If you're looking for credit repair secrets, here are 5 negotiating tips. They work regardless of how good or bad your credit might currently be. Let's get started.
Tip #1 Ask
Credit card companies are constantly competing for your business. It's easy for consumers to switch to another company so you can get all sorts of better terms just by asking. If you need a reason tell them you've been a good customer, made your payments on time, etc. Even if you don't have perfect credit, companies want to keep making money and will almost always offer better terms to keep you happy.
A friend of mine was struggling to manage her credit. She decided to close most of her accounts. That way she wouldn't be tempted to spend again once she got them paid down. The creditor started making her all sorts of offers of lower interest rates, lower payments, etc just to keep the account open. Seems that in this current economy, creditors are bending over backwards to make money any way they can. If you need to debt settlement, it might even be worth your time to start negotiating even before you get to that point.
Tip #2 Manage your balances well
When you have an available spending limit, you can do a balance transfer from a higher rate card. If you're interested in raising your credit limits, keep your balances around 30%. That way, you let the credit card companies make some money on interest and show you can manage your credit well.
Tip #3 Let credit card companies compete against each other
Having a better deal somewhere else is the easiest way to get a good deal. Credit card companies know they are a dime a dozen and will give you whatever deal necessary to keep you. If you can make a balance transfer out of their account, they'll be more willing to work with you. If not, make the transfer and then see what kind of deal they'll give you to get it back.
Tip #4 Work to improve your credit
Hopefully this goes without saying. The better customer you are, the better terms they'll give you. If something happens and you won't be able to stay on time, consider whether it makes sense to only fall behind on some of your accounts. For example, if you have a zero percent interest rate credit card, you might want to stay current on that one and let the rest slide.
Tip #5 Crunch the numbers
There are plenty of things you can negotiate besides the interest rate. You need to factor in how long you'll have any given interest rate, whether there are any annual fees or any other fees, if there are any rewards for using the card, etc. If a company gives you frequent flier points on top of a 7% rate, that might be better than a card with an annual fee, 5% and no rewards.
At the end of the day, the key to negotiating is to know where you are and where you want to be. Then get out there and keep asking until you get what you want. - 29969
Tip #1 Ask
Credit card companies are constantly competing for your business. It's easy for consumers to switch to another company so you can get all sorts of better terms just by asking. If you need a reason tell them you've been a good customer, made your payments on time, etc. Even if you don't have perfect credit, companies want to keep making money and will almost always offer better terms to keep you happy.
A friend of mine was struggling to manage her credit. She decided to close most of her accounts. That way she wouldn't be tempted to spend again once she got them paid down. The creditor started making her all sorts of offers of lower interest rates, lower payments, etc just to keep the account open. Seems that in this current economy, creditors are bending over backwards to make money any way they can. If you need to debt settlement, it might even be worth your time to start negotiating even before you get to that point.
Tip #2 Manage your balances well
When you have an available spending limit, you can do a balance transfer from a higher rate card. If you're interested in raising your credit limits, keep your balances around 30%. That way, you let the credit card companies make some money on interest and show you can manage your credit well.
Tip #3 Let credit card companies compete against each other
Having a better deal somewhere else is the easiest way to get a good deal. Credit card companies know they are a dime a dozen and will give you whatever deal necessary to keep you. If you can make a balance transfer out of their account, they'll be more willing to work with you. If not, make the transfer and then see what kind of deal they'll give you to get it back.
Tip #4 Work to improve your credit
Hopefully this goes without saying. The better customer you are, the better terms they'll give you. If something happens and you won't be able to stay on time, consider whether it makes sense to only fall behind on some of your accounts. For example, if you have a zero percent interest rate credit card, you might want to stay current on that one and let the rest slide.
Tip #5 Crunch the numbers
There are plenty of things you can negotiate besides the interest rate. You need to factor in how long you'll have any given interest rate, whether there are any annual fees or any other fees, if there are any rewards for using the card, etc. If a company gives you frequent flier points on top of a 7% rate, that might be better than a card with an annual fee, 5% and no rewards.
At the end of the day, the key to negotiating is to know where you are and where you want to be. Then get out there and keep asking until you get what you want. - 29969
About the Author:
Find out how to do your own credit history repair without an agency. Visit www.creditrepairsecrets.org for free credit repair secrets.
