A Homework Assignment–A little Financial Housekeeping

I know, I know….Homework?  Well this will be worth your time and effort.  5 minutes….take the time and do baby steps, maybe one today, in a couple of days do another.  Credit Cards…pull out your D2D Money Worksheet, if you don’t have this, that is fine, we just want to look at your list of credit cards, and what APR(Annual Precentage Rate) is on each card.   Pull out the statements, it may help to add the phone number to your Money Worksheet or list of credit cards for ease of future reference.  What you want to do is call your credit card(s), break it down, check on one card per week or every couple of days do another card.  Find out if you can get a better rate on your APR.  It wouldn’t be a bad idea to also ask at this same time if there are any Balance Transfer Deals, remember this is to make sure you have updated info for your contingency plans, if you need to access cash, ie loss of job.  So you get the CC company on the line, ask what your current rate is, once they tell you ask if you can get that lowered, reference good payment history, use of credit card, length you have had the card.  Now if they say they will have to pull your credit, you don’t want them to do this, this will come up as an inquiry and ding your credit, just say you are doing some financial housekeeping and you are confirming you are getting the best rates and don’t want the ding on your credit for the inquiry.  Most CC companies will drop your rate, by you just calling and discussing it.  This process isn’t just for the cards that you may be carrying a balance on, it is also a great time to negoiate the terms on a card when you are not carrying a balance, dangling the carrot of using the card for potential purchases if the terms are better than other cards that you have.  I had done this on a card recently and they dropped it 4 points, I am not using the card right now but it is good to “repair the roof prior to the rainstorm”.  Has anyone ever tried to call a CC company and the company didn’t at least drop the rate a couple of points?  If this has happened to you I would like to hear the circumstances in which you were denied.  What is the worst CC companies can say to you when you ask…No? So, the upside is money saved and the downside is status quo, right?  Now if you have done this in the past but it has at least been a year since you have checked on them, go ahead and do them again.   I challenge you….just one card, do it today.


~ by debt2dreams on October 21, 2008.

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