Now I want you to pay attention very closely because I know the credit card companies do not want you to hear this!
Skip asking the credit card companies for a lower rate. As greedy as they are, most probably wont go below 15% and that is if they choose to be nice. Go straight to your bank! Yes I did it, I went to my credit union, and basically told them my sad sob story, well over the phone. They knew I was making $ 200 / month in payment from my bank account to my credit cards, and after I told them about my alarming Bank of America rate of 23%, I think they felt sorry for me Actually they verified employment – none , they asked for any income, I said yup whatever I get from financial aid. They placed me on hold, and I started praying (seriously ), which is why what followed was really a blessing! They agreed to give me the money to pay off my credit cards, $ 4000! My loan was for a period of 36months, which made my monthly payments $ 135, so I still got to save over $ 75 compared to what I was paying monthly!
The best thing was that now my credit report would report a $ 0 balance on both cards !!! This meant that my scores would go up and they did dramatically by about 70 points.
Yes lets do the 700 FICO credit score dance!
I can now say bye bye to the annoying 7am wake up calls from Bank of America, and Discovers threatening ring when they were trying to force me to pay money which was a drop in the bucket due to their crazy interest rates. I can walk into any bank in America today and get approved for a car or mortgage loan at a low interest rate. Some banks are willing to even give me up to $ 1million loan to start a business. All of a sudden I have been transformed from being a person to a successful individual with great financial capability.