5 replies to this topic

[Rogerdodger]

Hopefully no one here carries a credit card balance. But you never know.
If you do, pay it off before you ever think of trading stocks.
Thus you can get a return of up to 18% or more TAX FREE with no risk.
There is no better deal.
For those with a credit card balance, the information below can help you cut your interest rate:

Lower your credit card APR From KJRH.com
Your credit card company doesn't want you to know this but we're about to show you how to lower the amount you have to pay each month.

Channel 2 Problem Solver Michelle Lowry coaches you through the easy steps.

The lower the interest rate on your credit card the less you're paying those huge companies for the privilege of using one of their cards. That means more of your money stays in your wallet.

So is it really as simple as asking to pay less? We found the answer is YES for more than half the people who tried it.

It's worth a try when you consider the average American now carries $9,000 in credit card debt.

We found the key was a simple script for consumers to read to credit card customer reps using offers of lower rates from other companies as leverage.

Call the toll free number found on the back of your credit card.

Here's the script:

Hi, my name is __________. I'm a good customer but I have received several offers in the mail from other companies with lower annual percentage rates. I really want a lower rate on my card. Can you help me?

If you're told "no" ask to speak to a supervisor and read the script, again.

For more than half of the 20-plus people who tried it for our story rates went down anywhere from one to twenty points! That represents hundreds, and in some cases thousands, of dollars in savings.

Consumer groups say all of us with credit card debt should make this call to our credit card companies every three to six months to request another rate reduction.

[OEXCHAOS]

BTW, If you have credit cards, use them occasionally. Carry small balances. If you don't use your credit, you can have your lines actually reduced. This can actually lower your credit score. If you don't have enough credit cards, it's the same deal, though chances are, 3 is enough. Don't get an old credit line closed. Even a crummy card with a high rate and high fees can be a major benefit to your credit score if the line is old enough. Don't be hold enough of a balance to actually pay much interest if you can help it, but remember that if you don't use credit, you lose it. Similarly, don't be late. If you're forgetful, keep those small balances and then set up an auto-pay of something slightly above the minimum payment. Of course, this is all just gaming the system, but the system games you so it's best to look after your intersts. Mark

[nimblebear]

BTW, If you have credit cards, use them occasionally. Carry small balances.

If you don't use your credit, you can have your lines actually reduced. This can actually lower your credit score. If you don't have enough credit cards, it's the same deal, though chances are, 3 is enough.

Don't get an old credit line closed. Even a crummy card with a high rate and high fees can be a major benefit to your credit score if the line is old enough.

Don't be hold enough of a balance to actually pay much interest if you can help it, but remember that if you don't use credit, you lose it. Similarly, don't be late. If you're forgetful, keep those small balances and then set up an auto-pay of something slightly above the minimum payment.

Of course, this is all just gaming the system, but the system games you so it's best to look after your intersts.

Mark

I have always paid mine off. It hasn't seemed to hurt my score.

[OEXCHAOS]

There may be other offsetting factors for you, lots of accounts in good standing? Long history? Other things that Fair Issac likes? Credit scoring is alchemy anyway. I've never been able to figure it out. They change the rules all the time. It's always a moving target, but the things I mentioned are probably more important for younger borrowers. M

[mikehb]

to Rogerdodger: from the day i came in here which must be 3 or 4 yrs ago ..you hve always been there with helpful comments, friendly advice, and very good common sense bout the markets..and i want to thank you in public....mikehb.......A K A Ryan Howard

[Rogerdodger]

to Rogerdodger: from the day i came in here which must be 3 or 4 yrs ago ..you hve always been there with helpful comments, friendly advice, and very good common sense bout the markets..and i want to thank you in public....mikehb.......A K A Ryan Howard

Thanks! That is very nice to hear.