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Author: CTkaren Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308686  
Subject: Requesting lower rates Date: 8/26/2004 8:15 PM
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I recently paid off two of my credit cards, MBNA and Providian. Have read here about requesting lower rates, I thought I would see what happened if I tried it. (I, pre-Fool, could have cared less about my credit rating, and had missed payments; I had a cocky attitude and was an all round poor borrower) (I own my house, and really hoped to never borrow for anything, so I carried pesky balances and thought "So what")

Providian said they wouldn't change my interest rate, that they might someday "offer" me a better rate, but it would come in the mail.

MBNA passed me on to the next level of rep who lowered the interest rate on my card a few points. and said to call again in 6 to 9 months. I mentioned I was not anxious to close the card, as it goes back to the 80's and is my oldest card---but I imagined that if I did not use it and pay it off monthly, then in 6 to 9 months they probably wouldn't be interested in lowering the interest rate, she said "probably not". They'd be looking for an improved pay off record.

I haven't had a late payment in perhaps 18 months or two years; payments have always been above the minimum---but my rates on these cards had been pushed to the max when I was less Foolish. Now, having paid them off, I had hoped just never to use the cards, and wait for them to reduce the interest rate-- but it seems judicious use and prompt payment might make that happen sooner. I realize always paying the balance in full, if I use them, is the answer---but stuff happens when one is self employed.

Anyway, no real question, just thought MBNA was more accommodating than Providian-- and I should have become Foolish sooner!

CTKaren
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