Greetings to all :)
Well, I have an issue with my Bank. They are unwilling to reduce my credit card APR. 2 years ago I applied for this card and established a good FICO score. But still have problems getting a loan or a better APR Credit card approved from Banks. Recently my original Bank was bought by another Bank and the APR went up to 25.4 % from 12%.
I have a credit card with balance of 1950.00. Though I am making my monthly payment on time, whenever I check my account on-line I don't see the balance going down. I have very good paying records on my credit report, but the only major bad record I have is the charge off account I had with another Bank about 10 years ago and till today is damaging my creditworthiness.
My Bank is arrogantly but politely refusing to lower my 25.4 % APR, I spoke to the Bank manager with no avail. What are my chances of finding another Bank for a balance transfer to a lower APR credit card?
not getting lower APR
Hi Mabli,
What are my chances of finding another Bank for a balance transfer to a lower APR credit card?
This will depend on your credit score. You may get a 0% balance transfer offer if you have good credit score.
Though I am making my monthly payment on time, whenever I check my account on-line I don't see the balance going down.
Get a copy of your credit report, and check the balance of this account. If it is wrong there too, request the bank to update the account balance. If the bank fails to do so, dispute this with the credit bureaus.
As for the charge-off negotiate with the bank. Request the bank to pull back the account from the collections. Then make payment arrangements with the bank along with the "Pay for delete" (PFD) agreement. The charge-off will get removed with the PFD. However, not all creditors agree to PFD.
Hope this helps.
Regards,
Aaron