In some cases the credit card companies will not give you a good rate reduction or a rate reduction at all. If that happens, you’ll need to find out several things: Ask the person on the phone why they won’t give you a rate reduction, find out what your credit score is, and find out if there are other companies willing to take your credit card balance for a transfer. Also, its good to not take no as an answer from a person who can’t say, “Yes.”
- Find out when you’ll be eligible for a rate reduction because in some cases it is a matter of time
- Find out if you have a short term chance to get things resolved (if you missed a payment, you will have a window of penalty) – prepare to call back then. Set a reminder on your computer or in your day planner or on some place that will remind you
- Again, find out if a balance transfer will work for you. Be willing to threaten a transfer while on the phone, some companies will work with you
I plan on getting other bloggers involved over the next six months and we’ll try again then. Between now and then one of our cards will become eligible for a rate reduction. In fact its in March. In fact its on our calendars.
