No. of Recommendations: 0
I just did the renegotiate-with-MBNA thing. Got my rate reduced from 17.9% to 14.9%, they increased by credit line from $8500 to $10000 and offered me a balance xfer at 1.7% until June 2002. I haven't taken the increased credit line nor the balance xfer yet, since I'm evaluating which balance to xfer and if I want to xfer at all to begin with. But, hey... they were VERY willing to work with me. And, they didn't even need to put an inquiry on my credit report.

I called the Rates Department - you can ask for it when you contact the regular cust svc. The rep examined my payment history (said, "Oh, I see you always make more than the minimum - you just had a few really big payments." Damn straight... I'm trying to pay this sucker off!) So, they definitely take that into account. He also said, "Ah I see that you use your card quite a bit, too." And I do. I just debit whatever I charge from my checking account (usually about $100/month) and send that, along with my snowball payment each month. Sounds weird, but if the companies suspect you've cut them off cold turkey, I'm willing to bet they won't be as quick to offer you that lower rate!

I say, just give 'em a call. The worst they can do is tell you "no," like the lovely Citibank did. That's why they just became priority #1 on my snowball list! Woohoo!

Good luck!
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.