UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next
Author: ClimbingOut One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: 1st time poster Date: 9/15/2005 4:27 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
There is something you aren't letting us know.

The rates on Chase and MBNA tell me that you've been late on paying something at least once or have gone overlimit. Those are penalty rates. Very likely you will not be able to find an optimal BT card from anyone for at least 6 months.

First things first. Remove the cards from your wallets and step back. No budget in the world will help you at those rates if you keep charging. Freeze those cards right now. Focus on making consistent payments for at least 6 months from the time of your last missed payment. If you are over or approaching limit on any of those cards call the company and ask what you would need to pay to get them down to below your limit. Suck it up and pay it.

If you've made consistent payments for at least 6 months and haven't incurred any fees or charges and they still are not willing to lower the rates then it is because you are too close to limit and have only been paying minimums. MBNA and Chase are both known for raising rates due to the way you pay your bills.

Call them back right now and find out why you are not eligible for a rate reduction at this time. What are they basing it on? You will need to overcome that before you can even think of asking them for a rate decrease again.

If you've been good for at least the last 6 months and you have a good FICO you might be able to cajole another company into giving you a card with a good BT rate. If you do, DON'T use that card to charge anything. Use it for the BT and then freeze it. Did I mention that you need to stop using your CCs yet?

Go back over your budget. You need to find a way to eliminate at least 10% of your debt in the next 6 months. There is something that is making you look like a hugh risk to the companies. Either you are a late payer, overlimit, or overextended. Fix it, then be nice but firm when you call up and ask for a reduction. Even MBNA and Chase will lower rates once you show that you have lowered your risk.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement