have you ever negotiated with a credit card company

[Bertha Venation]

for a reduction in minimum due (short term), or a reduction in percentage, or any other reason?

I have to call a CC company today and don't really know what to expect.

[Richardo]

1. I've haven't tried it proactively in a while, but in general my experience is:

Polite, firm, clearly layout the situation, how it will be rectified. If declined, ask to be escalated to the next level of supervision. Ultimately you may still not get what you're after, but you might at least get something from a decision-maker. At least a higher-up can explain the decision to you, whichever way it goes.

Good luck, Bertha! :pals:

[HopeHoops]

2. Have you ever heard a hyena laugh?

Try not to give anyone a heart attack or cause them to pinch a bowel laughing.

[Bertha Venation]

3. Gee, "Hope"Hoops . . . you're not giving me much hope

:)

[HopeHoops]

4. Sorry, but they're basically evil.

The best bet is to transfer to a card offering one of those 1% for 12 month deals. Just BE DAMN SURE NOT TO BE LATE ON A PAYMENT! I'm not sure how you can negotiate with the credit card company through someone at a phone bank in Bangalore (named "Yason" or something equally unconvincing as an American name). The only thing they're good at is sending out replacement cards when you can't find yours.

Should I piss in your coffee while I'm at it? B-)

[Bertha Venation]

5. Well, that would warm it up . . .

My sister had success with this last month, that's why I'm hopeful. But I understand your expectation, too.

[Kali]

6. yes

got an interest rate reduced, BUT this was a couple years ago. Currently they are not doing it unless your ratings are perfect. They are jacking everybody around because in a year or so new regs are going to kick in and they may finally be restrained a little. Good luck and have a stiff drink ready for afterwards. I hate dealing with the mofos.

for practical advice, somebody above mentioned to work your way up the chain - you will need to do that and again: good luck. Try to remain firm but calm, don't make threats or yell, no matter how tempting and satisfying it would be. Confirm anything they tell you and GET NAMES. Take notes.

[Wapsie B]

7. I have known people to get the interest knocked off the entire balance

once the cardholder agreed to a montly payment schedule and they had to give up the card. But it did cut an obscene credit card balance in half, 70k to 35 or so.

[stray cat]

8. negotiation implies you have a leg to stand on - pleading and reasoning maybe?

[mwooldri]

9. OK guys, I'm on the inside of a major CC firm.

I can't and won't say who, and I am *definitely* not speaking for my employers, or giving away any non-public information.

If you are not planning on using that card again for any foreseeable future and you need a lower minimum due/and/or APR, then tell the credit card company up front: I can't afford to pay you. I have lost my job/income/etc, times are tough and I need you to help me with making some payment arrangements and a lower interest rate. Credit card companies are waking up to the fact that they are having write-off rates that are historically high: some companies are having write off rates of over 10%, so for every 1,000 cardholders they have, 100 of them can't pay their bill and the credit card company has considered them a dead loss and written off what they owe to them. Wall St. looks at write off percentages, and they see high write offs and are alarmed and share price goes down. So credit card companies want to control this. Thus, most have some kind of hardship plans in place. Now, not everyone will qualify... oddly enough it's good if you're past due but no more than 1 month (1 missed payment). If you're paying your bill on time each and every month and more than the minimum then the credit card companies may call your bluff and think you are just trying to lower the rate by underhanded means and rebuff your requests (then if you really are in trouble and they receive that Chapter 7 or Chapter 13 paperwork from your lawyers into their legal department, they can then only treat you as a statistic).

If however you are just looking in a general lowering of your APR and you use the card actively and truly don't have any difficulty in repayments then you're totally at the mercy of the credit card company's computer. They may lower your rate, they may not. You can also try the threaten to cancel your card route (but don't go through with it: in this business climate keep hold onto as much free credit as you can) and that may yield results but then there's no guarantee.

You can also try writing letters, find out the chief exec officers names of your credit card companies and write stiff letters. If you are truly experiencing payment difficulties and you happen to be good friends with a lawyer and they can draft a letter for you then that might also yield results (credit card companies love lawyers... really they do...).

That's all I can really advise. Otherwise all I can say is absolutely, positively do not miss a payment. Know your credit card due dates intimately. If the credit card companies offer free online bill pay, use their services in plenty of time, and then if they screw up it is on their record. A credit card company will not help you if your own bank bill pay services screws up in delaying that payment getting sent to you; the coldhearted of them will say speak with your bank. Don't pay ahead either: credit card companies are rarely equipped to handle advanced payments.

Good luck in getting your APR reduced. I hope this helps... otherwise if you are truly in financial hardship then credit counselling and maybe even a BK filing might be better off in the long run - I'm serious about this, sure it may look bad on your credit report and you'd may never be able to get credit with the people you went BK on ever again... but think about your own personal situation. Get advice, examine closely, work out what's best for you. Credit card companies are not working necessarily in your best interests. Credit cards are useful tools, they have useful benefits and can work out well but they do have to be used carefully.

All the best, Mark.

[Bertha Venation]

10. Thanks very much, Mark.

This is good information, and I appreciate it.

The problem (besides living paycheck to paycheck) is that we paid out almost $2,000 cash in the last six weeks for Rat Face's injuries and care. We were late on a lot of stuff. :(

They're working with me on chopping up the amount due right now, they extended the due date for that until payday, and I'm going to call again to see about reducing the rate.

Thanks again. :)

[myrna minx]

11. This is excellent advice.

:hi:

[qb]

12. I had one creditor that gave me a very reasonable short-term hardship plan.

The rest were total assholes... until I had defaulted long enough and they realized I may have to file for bankruptcy. Now they're falling all over themselves to give me lower rates.