I think I'm doing something wrong

Discussion in 'Credit Talk' started by Dani, Sep 17, 2001.

  1. Dani

    Dani Well-Known Member

    I have a total of five cards (3 retail and 2 bank cards). After, reading everyone's latest posts (low interest rates, very high credit limits) I feel like I'm doing something wrong. How do I work my current creditors for higher credit lines and lower interest rates? Discover is a lost cause, and Amex is great for increasing credit lines, but the interest rate is 12.99% (kinda high) and they refuse to lower it unless I reapply. I, also, have a:
    CompUSA ($2500 - they have not increased this since we received the card 2.5 years ago)
    Hecht's ($800 - started with $200 4.5 years ago - I have never asked for an increase)
    Belk (started with $300, now 500). The account is 2 years old.

    All my scores are in the 700s and I have a total of 6 inquiries on all three reports. I can't apply for anything until our house is finished, but I would like to debate my current creditors for better terms. Any ideas? Thanks in advance.


    GEORGE Well-Known Member

    Don't apply for ANYTHING till you have the KEYS in your hand!!!

    Try writing or calling the credit card companies you now have and ask about a credit line increase (WITH-OUT A CREDIT REPORT) say something like INQUIRES ARE F.I.C.O. KILLERS!!!

    "I have a good payment history, and I would like you to increase the credit line based only on that".

  3. Dani

    Dani Well-Known Member

    George, I have no desire to apply for anything. I just want to increase the limits and lower the interest rates I have with my current creditors. Who should I contact...their Executive Offices? Is snail mail better than calling? Thanks.


    GEORGE Well-Known Member

    Try calling and ask for a NAME and ADDRESS who to write to...IF YOUR REALLY LUCKY, they may "PUT YOU THROUGH" on the phone to the "OFFICE OF THE PRESIDENT"...

  5. Safyre

    Safyre Well-Known Member

    When you call or write them about it, find out if they will pull your credit report. Most places will give you a hard inquiry just for requsting a higher limit. Ask them quickly, because they will do it without informing you.
  6. leo728

    leo728 Well-Known Member

    I was in your shoes just a month ago. I had a lot of credit but at outragoues high apr's.Way higher than yours ( 24+apr) Everything changed when citibank gave me a aadvantage card with a huge limit.

    I think there is a barrier that you have to pass, just keep making your payments on time.. And try writing a letter to your creditors via planet feedback, they have been very helpfull.

    btw try applying for a citi card after your house closes. ( just a suggestion )
  7. Saar

    Saar Banned

    Re: I think I'm doing something wro

    Amex MCS (Retention) can and will product transfer you to the Blue 10.99%. But don't even try it, if you get discouraged after the first "no" you get. Without persistence, you'd only be wasting your time.

    Here's the direct number for Amex MCS: (877) 286-5891. You wouldn't believe the difference 1-2 phone calls can make.

  8. Saar

    Saar Banned

    Re: I think I'm doing something wro

    Dani, as for your current cards:

    You may want to consider closing your retail tradelines that are not "dept store" cards. Only the latter type contributes to a credit mix. Non-dept store retail cards only hurt your credit. They may add up, creating an excessive number of open tradelines, and they also lower your average "credit line" figure. That figure is used by many CCC's to help determine what your initial credit line would be, once you apply w/ them.

  9. RichGuy

    RichGuy Well-Known Member

    Re: I think I'm doing something wro


    I wouldn't say that you're doing anything wrong. Getting 12.9% from Amex is just fine, especially if they give you line increases.

    You do have a different set of creditors than some of these other people with really low rates have. In addition, successful negotiations for lower APR's on retail cards are rare at best.
  10. Dani

    Dani Well-Known Member

    Re: I think I'm doing something wro

    Thanks everyone for your great suggestions. I'll try contacting Amex this afternoon and probably cancel Discover...I feel like I'm banging my head against the wall with them. I know I should probably close the CompUSA card, since it is a finance card and lowers my score, but they offer great no interest plans. I will also contact Belk and Hecht's and see if they will increase my limit without pulling my report. Thanks again.


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