getting low interest on credit cards..

[jeffs42885 10+ year member]

So i do have alot of CC debt, about 6k i need to have paid off asap. I work pt for now, eventually FT and i grossed about 20k last year, working part time.

I have a credit card with a balance of like 3500.00, and an open card with a limit of 3600 that i just paid off. the 3500 balance has 6% interest until june, and 17% after that. Im thinking of calling the card with the 3500.00 balance, telling them i want to cancel, and having them offer me all these interest free promotions. i'v done this before, and im jw who else has done this, to get the best interest.

these credit card companies want to keep us, so they basically tongue our taints to do so..

feelings anyone?

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[tEh koRnDog 5,000+ posts]

so if you call them wanting to cancel they'll try and lower it to keep you?

 

[jeffs42885 10+ year member]

yeah just like AOL/VERIZON anything they wanna keep their customers

i called to cancel a GM card i have, and they said well we can do no interest for 12 months or 5% until its paid off or somthing im like kthxbye

hell, even just working at circuit city, we do some REDICULOUS STUFF to keep customers when an issue happens

 

[CobaltKicker 10+ year member]

hahah....well dude my advice is pay off credit cards and live within your means....I am laying low and paying a few of mine off but I only had about $3500 total on 3 cards.....now I have about $2400.00

 

[jeffs42885 10+ year member]

i do want to pay them offm just got in over my head buying random stuff

being addicted to caraudio/cars FTL.

i just want them paid off, with a lil extra time //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[CobaltKicker 10+ year member]

true, well tell them u have never been late and would like to have your credit score run again and then they will do that and decrease ur rates.

 

[CobaltKicker 10+ year member]

just go to eloan.com and refinance if u are mucho in debto.

 

[mrogowski 5,000+ posts]

Your best bet is to go to your bank and ask for a consolodation loan. They will give you a line of credit with low interest that will allow you to move all of your balances into it and make one payment.

If not the bank, try Capital One. They have some insane deals from time to time - well worth looking into. The concept is the same tho - move everything into that one account and pay it off.

Then put your credit cards away. Don't cancel them because doing so can sometimes have a negative effect on your credit rating.

 

[docutech 10+ year member]

Paying cash FTW!

I have learned my lessons at a young age. I was a n00b in the Army with tons of debt. It took me years to pay off the credit cards I have maxed out and I will never EVER do that again.

Today, if I cant afford it in cash, I go without. Plain and simple.

I am not sure how "desperate" you are to get these debts paid off, the only thing I can suggest is calling a credit counseling agency. They will collaborate with your creditors and most of the time will get you a no interest rate as long as you are making payments towards your debt.

For the love of car audio, please don't pay off credit with credit!!!//content.invisioncic.com/y282845/emoticons/nono.gif.eca61d170185779e0921b0faa9704973.gif

 

[jeffs42885 10+ year member]

my credit is good..and i always pay my bills on time and never miss a payment. i think i had like a 650ish score, then i got all my new cards and the inqueries F'ed that

 

[docutech 10+ year member]

I agree about inquieries. They dont look good on your record. Have you thought about a credit counseling agency?

 

[docutech 10+ year member]

Do they report? If so, then that would be bad.

 

[jeffs42885 10+ year member]

its not that bad yet since i havent missed a payment, im just broke after paying all my bilsl and stuff. credit counceling is for people who

dont pay their bills

missed several payments

paying alot of interest

 

[envengineer 10+ year member]

Just call and ask them to drop the rate, tell them you have another card giving you XXXX rate and then ask if they can meet it, if not tell them you'll just transfer your balance and use the other card. They've all heard the threat to cancel before and they know the game. The transfer threat is much more believable as it costs the cardholder nothing out of pocket to do it in most cases.

If they don't drop it, get a card that you can transfer to with a fixed rate on the transferred balance. AMEX Blue was doing it a year or so ago where your transferred balance had a 3% apr for the life of the balance. The catch is that these cards typically have a high purchase apr, and then they require that you pay off the transfer balance before any of the purchase balance. If you don't use it for purchases you don't get burned.

 

[squeak9798 5,000+ posts]

Your best bet is to go to your bank and ask for a consolodation loan. They will give you a line of credit with low interest that will allow you to move all of your balances into it and make one payment.

Depends on the credit card/bank.

There are some credit cards out there that likely offer lower interest rates than unsecured LOC @ banks. Also, with the new higher minimum pymt on credit cards being 4% a lot of those LOC are grabbing people's attention with lower minimum pymts in the 2-3% area....which would take you longer to payoff and cause you to pay more $$ in interest since the balance isn't reducing as fast (this is, ofcourse, assuming you only pay the minimum).

And even then, most bank LOC's have approval requirements that a lot of people won't fit into. I.E. Must be a home owner, etc.

If you aren't too deep in debt on the cards & own your vehicle free & clear, a good option would be to use the car as collateral for a secured loan to payoff your credit card debt.

Then put your credit cards away. Don't cancel them because doing so can sometimes have a negative effect on your credit rating.

To an extent. For Fair Isaacs, it's typically optimal to have two bankcards (Visa, Mastercard, Discover) with balances that are less than 20% of the credit limit. And you typically don't want to have more than one travelers card (Diners Club, American Express, etc)