What are you doing to improve your financial condition?? - (Revisited)

**julian_kelly** · 05-11-2003, 06:41 PM

One interesting point that most people dont know about credit cards is that you can DEMAND that the credit card comapany reducet your interest rate. More times then naught, they will do it.

I learned this from a friend:

1. Call the credit card company customer service deptartment and say "Hello, how are you, Im x and my interest rate us too high, I need you to reduce it to X% please" (State whatever interest rate you want them to lower it to....always start with a low rate)

2. The customer service person will probably decline....theyve been trained to do it. Ask the rep, "May I have your name please?" Get their name and say "May I speak to your supervisor please." The rep will attempt to say that they cant do anything to help you, but DEMAND that you speak to their supervisor. They HAVE to let you speak to a supervisor

3. Speak to the supervisor and say, I talked to 'x' (the first person you talked to) about reducing my interest rate, and they couldnt help me. Im extremely disappointed. Ive looked at several cards with lower rates and im considering canceling my card. I need to have my interest rate lowered,

At this stage, you may have to mention how long youve had the card, you being loyal, the amount of $ youve made the company, etc. If this supervisor balks, repeat the process again..get name...ask for their supervisor, etc.

I did this process with two credit cards, I reduced one from 20% to 12% ... another from 18% to around 13%. I could have gotten them lower but I had checkered payment histories on both cards. If you have a good payment history, you can get a single digit rate.

Each time I called, I had to speak to three people. Both times, I only had to do the process once. You may have to speak to several people to get what you want..keep going up the chain. You may have to do the process more than once, but be consistent with it. Consistentely watch your rate and call whenever it goes up and demand that they reduce it.

peace
julian kelly

Originally posted by JoeB:
thank you for bumping this, Gman.

here is my dilemma. i am thinking about getting a loan to consolidate my credit card debt. i have about 4000 dollars. should i do it or just keep going at it? i've dropped a few grand from the total but i want to get rid of it once and for all.

thanks for hearing me out and any possible feedback on this.

**imported_Gman** · 05-11-2003, 07:00 PM

DeepHousePage approved ;)

Excellent free financial advice

The Suze Orman Show click here to listen

**P-Flipp** · 05-11-2003, 08:17 PM

Originally posted by Gman:
Plan:
Maxmized 403B thru my Job, Automatic additions to Mutual Funds outside of retirement, 4 months emergency fund, Home, except for my mortgage I have zero debt. I refinanced recently from 7.25 to 6.35 and went from a 20 Year to 15 year home loan. We send in an extra principle payment every month in order to pay down the mortage faster. I need to open a ROTH IRA.

One key point in investing is to have your investments automatically deducted from your check or bank account so that you don't have to think about them.

Wow!GMan youv'e given me something to shoot for!Congrats!

**imported_Gman** · 05-11-2003, 08:26 PM

Originally posted by P-Flipp:
<blockquote>quote:<hr />Originally posted by Gman:
Plan:
Maxmized 403B thru my Job, Automatic additions to Mutual Funds outside of retirement, 4 months emergency fund, Home, except for my mortgage I have zero debt. I refinanced recently from 7.25 to 6.35 and went from a 20 Year to 15 year home loan. We send in an extra principle payment every month in order to pay down the mortage faster. I need to open a ROTH IRA.

One key point in investing is to have your investments automatically deducted from your check or bank account so that you don't have to think about them.

Wow!GMan youv'e given me something to shoot for!Congrats! [/QUOTE]Best financial book I ever read was Personal Finance for Dummies

**imported_Gman** · 05-12-2003, 07:50 AM

Originally posted by JoeB:
<blockquote>quote:<hr />Originally posted by Gman:
Hope this helps,

-G

it did.

thanks, Gman. [/QUOTE]What did you decide to do ?

**imported_Gman** · 07-25-2003, 11:16 AM

^

**imported_Gman** · 11-29-2004, 03:59 PM

Some new folks might find this thread interesting [img]graemlins/thumbsup.gif[/img]

[ November 29, 2004, 04:01 PM: Message edited by: Gman ]

**Mocambo** · 11-29-2004, 04:50 PM

This was a pretty good thread.
[img]graemlins/respekt.gif[/img]

**richierich** · 11-29-2004, 05:08 PM

Robbing people as they come outta cash stations..

**gman** · 08-10-2007, 01:06 PM

^

**jimmymack-2000** · 08-10-2007, 01:10 PM

n/m

**gman** · 08-10-2007, 01:17 PM

Originally Posted by imported_Gman

Plan:
Maxmized 403B thru my Job, Automatic additions to Mutual Funds outside of retirement, 4 months emergency fund, Home, except for my mortgage I have zero debt. I refinanced recently from 7.25 to 6.35 and went from a 20 Year to 15 year home loan. We send in an extra principle payment every month in order to pay down the mortage faster. I need to open a ROTH IRA.

One key point in investing is to have your investments automatically deducted from your check or bank account so that you don't have to think about them.

Interesting to read the above from 2002. Here is an update on my plan:

Linda and I continue to maximize our 403(B)s at work keeping up with the increased limits. We now have about a one year emergency fund . We are completely debt free including the house. We opened ROTH IRAs last year and max them out. Currently saving to make some repairs on our home.

**Mr.I** · 08-10-2007, 01:24 PM

Originally Posted by gman

We are completely debt free including the house.

**Mack-Williams** · 08-10-2007, 01:37 PM

1. Participate in my companys 401K plan.
2. My buddy and I have a car wash that will be opening soon. Once that's up tire and rim shop, and maybe a custom autobody shop.
3. I have no credit card debt. Next move is to pay off my car and buy my first house.

Does gambling count as an investment?

**The Good Reverend Rollo Goodlove** · 08-10-2007, 02:07 PM

Originally Posted by Mack-Williams

1. Participate in my companys 401K plan.
2. My buddy and I have a car wash that will be opening soon. Once that's up tire and rim shop, and maybe a custom autobody shop.
3. I have no credit card debt. Next move is to pay off my car and buy my first house.

Does gambling count as an investment?

Stock market? Yes. Blackjack table? No.

**Mack-Williams** · 08-10-2007, 02:11 PM

I don't know Huey. They seem the same to me. You taking a risk to lose some money.

**The Good Reverend Rollo Goodlove** · 08-10-2007, 02:14 PM

Originally Posted by Mack-Williams

I don't know Huey. They seem the same to me. You taking a risk to lose some money.

In a sense I guess you are right but the market grows over time. If you go long on a high risk investment it's gambling.

**gman** · 08-11-2007, 11:43 AM

^

RX · 08-15-2007, 12:27 AM

Originally Posted by imported_Gman

Judgements and other legal action stay on there for 7 years

Any other negative credit information stays for only seven years.

After that they must be removed by law. If you find something thats still on your report after the expiration time then send them a very nice letter quoting the law. I will post the law in the next thread. This law protects you when it comes to credit agencies. When you have time peeps should read it.

Peace -Gerard

remember, they stay on your report 7 years AFTER THE LAST COMMUNICATION WITH THEM. this is why they will pursue you heavily whne those 7 years are almost up. it's best to not say anything to them or write to them is=f you don't want another 7 years to be tacked on.