Always keep up with your Credit APR Rate - Ask Rich / Money 101

mushortgurl03 · 09-21-2009, 07:54 AM

In these hard economic times, it is especially imperative to make sure to check out your APR rate on your credit cards. You can do this by looking at your most current statement or by calling your credit card companies.

You can usually ask for an APR percentage drop if you're on hard times or you've been a consistent customer of that credit company. I, myself checked, as I have $8g's in credit card debt due to the move down here that I'm still paying off. I thought my APR went up to 23% because I am hearing horrid stories about B of A but when I went on, I was seriously surprised that I'm only paying 13.99%. And my credit score has NOT been dented due to this amount of debt. Normally you would think so, but if you pay your minimum and you pay on time, that really does wonders for your credit score.

If you cannot work your way to get the APR down, there are ways around this. Call USAA and see if you would be approved for a card there. See how much their rates are. Do your research. Find a company that will allow you to do a one time transfer on your debt for a lower percentage rate. This will save you THOUSANDS in the long haul. I do this every year to see if I can water down my credit card monthly payments in order to pay what I was before to make an EXTRA payment on the card every other month or so from what I was used to. Again that bumps up your credit score. Debt is inevitable, so be smart with what debt you incur!

Just wanted to put this out there.

allbluezoo · 10-15-2009, 04:38 PM

I just wanted to add...if your DH/DF/SO is deployed call (or have them call) their creditors and let them know they are deploying! The creditors are not required to lower the interest rate but a large majority of them will do it. When DH was gone last time USAA, BofA and Capital One all lowered our interest rates to 4% for a year. And, Star Card has some special thing they do as well.

Of course, this is different if you are using the SCRRA or whatever it is. That debt has to have been incurred before entering into AD service.

09-21-2009, 07:54 AM	#1 (permalink)
mushortgurl03 Triple Threat Woman: Intelligent, Driven, & Successful Join Date: Aug 2008 Location: Callaway FL- Tyndall AFB Posts: 4,424 Blog Entries: 1 Classifieds: (0) Activity: 36% Longevity: 22%	Always keep up with your Credit APR Rate In these hard economic times, it is especially imperative to make sure to check out your APR rate on your credit cards. You can do this by looking at your most current statement or by calling your credit card companies. You can usually ask for an APR percentage drop if you're on hard times or you've been a consistent customer of that credit company. I, myself checked, as I have $8g's in credit card debt due to the move down here that I'm still paying off. I thought my APR went up to 23% because I am hearing horrid stories about B of A but when I went on, I was seriously surprised that I'm only paying 13.99%. And my credit score has NOT been dented due to this amount of debt. Normally you would think so, but if you pay your minimum and you pay on time, that really does wonders for your credit score. If you cannot work your way to get the APR down, there are ways around this. Call USAA and see if you would be approved for a card there. See how much their rates are. Do your research. Find a company that will allow you to do a one time transfer on your debt for a lower percentage rate. This will save you THOUSANDS in the long haul. I do this every year to see if I can water down my credit card monthly payments in order to pay what I was before to make an EXTRA payment on the card every other month or so from what I was used to. Again that bumps up your credit score. Debt is inevitable, so be smart with what debt you incur! Just wanted to put this out there. __________________ Wifey to NickelKnack, Jumpin Jollyfish, Sweetvanity and Meghan FINALLY! My wifey's for LIFE! Yes I AM a PURE ROMANCE Consultant!

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10-15-2009, 04:38 PM	#2 (permalink)
allbluezoo Member Join Date: Jan 2008 Posts: 238 Classifieds: (0) Activity: 17% Longevity: 31%	I just wanted to add...if your DH/DF/SO is deployed call (or have them call) their creditors and let them know they are deploying! The creditors are not required to lower the interest rate but a large majority of them will do it. When DH was gone last time USAA, BofA and Capital One all lowered our interest rates to 4% for a year. And, Star Card has some special thing they do as well. Of course, this is different if you are using the SCRRA or whatever it is. That debt has to have been incurred before entering into AD service.