hey all i made a late payment to my discover card for the first time, but i always pay on time. They put my apr to 18% i called them back and they took off my late fee but the 4% apr rate i had jumped to 18%.... how can i go about getting back to a lower rate? an how long will it take?
2007-10-28 15:00:37 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
They will probably make you wait at least 6 months before they will consider reducing your APR back to where it was.
After having a late payment they probably consider that you are having financial difficulties. You will have to prove yourself to them that it's not going to happen again in the near future by making on time payments.
Just mark your calendar for the 6th month mark. Make all of your payments on time or pay in full. When the 6th month hits, give them a call about reducing the APR and also hit them up for a credit limit increase, if you haven't had one inbetween now and 6 months from now.
2007-10-28 15:19:07 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Just get another credit card with 0% APR or one of those really good balance transfer deals.
The site below is a credit card comparision site that shows all the latest and best deals. It also has all the consumer info you need to choose he best deal for yourself such as the "fine print" terms and conditions.
At the momenet the credit card companies are really fighting for business and there is no need to stick with someone who doesn't treat you right when you can pick and choose from good 0 APR and balance transfer deals.
Sometimes people stick with credit card companies that take advantage of them instead of swapping to better new cards because they think applying for a new card will hurt their credit score. However applying for a new card only affects 15% of your total score - the biggest part of your score depends on having a healthy debt to credit ratio - the more available credit you have, the higher your score. So opening a new card will actually raise your score. (Don't close the old card - just leave it open but don't use it for the best score.)
2007-10-29 02:22:47 · answer #2 · answered by Sarah M 4 · 0⤊ 0⤋
Try calling them and telling them you are going to close your account. Sometimes they will lower the APR but they don't have to. If they don't look for another card and do a balance transfer as soon as possible.
2007-10-28 16:13:20 · answer #3 · answered by RLW 4 · 0⤊ 0⤋