I asked in writing by e-mail and when refused by letter. I am dealing with Washington Mutual now after they bought out the other company. My balance is almost $9,000.00.
They simply say they reviewed the account and won't change the interest.
What can I do to change their position?
2007-03-01 10:21:38 · 8 answers · asked by gamblerhd 2 in Business & Finance ➔ Credit
You cannot make them change the rate. I do not have the reference, but a credit card company can actually raise your rate if you are late paying other people even if you pay them on time.
If possible, transfer the balance to a lower rate card or to a signature loan from a credit union (usually about 18%).
If those options are not possible, put every extra cent that you can find each month on this credit card.I know it seems like you are doing them a favor, but it actually helps you. They want you to pay the minimum each month because it is more interest collect for them.
2007-03-01 10:27:43 · answer #1 · answered by Ma Dukes 3 · 1⤊ 0⤋
The best thing you can do is talk to a manager over the phone. Ask why your rate is so high-- and what you can do to get it lowered. You might also suggest you've been offered a better deal-- or that you're looking for a new card if they can't lower the rate.
If all else fails, you might consider applying for a new credit card. You're best bet is to transfer your balance to a 0% APR card and pay no interest for a while. You can find some great balance transfer deals here:
http://www.asapcreditcard.com/0-apr.html
GOOD LUCK!
2007-03-01 17:36:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There is one more thing you can try to get them to lower your rate.
Call the 800 number on the back of your card.
When they answer, ask to speak to someone who can help you get a reduced interest rate. The call center person should transfer you to another department.
Tell this operator that you are having trouble making the payments and if you cant get the interest lowered you will be forced into bankruptcy. Tell them you obviously don't want to do this and can they help you.
That just might work, even temporarily. The one thing credit cards and banks (loaners in general) fear is having an account go bankrupt. This threatens their ability to get the money you owe and a host of other hassles for them.
Good luck.
2007-03-01 10:46:21 · answer #3 · answered by jw 4 · 1⤊ 0⤋
Frustrating as it is there is not much you can do to make them change. So change yourself. Find a lower rate card or loan to transfer your balance to. Then close that Wa. Mut. account. Put all the credit cards away and save for a rainy day. Rule of thumb, if you cant pay for it with cash you do not need it. (exceptions being a house or car) Good luck!
2007-03-01 10:33:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You could threaten to move the balance to another card. If that doesn't work, follow though with the treat. If you can't get anyone else to give you a better rate, why would the current credit card company help?
2007-03-01 10:58:28 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
in case you have a stable historic past with BOA, they could no longer checklist adverse information in case you shut the account. although, i could try this in writting when you consider which you may desire to make advantageous this is stated as "Closed by utilising customer" and not "Closed by utilising credit Grantor". this would possibly not consequence any scoring yet absolutely everyone who manually seems at it could question in the event that they think of BOA closed the account. although, ultimate it could decrease your credit. One ingredient is credit Ultilization that bills for 30% of your score. that's the quantity of credit you have used vs. the quantity of credit you're allowed. working example in case you have $1500 in entire credit card debt, and an entire cut back of $3000 your utilization is 50%. yet once you shut your BOA Card that has a $500 cut back the whole cut back now will become $2500 and your ultilzation is now 60%. because of the fact your utilization has long previous up your score will take effective. How plenty it is going down relies upon on various factors, yet once you preserve up stable fee historic past and cut back your utilization, you are able to recover from it fairly rapidly.
2016-10-02 05:29:31 · answer #6 · answered by earles 4 · 0⤊ 0⤋
Threaten to transfer your balance elsewhere. Tell them you've received 0% balance transfer offers, and that you could save a ton of money by doing so.
If that fails...actually go out and find a card that offers 0% bal transfers, and do it...
2007-03-01 12:41:21 · answer #7 · answered by Jason 3 · 0⤊ 0⤋
Find a better company to buy out your credit. Try Chase or BofA.
2007-03-01 10:29:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋