What's best tactic for credit card(s) negotiating rates? Daughter has 4 cards.?

Question

Is there a site that walks you through the process of negotiation and transfering balances for best results?

Answer 1

From personal experience, if she still has good credit, go to www.citicard.com, get a new card and transfer all your balances to that one. They have 0% for 1 year on balance transfers. Pay them all out over that year. If she doesnt have good enough credit to do that or cant pay it out over a year, look into debt consolidation through an outside company. Shop around, they charge different rates. Then call them back and say, Hey Company A, I just called B and they said theyll give me a lower rate than you. Can you beat them?

Answer 2

not sure about a site being available. But here in my city we have an organization that helps for free. First things first, its rather simple to call the credit card companies, tell them you've been offered lower rates with one of your other card companies. The company I worked for (major card) authorized reps to go a certain percentage lower and if more was needed we upscaled the call to a supervisor. We did nearly ANYTHING to keep that customer. Also explain to the card companies that you are keeping only one card and that is the one with the lowest rate. This doesn't necessarily have to be true. Once you obtain the lowest rates on all the cards, transfer the balance from the highest rate card to the lowest rate card. Cancel the highest rate card. With the remaining three cards spread the balances out equally over the three for a higher credit rating and maintain good payment history. For optimum credit rating you want at least half your limit to be available on all cards. It looks better this way than to have two empty cards and the total balance maxed out on one card. Half the allowable amount being charged causes no reason for alarm, but one maxed out or nearly maxed out card will cause a ding on your credit report.

Hope that helped!

Answer 3

How old is your daughter and why does she need 4 credit cards?

If you, as a parent, has taught her to be financially responsible, then she would know to pay off all her monthly debt so as not to accrue interest charge.

However if that is not the case, cancel the card with high interest rate and transfer the balance to cards that offer limited time 0% interest on balance transfers. And, pay off the credit card debt as quickly as possible.

Paying interest charge on credit card debt is like watering the lawn at mid-day during summer, leaving the faucet open all day, every day.

Answer 4

I don't know of any that will negotiate rates, they will if the kid defaults them & they have to be paid off.