This is kind of a two part question:I have recently refinanced my mortgage to pay off huge credit card debt, and unfortunately the pay off was off by 4,000. I was hoping to pay off the card completely, and now still owe 4,000. I canceled my card. Does anyone know if I should re-open it to try to negiotate the APR to a lower rate? I was told because I closed it I can%26#039;t negioate the APR. I hate to re-open it, and then be told they will not lower the rate. How does this effect my credit rating? Also if anyone has any advice on working with a credit card company on lowering my rates that would be helpful. The bank is Chase (don%26#039;t know if that makes a difference)
Credit card APR rates?va loan
You can work with any credit card company on the rates, but it depends how your payment history is or was with the company. You have nothing to lose about asking to reopen your account, but with the condition that they will offer you a lower interest rate. The credit card companies don%26#039;t want to lose good customers, so if your account was in good standing then I don%26#039;t see why they wouldn%26#039;t work something out with you.
I%26#039;ve have requested several times, various credit companies to lower my rate. It has usually only taken a few minutes for the rep on the phone to offer the better rate.
If all else fails, leave your account closed and look for a new credit card company that offers 0% for transferred balances. (This is usually offered on new accounts only)
BTW, having closed accounts on your credit vs. open accounts actually helps your credit score. Creditors don%26#039;t like to see too many open revolving accounts on a person%26#039;s credit because it%26#039;s a risk that the consumer can overextend themselves in debt.
Good luck!
Credit card APR rates?
loanYou can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters. Report It
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