CC Interest Rate Lowering; Prob. Naive Questions
Christopher
I've a Wells Fargo Mastercard at 22% that I've had for a couple of
decades and would like to see if I can get the interest rate lowered.
I have been making timely payments for a long time. (I recall one of
their customer service people on the phone looking at my 'record' and
making the remark that I was a 'good customer.")
Unfortunately, I'm in the middle of a clinical depression, which makes
everything more difficult and some things impossible, so I've asked my
brother - who has much negotiating experience with large corporations
- to call WF and ask them to lower the rate. Not sure if he is going
to pretend to be me, or simply call as my brother and make the plea.
He agreed to do so, but then asked me if he should mention the word
'bankruptcy' or 'credit counseling.' I sense those are words that
should not be used, but thought it best to get the opinions of people
much more experienced than I at this.
I have a 19K credit limit and I owe about 14. I used to merely pay
the minimum every month, out of necessity, but lately I've really been
trying to approach paying $800 to $1,000 per month (if the rest of
life allows).
Two other questions. With that FICO score, what do you think the
possibility of success with WF is; and what is a reasonable interest
rate for that kind of score? (Please forgive me if any of these
questions are naïve, but my brain isn't thinking too clearly right
now.)
Shawn Hirn
Christopher <casteele9...@yahoo.com> wrote:
>
> Two other questions. With that FICO score, what do you think the
> possibility of success with WF is; and what is a reasonable interest
> rate for that kind of score? (Please forgive me if any of these
> questions are naïve, but my brain isn't thinking too clearly right
> now.)
Shop around for another credit card with a lower interest rate, but
don't apply for the card just yet. Check http://www.bankrate.com or have
your brother do it. Then call prospective credit cards and explain just
what you explained here (not your mental state though) and see what they
say. Once you find a credit card with a lower interest rate, tell your
bother to call WF and tell them to either lower your rate to at least
14% or you will transfer the entire balance to a credit card with a
lower rate and tell them which card you have in mind. The point is that
you (or your brother) needs to negotiate from a point of strength.
Good luck.