thousands of dollars. Volunteers participating in the survey called their credit card company and asked for a lower APR. The results from a national spot survey of 50 consumers were the following: With one 5-minute phone call, 56 percent of consumers who called their credit card company lowered their APRs. Those who were successful reduced their APRs by an average of more than one-third, from an average of 16 percent to an average of 10.47 percent. Three consumers were able to reduce their APRs by 15 points. The survey results also showed a correlation between the cardholder's credit history and the likelihood of receiving a reduction in the APR. Factors affecting the caller's success rate were: Length of time with a particular card (longer is better) Credit limit on that card (a higher limit is better) Unpaid balance-to-limit ratio on that card - how "maxed out" the cardholder is (a lower balance, making a lower ratio, is better) Unpaid balance-to-limit ratio on all cards (a lower balance is better) Number of times an individual missed or paid late on a loan or a card other than the one for which they were calling (fewer is better) The above success ratios are from the "general Population" and not representive of CNetters. But I think many more CNetters should try to call their CC's and request a lower rate. JMO
