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Got a question... Can I setup a sellers account with a Discover Card? Thanks for any comment. Another quick question... I have a Chase PerfectCard with an interest rate of 23.99%. I'm currently carrying a balance of approx. $1,800 and was wondering if it would be a good idea to close my Chase account and ask for a lower rate? That way, I can pay off the balance faster but I don't want to do this by intentionally missing a few payments.. |
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The answer is Yes, however you might wanna make sure and wait for another member here to confirm it as I am not quite sure. Better yet, why don't you contact the Discover Card guys because they can help better...
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Depending on your total available credit, closing that account could have significant implications on your utilization (or not). If you have reasonable credit, why not try for a card with a reasonable balance transfer rate?.
Perhaps you could call Chase and ask them for a lower rate? I did and they said I had the lowest rate available for a rewards card. I PIF so no biggie but it couldn't hurt for you to try... |
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I've frozen all 3 of credit reports. Living in California, most creditors out here pull EX and I have too many inquiries (35) on EX..
My overall util. is 40% and don't think I can get approved for a card with that offers an intro BT rate... |
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The CL on my Chase card is $2,000 and since I'm revolving ~$1,800, my available CL is less than $200. I have heard of their hardship programs but in order to qualify, you need to have a few late payments and I'm not willing to do that...
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The problem you are going to run into is that, as long as you are making your payments, Chase has no incentive to work with you...hence my statement that it just depends on your negotiation skills and the mood of the rep in question...
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Since your balance is only $1800 an interest rate reduction will not help much. Even if they cut the interest in half you would only be saving about $18 month in the early months of the payoff. Can't you find extra work, part time job, sell something? With 35 inquiries and nothing but a stack of sub prime cards the only way you will get out of this situation is by paying (with Discover card) them off and then going after a prime card...
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I'm thinking about threatening them and stop making payments if they do not close my account and lower my interest rate. Also, I am willing to set up automatic payments with them for about $40-$50 a month if they are willing to work with me...
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You consider Chase as a subprime lender?.
I'm already working 45 hours a week to help my parents pay bills and don't have a lot of money to put on the side... |
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I don't see the threat getting far. If you are willing to risk the loss of the account, you can call and try to get transferred to Retention and seek to leverage closure against a lower APR..
Much of the equation may rest on the APR that was associated with the account when you applied and whether this was an ex-WAMU or ex-PVN account. If you opened the account at ~20% then not much would be expected to occur. However, if it was a ~5-8% account recently increased, you MIGHT find some relief. However, the reason the threat to stop payment fails is that the lender knows that most people calling about APR issues probably don't want to risk their credit reports through the act of defaulting..... |
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What about any of your other cards listed in your sig? UMB? any?..
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IMO...aside from the 'but they're my parents' argument, you really ought to be taking care of YOU first...
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Don't take this as mean or any other way but a question, but what are your parents doing to help pay the bills too?..
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You made a great point there. Do you think it's still worth a shot?.
ETA: The account was initially issued through WaMu (ESPN Visa) then converted to a Flex. Rewards Visa automatically when Chase took over. I had them convert it to the PerfectCard and it was a PIF card back then.. This post has been edited by. Hjm331. : 08 January 2010 - 03:45 PM.. |
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Here's the thing: My father (self-employed) and I bought a truck in my name and his name in Feb. 2008 because he needed it for work. The monthly payments are about $700 and we didn't have problems making payments for about a year and a half then I had to start digging into my savings and make the payments in order for my credit to stay clean..
Basically, I pay for the truck, my car (need it to get to work and school), and my sister's car (she needs it for school). I end up paying (with Discover card) $1,400 a month for 3 of these cars. My sister is looking for a job so she can pay for her own car. I help my parents pay some of the rent and a few utility bills... |
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No offense taken but my father is a self-employed electric contractor and it has been rough for him for the past few months and I've had to help him pay some of the bills. My mother is a housewife...
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Absolutely! Any bank that is charging prime + 21 points is sub prime. Even their best rate cards are at prime + 10 points which is still sub prime. Chase is in a very bad financial condition and will likely fail or be taken over by the government..
I calculated your savings and if Chase cuts your interest in half your net savings based on your projected $50 monthly payment is $11.04 monthly. Is hurting your credit and utilization not to mention the fight with Chase worth $11.04 per month? What does it amount to, working an extra 15 minutes per week? A better option is to work an extra 2 hours per week and pay Chase off in 1 year... but that's not logical, eh?.. |
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It's not a matter of me not willing to clock in a few extra hours. If my boss allowed me to work more and pay me for the extra hours, I would take it in a heartbeat to pay off my credit cards..
I might have to find someone to take over the lease of my car which will save me $400 a month. I will have to drive my dad's paid off truck regardless of how reliable it is... |
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Very honorable thing to do. I applaud you for it! Well I think you already have outlined what you know the problem is here, you paying (with Discover card) your sister and fathers car payments..
But let's not focus on that.. Do any of your other cards have any BT rates right now?.. |
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My Citi Secured is supposed to graduate in March but who knows what the limit is going to be and if they're going to send me any BT offers. The Cap 1 and HSBC cards are nearly maxed out. I don't have a lot of options to work with...
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One card with a decent 6 mos zero BT that you may have a shot at comes to mind- Nationwide.
Since they appear to still be approving some w/ moderately high uti.. how does your TU look?. It may be worth the inq in any case since it can be B* and of course in the meantime you'd continue pursuing other angles, some recent reports indicate approval as high as 60%.. In my case UMB summarily denied app for uti, (25%) then Nationwide approves 15k w/ 0% BT (3% fee $75 cap). Their cap on regular purchase rates is lower than you are paying (with Discover card) at chase currently IIRC.. This post has been edited by. Savetherobots. : 09 January 2010 - 03:33 AM.. |
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I've had my eye on that card but also considering going to a few CU's and see if they can approve me for a consolidation loan that will pay off all of my credit cards with a lower interest rate and I can slowly make the monthly payments until I get back on my feet...
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