Negotiate Your Way To Lower Credit Card APR's!

Written by James Dimmitt

I have three major credit card accounts that I've had for many years. The other night I was reconciling my monthly statements and noticed a large discrepancy inrepparttar APR's (annual percentage rate) I was paying on these three accounts.

My first card, card "A", has an APR of 8.9%; card "B" has an APR of 9.9%; and card "C" has an APR of 17.9% -Ouch ! I knew I had to see what I could do about this"out of range" interest rate on card "C". So I considered a couple of options.

One choice would be to transfer or switchrepparttar 138458 balance on card "C" to a new card with a lower APR. This would be very easy to do since I had received several pre-approved credit card offers earlier inrepparttar 138459 week. They included "convenience checks" that I could use to payoff that high APR credit card, thereby transferring that balance to a new account.

I decided against this option however because I didn't really want to add another account to my credit profile. Your credit score, that "magic number" that establishes your credit-worthiness to merchants can be affected negatively by having too many accounts.

So instead I decided to contactrepparttar 138460 issuer of credit card "C" to see what they could do about that 17.9% APR which seemed so out of line with my two other credit card accounts. I reasoned this wasrepparttar 138461 better ofrepparttar 138462 two options before me since I've already established a relationship with this company; a relationship which included many years of on-time payments which reflects positively in my credit profile withrepparttar 138463 credit bureaus.

I calledrepparttar 138464 800 number and talked to a very a nice gentleman. I explained to himrepparttar 138465 reason for my call; two other credit card issuers offered me a much more reasonable interest rate and so I'd like to see what his company could offer to me.

I wasn't surprised when he replied that he could lower my current rate from 17.9% to 15.9%. Sincerepparttar 138466 credit card company makes a profit fromrepparttar 138467 interest rate they charge I didn't expect to be offeredrepparttar 138468 best or lowest rate right offrepparttar 138469 bat. I prepared myself to have to do a little negotiating.

Credit Help For Renters And Others

Written by James Dimmitt

Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue’s on-time mortgage payments are reflected in her credit score profiled byrepparttar three major credit bureaus; Equifax, Experian and Trans Union.

Joe onrepparttar 138457 other hand is a renter, who wants to buy his first home inrepparttar 138458 near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Becauserepparttar 138459 major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joe’s credit score. Chances are good that Joe’s credit score will be lower than Sue’s because his on-time rent payments go untracked byrepparttar 138460 credit bureaus.

As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesn’t it? The good news for Joe and other renters like him is thatrepparttar 138461 credit reporting system is about to change.

In a recent Chicago Tribune article, reporter Kenneth R. Harney points torepparttar 138462 creation of a new national credit bureau whose “sole mission is to trackrepparttar 138463 payments that nobody else tracks.” The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide overrepparttar 138464 next 5 years.

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