We have two open CC accounts, First USA and First National Bank, each with a limit of between $8 and $9K. They are maxed out, but will be paid off next week. Interest rates are about 24% on each, b/c I've Beenaflake (LOL!) in the past with them, but my credit scores have increased significantly in the past few months 1) If I call them to ask for a rate reduction once they are paid off will they pull a hard inquiry? 2) Which report(s) wil they pull? 3) Do I stand a chance of getting these rates reduced, or are they beyond repair? 4) Am I better off just applying for new cards (after we get a new mortgage in a few months) and chucking these cards! TY Jim
1) Why don't you call and ask them? 2)Why don't you call and ask them? 3)Why don't you cal and ask them? Get the answers to 1,2 and 3 yourself, directly from the source, and you'll have an answer for #4. Don't be afraid... pick up the phone and call the creditors and ask them what it is you want to know. Any opinion offered here will only be based on that person's unique experience, which may involve details that has nothing to do with your situation.
Thank you obi wan for your assessment. I would pay them off and wait 6 months. After all, you are getting a mortgage and they will take awhile anyway. Then call up. I have never actually heard of anyone getting a hard inquiry for an APR reduction. since these companies are not really considered sub prime should I assume they are high because at one point you were late on them or over the limit and they jacked your rate up. IF so, they generally(and I say generally because you never know) will lower them back down after 6 months of being good.
Re: Re: Stupid CC Rate ???s too much, Well, that's very helpful. Let me ask you question. Why do you answer like this??? Of course that Jim knows he can call and ask them. I believe he just needed some info before he call them. Be nice please or GO AWAY...
Once they are paid off, the actual interest rate on the cards is a low priority. Rate only matters if you pay it. If I were you, I'd pay off the cards, get the mortgage, let the mortgage age about six months, then call the cc companies and ask them.
Thanks everybody! I'll follow your advice! I'll leave it be for 6 months, then call and ask! Hopefully we'll never to run a balance again, so the question becomes moote! Should we be using the cards in that six months and paying off monthly? Thanks again, Jim
