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Old 08-31-2010, 09:46 AM
 
9 posts, read 19,195 times
Reputation: 10

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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.
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Old 08-31-2010, 11:21 AM
 
4,246 posts, read 11,992,047 times
Reputation: 3150
Doubtful her credit is good. My advice would be to change her life style. Cut them all up and close them out if she has no self control.

Does she own a home? Can she get a loan to pay them off?

She can try and see if they will lower the interest rate but good luck with that. And DO NOT use a credit consulting firm like the ones u see on tv.

Good luck and try to call or email Dave Ramsey with all info.

How much does she make?
Any other non secured debt?
Total debt in credit cards?
Minimum monthly payments on them?
Mortgage?
Any stocks or bonds?
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Old 08-31-2010, 12:54 PM
 
Location: Victoria TX
42,579 posts, read 86,681,866 times
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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.
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Old 08-31-2010, 02:33 PM
 
9 posts, read 19,195 times
Reputation: 10
Quote:
Originally Posted by jtur88 View Post
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?
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Old 08-31-2010, 07:25 PM
 
4,246 posts, read 11,992,047 times
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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.
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Old 09-01-2010, 10:04 AM
 
Location: Victoria TX
42,579 posts, read 86,681,866 times
Reputation: 36642
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.
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Old 09-02-2010, 11:22 AM
 
4,246 posts, read 11,992,047 times
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Probably got them during the boom.
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Old 09-02-2010, 04:39 PM
 
Location: San Jose, CA
7,688 posts, read 29,080,878 times
Reputation: 3630
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.
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Old 09-22-2010, 06:42 PM
 
Location: New Haven Michigan
426 posts, read 1,279,797 times
Reputation: 348
Default credit card interest

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?
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Old 09-22-2010, 06:45 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,624,539 times
Reputation: 9975
A National Usury LAW setting the maximum anyone can charge
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