- This topic has 10 replies, 2 voices, and was last updated 8 years, 7 months ago by Anonymous.
- May 11, 2011 at 3:34 pm #209314AnonymousInactive
I called Orchard(HSBC) three weeks ago and asked was there any reason why CLI’s were not being considered at this time, and they gave me the old “We’re going threw changes at this time and noone is up for CLI’s” statement. I told them that I*have been*a card holder for 4 years with one increase so far and I was considering closing this account before the annual fee hits me in October. I check my account yesterday and there’s a $200 increase. Woohoooooo!** :smileyvery-happy:
- June 20, 2011 at 6:01 am #442291AnonymousInactive
Oh nooooo! Just get another job and work your ass off…what ever don’t apply for a loan…it will set you back even more then you know…
- June 20, 2011 at 6:20 am #442292AnonymousInactive
file for bankruptcy
- June 20, 2011 at 7:02 am #442293AnonymousInactive
You best contact Consumer Credit Counceling ,they are a non-profit co. that can help you.They are legit.
- June 20, 2011 at 7:38 am #442294AnonymousInactive
You are better off with a home equity loan. Low rate, tax break. You may have to put up collateral on the personal loan unless you have great credit, and a large net worth. Check out that detail before you proceed.
- June 20, 2011 at 7:47 am #442295AnonymousInactive
I’d prefer you to look at your credit card offers, look at the lowest rate APRs offered, call your highest-rate credit card company and negotiate a lower APR.
CUT YOUR CREDIT CARD INTEREST. Cutting your credit card interest rate is really just a matter of doing one of two things: reducing the rates on your curorent cards or transferring your balanaces to cheaper cards.
* Start by laying all your cards out on the table and listing the APR you’re paying on each. Note whether those rates are fixed or variable.
* Next, ready your ammunition. Gather all the preapproed offers you’ve received in the mail. (When you call your companies to ask for a break, you need to be able to tell them who’s offering you a better deal and how much better it is.)
* And have a rough idea of how valuable a customer you’ve been: how long you have had the card, how much you charge a month or year, how much interest they’re earning each year on your business, and whether you pay on time. When you’ve got it together, you can proceed.
Call the toll-free customer service number and ask or a lower rate… calling and asking for a lower rate results in a reduction 56^ of the time — and a substantial reduction (1/3 of their current rate) at that. Here’s a script to follow when you call.
Begin with: “I have [name of card] with you and my interest rate is [X] percent. I received another offer in the mail from [other bank’s name] for [X] percent, but before I take it, I want to see if you can lower my interest rate instead.”
If the representative says they’re not authorized to do that, you say: “Look, you and I both know that if I transfer my balance today, next week your bank is going to send me an offer to come back at an even lower rate. Why don’t you just save the bank the cost of that effort by giving me several points today?”
If the rep says it’s not possible because your credit card is at a fixed interest rate, you say: “Actually, that doesn’t have anything to do with whether or not you have the ability to lower my interest rate. A fixed interest rate only means that my rate doesn’t very with fluctuations in the prime rate. In fact, the bank can raise it on my account at any time by just giving me 15 days’ written notice. And the bank can — if it chooses — lower the rate today.”
If the rep still says they’re not authorized to do that, you say: “I’d like to speak to your supervisor.”
Speak to a supervisor and ask again. Even if you get a substantial cut in the interest rate from the first person, it’s worth speaking to a superisor to see if you can do any better. The person on the front line of customer service will be authorized only to cut your rate by a preset amount (if at all). The customer service representative may also insist that the supervisor doesn’t have the power to cut your rate either, or — if you’ve already gotten a break — to cut it further. That may not be true, so insist on speaking to the supervisor anyway.
Threaten to close your account. Let me be clear here: You don’t WANT to close your account. It won’t do good things to your credit score. However, if the bank believes that you’re willing to close your account — and you’ve been a profitable customer — then you stand a better chance of getting what you want.
Keep a record of whom you spoke to and what was said. If your promised rate cut — or fee waiver — doesn’t materialize, then you’re going to need a paper trail to back up your story. Knowing to whom you spoke, when the call was placed and what was promised is key.
Transfer your balance. If you’re not successful in reducing your interest rate over the phone, it’s time to transfer your balance. There are two places to find good balance transfer offers: your mailbox (the average person gets five credit card solicitations a month) and at websites, including bankrate.com and cardweb.com.
I hope this helps!
- June 20, 2011 at 8:43 am #442296AnonymousInactive
I would never get a home equity loan.The interest rate is high and you will pay for those credit cards for the life of your loan . Try this site for some help.
- June 20, 2011 at 9:24 am #442297AnonymousInactive
Why don’t you just borrow enough to pay off the amount on that highest card and continue to pay off the other two lower interest cards? There is no point in borrowing money at a higher interest rate to pay off a lower rate. You can’t borrow your way out of debt. Once you do that, spend less, maybe get rid of that card altogether. Your interest rates aren’t that bad. I think borrowing at 7.7% to pay off 4.9% is foolish.
- June 20, 2011 at 9:38 am #442298AnonymousInactive
Its tempting but I would discourage you from getting the $ 30K loan. Work hard to repay what you owe now and drop all others. I know the extra cash will come in handy but remember your walking out of a $ 25K debts and getting into a $ 30K debt. Simple mathematic will tell you its a bad move.
- June 20, 2011 at 10:29 am #442299AnonymousInactive
The one that I would consider putting on the new loan if you take it would only be the 11.74 percent credit card. Then maybe take a loan out only to cover it and the money you need right now because of your situation. And as soon as you can pay double on the other ones, to get it paid off sooner.
You want to rob peter to pay paul, and it doesn’t always work out good this way.
- June 20, 2011 at 11:02 am #442300AnonymousInactive
Why would you take 2 credit cards that interest rate is LESS than the fixed rate loan and transfer them to a higher rate?
Use the loan to pay off the highest interest card……pay the minimum on the 2 lower cards but take the payment you were making on the 11% card and send it to the fixed rate. This should help bring that balance down faster. When the fixed rate loan is paid, take that payment and add it to next higher interest card until paid off and then take THOSE payments and send them to the lowest card. Make sense? OR…see if you can do a balance transfer of all 3 cards onto a 0% credit card and go from there. It would only make sense to transfer all 3 if you can.
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