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Has anyone on this forum been successful in lower your credit cards interest rate? or even negotiate the minimum monthly payments? If so, please share your story.
I'm requesting on behalf for my mother.
She has a total of 7 credit cards, most of the interest rates are around 25%.
She has always paid on time and currently has good credit, but cannot even make sure minimum payments without taking money from one card to pay the other.
The only thing I can think of, would be to phone one of the cards, and tell them she has 6 others that she wants to consolidate, and will do so if she is offered a better rate. One of the seven will probably make an offer.
The only thing I can think of, would be to phone one of the cards, and tell them she has 6 others that she wants to consolidate, and will do so if she is offered a better rate. One of the seven will probably make an offer.
Would consolidating all 7 cards require you to get a higher credit limit on the card your consolidating too?
For example.
7 Card, each card with $10K balance.
Card 1 to consolidate, but is only at a $10K balance, card 1 would have to up the limit to 70K? Have you done this? I'm doubtful that this would work, or am I totally off?
No credit card company will do it knowing how reckless she has been with SIX OTHER CARDS. Would you if you were in their position? The odds are pretty high that if they took those balances that she would never ever pay it back. She would have to pay a few thousand a month just to make a dent in it before she passes on.
You need to call or email a financial expert.
If it was my mom I'd have her file Bankruptcy. Yes it's the American thing to do but sometimes it's the only solution.
And have her run her credit history and get a score. I'm willing to bet it's not a good score like you think.
I didn't realize the balances were that high. If the total of the 7 cards is $10-15K, then its doable to consolidate. Anything much over that, if she can't make the minimum payments comfortably, then bankruptcy might be the option of choice.
How the hell did she get 7 cards with $10K limits? Or even one, with an income of less than 6 figures.
I ran up $25K of debt at a time when my annual income was $30K and 5% balance transfers with no fixed period were plentiful. Fortunately, unlike most people, my income DID go up, and I'll be paying it all off next month... I was one of the lucky ones, and I won't press my luck again next time.
I have two Chase cards. I have no balance on them.I use them on occassion.When I do use them, I pay them off. Have had them for quite awhile. In fact every time I go into the bank, they offer me another one. The last one they offered had 10,000 bonus points. They denied me that one, for lack of credit history?? I think they meant I was'nt using it enough. I have no debt and never had. The interest rates for the two Chase cards are 18.25% and 13.75% They went up awhile back for whatever reason. The limits on them are 10,000 and 15,000. A few years ago, my interest was around 8%. What I am wondering is my interest rate average?
A National Usury LAW setting the maximum anyone can charge
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