If you have been in debt for quite a while, you probably know the amount of efforts you need to put in to the two-way communication between you and your credit card companies. It is not always easy to secure a good interest rate, particularly when you have had bad credit for a good amount of time.
You need to take an active approach towards minimizing your interest expenses on your debt by learning to negotiate with credit card companies.
While it is certainly better to learn a few strategies to fix your credit with the help of a reliable credit repair company; you are naturally looking forward to take the first steps yourself.
Here is what you can do to negotiate a more suitable deal with your credit card company:
Gather All Offers
The first thing to do is gather as much offers as you can. Waiting to gather up as many credit card offers in your mail as you can, will help you create a mental baseline to begin the negotiation with. These offers will allow you to prove to a credit card company how their offer means nothing to you, as you have better ones on hand. You could obviously make up the numbers and offers, but credit card companies know what is going on in the market and the mistake might backfire.
Make A List
Make a list of all credit cards you have, along with all the balances and interest rates. Also consider noting down the amount of time the rate would last.
Call The First Option
Grab the phone and call the number one on the list. Once you are connected to a representative, ask for the supervisor. You might hear ‘no’ many times, but consider insisting. Tell the representative you wish to speak to someone who has authority over negotiations.
Plead Your Case
Tell the supervisor that if his company isn’t able to give you a more suitable rate, you would obviously go for XYZ’s X% interest rate offer. This works more than often, even if it is a 1% reduction in the rate that they offer.
Close Your Account and Get The Best Offer
Once you have transferred your balance to the new account, we advise you to call up the previous company and close your account. You might need to face a lot of persuasion from representatives but insist that you need it done. They might even offer you better deals, but if you have already moved your balance to the new account, it might not be of any use.
These are just some of the ways you can use to negotiate a better deal with your credit card company, so that you can secure a good credit rating down the line. Feel free to ask us a question at our home page for Quick Credit Repair to learn more about how we can make it easier to repair your credit score.