Renegotiating credit card APR

**Slash** · 07-18-2005, 05:47 PM

Is this possible? How would I get along doing this? One of my cards is over 20%, but it is my card with by far the highest limit. When I first got it, I was way younger and the APR was worth the price to pay to have credit at all. With a score over 800, I hardly need to be bitten in the ass all the time at 20+%

I've got other offers from AOPA and USAA for 4-7%, but i really enjoy the usability of my wachovia card in terms of easy payment. Hopefully I can can and have a talk with someone to straighten it out. Anyone else have this issue before?

**PantySniffer** · 07-18-2005, 05:50 PM

I highly doubt you have a score 800+....Call them up and ask if there's anything they can do or you're going to cancel and go with somebody else....

**I'm Phucked** · 07-18-2005, 06:04 PM

+1 credit is a big income to debt ratio with other variables so unless you make 250K+ a year Taxed you dont have 800 credit score. mine is only 680 and I have a flawless credit record and have paid off massive debts (houses/cars) but I make less than 30k a year.
Bank even said thats pretty impressive for that low of an income.
-Dave

XYNaPSE · 07-18-2005, 06:09 PM

Quote:

Originally Posted by Slash

Is this possible? How would I get along doing this? One of my cards is over 20%, but it is my card with by far the highest limit. When I first got it, I was way younger and the APR was worth the price to pay to have credit at all. With a score over 800, I hardly need to be bitten in the ass all the time at 20+%

I've got other offers from AOPA and USAA for 4-7%, but i really enjoy the usability of my wachovia card in terms of easy payment. Hopefully I can can and have a talk with someone to straighten it out. Anyone else have this issue before?

Pretty easy to do if you have good credit. Call Customer Service and ask them to lower the APR or your going to go with this new 0% interest for one year and after the one year its 6% card and have the entire balance transfered. If they say no, transfer the balance to a 0% card.

**Slash** · 07-18-2005, 06:11 PM

Quote:

Originally Posted by cw98typer

I highly doubt you have a score 800+....Call them up and ask if there's anything they can do or you're going to cancel and go with somebody else....

I have an 801 thanks..............

I've had perfect payments, combined $35,000 max limits, and at least 20-30K in total business through them each year since I was 16. (started smaller than that, but I had my full limits by 19).

Credit score is not only by what you make, its also how much money they have made off of you, how well you've treated them, and how much you have extended youself outwords (I was extended over $25K for a long time). Back when I had a trust this was easy. The biggest thing that got me so high FICO wise was keeping debt extended for several months at a time, making sure they made some money with me. Basically I was giving them "free" money, because they knew I had the assets to pay, but I didnt. In the end it will pay off when I start financing houses...

The problem with me is, regardless of my score, loans are hard to come by due to my short job history in the past 2 years. Regardless of what assets I had in the past and what business I was running.

**Slash** · 07-18-2005, 06:15 PM

Quote:

Originally Posted by XYNaPSE

Pretty easy to do if you have good credit. Call Customer Service and ask them to lower the APR or your going to go with this new 0% interest for one year and after the one year its 6% card and have the entire balance transfered. If they say no, transfer the balance to a 0% card.

I figured this had to be the answer, I was just trying to see if anyone had done this in the past. Glad you reaffirmed my ideas on the subject. I'll be calling this evening

. Otherwise I'll go with the AOPA card with 30% less line, but better APR.

**Just Dave** · 07-18-2005, 06:20 PM

I can't see the credit bureau's (not affiliated with lendors) caring how much money you've made the lenders and factoring that into your credit score. Timely consistant payments? Yes. "Bob's made Mastercard $50k over the years"? No.

XYNaPSE · 07-18-2005, 06:20 PM

Quote:

Originally Posted by Slash

I figured this had to be the answer, I was just trying to see if anyone had done this in the past. Glad you reaffirmed my ideas on the subject. I'll be calling this evening

. Otherwise I'll go with the AOPA card with 30% less line, but better APR.

Yah its great. Saves lots o' money.

**John** · 07-18-2005, 06:21 PM

best bet, call in and ask to terminate the account. They will then transfer you to member retention, the people with REAL power. Tell them Bank of America has giving you an offer of 5% APR and you want to move to them, and hell while you are at it, tell them they are offering you 5k higher credit limit also. This works for 9/10 companies, obviously the higher the stature of the bank (ie, Chase, MBNA, BOA) the less likely they are to do this, but in your situation, I see no reason why they wouldnt. If they fail to meet your demands, it's probably best to move on, especially with your credit rating - companies will be clamoring over you

**_Charles_** · 07-18-2005, 06:42 PM

FICO scores are made up of so many variables, that they are nearly impossible to sit here and explain it all in one post.

If you have a FICO of 800+, than you simply need to do this. Get another CC at a lower rate and transfer the balance. I personally suggest getting a CC through a Credit UNion, as the terms are usually better, and they are less stringent. My only CC is through Eckerd CU. If you are not currently a CU member...time to become one. It's the best move you will ever make.

Charles

Illswyn · 07-18-2005, 06:47 PM

Uh...don't call MBNA and tell them you're switching to Bank of America. They'll probably laugh at you and hang up. I know I would.

Do you carry a balance on your high rate card? Is there any benefit to the card that you can't get with another card?

I've had my MBNA card since I got out of high school. I still have it, but will probably not be using it anymore. I just got a Citi card with the 1%/5% rewards. Now why would I bother using a card with no benefit to it? Both have similar APR, but I don't carry a balance, so the APR could be 300%, it doesn't matter to me.

What is so easy about paying your Wachovia card? Both my cards let me log in online and pay up to 4 payments a month. Online statements, etc. Is there something easier?

**John** · 07-18-2005, 06:49 PM

Quote:

Originally Posted by Illswyn

Uh...don't call MBNA and tell them you're switching to Bank of America. They'll probably laugh at you and hang up. I know I would.[/b]

hence why I said that wouldnt work with every bank. It probably would in his case

Quote:

What is so easy about paying your Wachovia card? Both my cards let me log in online and pay up to 4 payments a month. Online statements, etc. Is there something easier?

Guessing he holds his checking account at Wachovia also.

Illswyn · 07-18-2005, 06:56 PM

I don't see how that is any easier though. I have a USF checking account, and pay directly to MBNA and Citi. I guess if you are able to make same-day payments or something...but I prefer to schedule payments.

I schedule 1 regular payment monthly, for the day before my bill comes due, for a minimal amount, like $50. That way every month, even if I forget, the minimum got paid. Then I check the balance, and schedule a payment for the same day, for the balance minus the other payment of $50. Or just edit the scheduled payment to the full balance. Never have a month go by without a payment.

**_Charles_** · 07-18-2005, 07:25 PM

Personally, paying an extra 10-15% interest for 'convience' is just plain stupid. What's so special about this Wachovia card? I guess I just don't get it. There are too many cards out there competing for your $$$. Time to look elsewhere, and like I suggested, a CU sponsored CC is my choice.

Charles

**John** · 07-18-2005, 07:50 PM

Quote:

Originally Posted by RiceRocket

Personally, paying an extra 10-15% interest for 'convience' is just plain stupid. What's so special about this Wachovia card? I guess I just don't get it. There are too many cards out there competing for your $$$. Time to look elsewhere, and like I suggested, a CU sponsored CC is my choice.

Some things make more sense when its laid out in alternative terminology

**Slash** · 07-18-2005, 08:40 PM

Thanks for all the advice fellas! I've already made headway. Wachovia has dropped to 6.75% and I'm STILL calling AOPA to go ahead and do a balance transferr at 2% LOL. Time to cancel one of the 9+% cards!

**John** · 07-18-2005, 08:46 PM

make sure you read the fine print. Many lenders will offer you a balance transfer rate thats very low, but after six months it will go up - sometimes by a large margin. They are required to tell you if that is the case, so read carefully and compare before you sign up.

**_Charles_** · 07-18-2005, 09:00 PM

Quote:

Originally Posted by Slash

Thanks for all the advice fellas! I've already made headway. Wachovia has dropped to 6.75% and I'm STILL calling AOPA to go ahead and do a balance transferr at 2% LOL. Time to cancel one of the 9+% cards!

Since you are in Oralndo, You should look into Orlando FCU. Here is there CC info: http://www.orlandofcu.org/source/cdt_card.htm

Remember to compare all aspects of the CC, including APR, Service fee's, annual fee (if any), etc. Not all cards are the same.

Charles

**Slash** · 07-18-2005, 10:55 PM

Quote:

Originally Posted by John

make sure you read the fine print. Many lenders will offer you a balance transfer rate thats very low, but after six months it will go up - sometimes by a large margin. They are required to tell you if that is the case, so read carefully and compare before you sign up.

Its ok, the nego specified that it was 6.75% for 5 years. AOPA states 4.75% as long as I am an AOPA member, however it goes for revision every 10 years. So in 10 years i'll have to re-evaluate again. However thats plenty of time to be kushy.

**Jeff240sx** · 07-21-2005, 04:38 AM

Quote:

Originally Posted by Illswyn

I've had my MBNA card since I got out of high school. I still have it, but will probably not be using it anymore. I just got a Citi card with the 1%/5% rewards. Now why would I bother using a card with no benefit to it? Both have similar APR, but I don't carry a balance, so the APR could be 300%, it doesn't matter to me.

If.. you don't carry a balance... you don't get "rewards" or cash-back. So.. why wouldn't you bother getting a card with no benefit? Companies aren't going to pay you for spending their money.. they'll reimburse you for a small fraction of the interest you paid, however.
-Jeff

07-18-2005, 05:47 PM	#1 (permalink)
Slash THE HAMMER	Renegotiating credit card APR Is this possible? How would I get along doing this? One of my cards is over 20%, but it is my card with by far the highest limit. When I first got it, I was way younger and the APR was worth the price to pay to have credit at all. With a score over 800, I hardly need to be bitten in the ass all the time at 20+% I've got other offers from AOPA and USAA for 4-7%, but i really enjoy the usability of my wachovia card in terms of easy payment. Hopefully I can can and have a talk with someone to straighten it out. Anyone else have this issue before?

07-18-2005, 05:50 PM	#2 (permalink)
PantySniffer grippin grain	I highly doubt you have a score 800+....Call them up and ask if there's anything they can do or you're going to cancel and go with somebody else....

07-18-2005, 06:04 PM	#3 (permalink)
I'm Phucked army pilot	+1 credit is a big income to debt ratio with other variables so unless you make 250K+ a year Taxed you dont have 800 credit score. mine is only 680 and I have a flawless credit record and have paid off massive debts (houses/cars) but I make less than 30k a year. Bank even said thats pretty impressive for that low of an income. -Dave

07-18-2005, 06:20 PM	#7 (permalink)
Just Dave Do It In The Dirt	I can't see the credit bureau's (not affiliated with lendors) caring how much money you've made the lenders and factoring that into your credit score. Timely consistant payments? Yes. "Bob's made Mastercard $50k over the years"? No.

07-18-2005, 06:21 PM	#9 (permalink)
John I print money	best bet, call in and ask to terminate the account. They will then transfer you to member retention, the people with REAL power. Tell them Bank of America has giving you an offer of 5% APR and you want to move to them, and hell while you are at it, tell them they are offering you 5k higher credit limit also. This works for 9/10 companies, obviously the higher the stature of the bank (ie, Chase, MBNA, BOA) the less likely they are to do this, but in your situation, I see no reason why they wouldnt. If they fail to meet your demands, it's probably best to move on, especially with your credit rating - companies will be clamoring over you

07-18-2005, 06:42 PM	#10 (permalink)
_Charles_ formerly 'RiceRocket'	FICO scores are made up of so many variables, that they are nearly impossible to sit here and explain it all in one post. If you have a FICO of 800+, than you simply need to do this. Get another CC at a lower rate and transfer the balance. I personally suggest getting a CC through a Credit UNion, as the terms are usually better, and they are less stringent. My only CC is through Eckerd CU. If you are not currently a CU member...time to become one. It's the best move you will ever make. Charles

07-18-2005, 06:47 PM	#11 (permalink)
Illswyn 11th Car And Counting	Uh...don't call MBNA and tell them you're switching to Bank of America. They'll probably laugh at you and hang up. I know I would. Do you carry a balance on your high rate card? Is there any benefit to the card that you can't get with another card? I've had my MBNA card since I got out of high school. I still have it, but will probably not be using it anymore. I just got a Citi card with the 1%/5% rewards. Now why would I bother using a card with no benefit to it? Both have similar APR, but I don't carry a balance, so the APR could be 300%, it doesn't matter to me. What is so easy about paying your Wachovia card? Both my cards let me log in online and pay up to 4 payments a month. Online statements, etc. Is there something easier?

07-18-2005, 06:56 PM	#13 (permalink)
Illswyn 11th Car And Counting	I don't see how that is any easier though. I have a USF checking account, and pay directly to MBNA and Citi. I guess if you are able to make same-day payments or something...but I prefer to schedule payments. I schedule 1 regular payment monthly, for the day before my bill comes due, for a minimal amount, like $50. That way every month, even if I forget, the minimum got paid. Then I check the balance, and schedule a payment for the same day, for the balance minus the other payment of $50. Or just edit the scheduled payment to the full balance. Never have a month go by without a payment.

07-18-2005, 07:25 PM	#14 (permalink)
_Charles_ formerly 'RiceRocket'	Personally, paying an extra 10-15% interest for 'convience' is just plain stupid. What's so special about this Wachovia card? I guess I just don't get it. There are too many cards out there competing for your $$$. Time to look elsewhere, and like I suggested, a CU sponsored CC is my choice. Charles

07-18-2005, 08:40 PM	#16 (permalink)
Slash THE HAMMER	Thanks for all the advice fellas! I've already made headway. Wachovia has dropped to 6.75% and I'm STILL calling AOPA to go ahead and do a balance transferr at 2% LOL. Time to cancel one of the 9+% cards!

07-18-2005, 08:46 PM	#17 (permalink)
John I print money	make sure you read the fine print. Many lenders will offer you a balance transfer rate thats very low, but after six months it will go up - sometimes by a large margin. They are required to tell you if that is the case, so read carefully and compare before you sign up.