I just called to ask my credit card companies to lower my interest rate, and they said they can't do that until I get back into my limit. I am only 200 dollars over my limit on both, and my debt is under 2k total. This is nothing compared to most people, and this happened to me because of a family emergency. I am not irresponsible, and I want to pay this off without the interest rate being so high. Is this them bullying me, or does this make sense? I understand I am over my limit, but I am trying to make the right move here and pay it off! I have never had to do this before. I have always paid on time and been a good customer.
2007-11-12 03:48:35 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
cancel the card.
Credit card companies make all the rules and change the rules anytime they want.
Dont worship at the alter of the almighty fico score.
Debt Free is Definitely the way to Be!
2007-11-12 04:02:25 · answer #1 · answered by heybulldog 5 · 0⤊ 2⤋
No credit card company is going to give you sympathy because of personal problems with your debt. EVERYBODY says that whether it may be true for them or not. All they care about is making sure that they receive your payments. You have to understand that they are doing they're job and have certain regulations they have to follow. If they just let everybody lower they're interest rate when they ask there would be no point of having a set rate.
The only thing you can do is either get your finances straight and pay off that card if it's your highest owed and maybe get a second form of income to help you get back on track. Start budgeting and put any left over money toward a payment instead of building up your debt with additional fees.
If that doesn't seem to be an option for you then try calling one of those debt consolidation centers and have a representatives talk to the cc companies for you. Either way the debt is going to have be paid off to get your credit score back in order.
2007-11-12 04:29:25 · answer #2 · answered by snowqueen_ink726 3 · 0⤊ 0⤋
I hate to say, but honestly it is only fair. You signed an agreement that if you ever went over the limit the card issuer has permission to increase your interest rate and charge you other fees sthey see fit. Just try to get back under the limit as quickly as possible, so that you can negotiate your interest rate.
2007-11-12 03:58:59 · answer #3 · answered by C T 2 · 0⤊ 0⤋
well no if your over your limit than your over it. it really doesnt matter by how much and if other people are over their limit by more. i was once over my limit due to unforseen circumstances and it sucks but it does happen. I just payed as much as I could to get under the limit. my min. payment on one card was over 200. so i got a second job waitressing. i acted like the money i made at the restaurant didnt exist and payed my entire earnings to my cards got back under my limit. my advise make multiple payments if you get an extra 20 make a cc payment. set up bill payment. one month i made 5 payments to my cc and now my cc are within 2 months of being paid off. once you are under then you can ask for your interest rate to be lower. i doubt they would lower it if you go over the limit. they are not bullying you...you went over your limit and now you have to pay for it. just pay as much as you can to your credit card. then they may just lower your rate after you get under the limit and explain your situation to them......just be nice about it..........
2007-11-12 04:37:32 · answer #4 · answered by nikkylyn 5 · 0⤊ 0⤋
well, usually when you sign credit card contract it says the interest rate will go up if you go over your limit. You can try reasoning with them and see if they'll help you out. If not try transferring your balance to another credit card at a lower interest rate.
2007-11-12 03:59:33 · answer #5 · answered by grace 3 · 0⤊ 0⤋
could be specific................If a individual has an incredible score, they do no longer ought to difficulty with regard to the pastime cost a card organisation will supply them. in the experience that your credit status is below proper you should look out. vast credit card companies tend to be uncertain approximately their rates of pastime, giving clientele certainly one of those accessible rates. the fee you wind up getting could be below 10% or it must be over 20%. there's no way of understanding the place you will fall in this selection because of the fact the credit card organisation does not choose so which you may renowned until eventually this is too previous due. it is how they cover outlandish rates of pastime. Nationally commonplace credit card companies could look like upstanding institutions
2016-10-16 06:08:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Put yourself in the credit card company’s shoes:
You agree to loan someone $2,000 @ 20% interest. Somehow, they get an extra $200 out of you and then ask you to reduce the interest you’re charging them. Would you?
Sounds to me like the credit card company is being very reasonable.
2007-11-12 03:56:30 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Sorry, but I have to agree with the credit card companies, until you get your balance well below your limit and show that you can keep it there, you have not earned a lower rate.
2007-11-12 04:01:59 · answer #8 · answered by ? 7 · 2⤊ 2⤋
Welcome to the wonderful world of credit. Creditors don't care about your personal situation and many times will not work out any issues. This is a very normal situation your in.
Kourtnie
Prosperityfinancial.org
2007-11-12 23:45:11 · answer #9 · answered by Kourtnie D 4 · 0⤊ 0⤋
It's fair for them to expect you to live up to your agreement and the terms of your contract.
2007-11-12 04:12:46 · answer #10 · answered by Judy 7 · 0⤊ 0⤋