How can I lower my interest rates on my credit card and mortgage? Greeting and salutations fellow MeFites,
Is it likely, possible, or wise to try to persuade my creditors (credit cards and mortgage company) to lower my interest rates by just asking them nicely. I hope this questions doesn’t sound too naive or foolish, so please save the lecturing:)
First some background. I have a pretty decent amount of debt. Roughly about 23K in debt, all with 16% apr and up, on 5 different cards…(I know, I know!) My mortgage is 209K with a 5.99% 30 year fixed. I rent out one side to a tenant and live in the other side. My income has ranged from 65- 45K in the last three years. This year, however doesn’t looks so good. And with all of this economic turmoil it doesn’t look better for the near term. Or the far term for that matter!
I work in the commercial construction field and needless to say, things have been drying up as of late. Work is pretty slow, but It has given me the opportunity to peruse training in another line of work that will hopefully turn out to be more lucrative in the long run. However, in the short term, I have not been this broke in years! I pretty much have used up any saving that I had this year because of lack of work and the remodeling my house/duplex.
How likely is it that my credit card companies will lower my interest rates If I just ask. I have only been more than 30 days late on 1 credit card in the last 7 years, and that was three years ago. Not that it matters, but it wasn’t that I couldn’t pay it I just made a mistake on an automatic payment option. I have missed the occasional due date now and then, but the payment is never more that a few days past due.
Any advice on how I should go about to do this with my credit card companies? Has anyone convinced their CC companies to work with them without being bankrupt or something? If so, what tactics have worked for you?
Also, Is it likely, or even at all possible that I get my mortgage company to lower my interest rates WITHOUT having to refinance my loan. I have never been late with a payment with my mortgage since I bought my duplex two years ago. As I have said, I have a 30 year fixed at 5.99.
Now having said that, I imagine that my credit score isn’t great because of my debt load. Any ideas about how to go about getting my interest rates lowered on. I’m not above begging, btw. What ever works!
Thanks,
Anonymous. AKA, Ol’ Debtty Bastard
p.s. I dont know if this info will help but, my mortgage pmt is 1791.00 and all of my card totally to about 580.00 a month.
Original text: How can I lower my interest rates on my credit card and mortgage?