Asking for lower apr

warchild75

Hi guys and gals, Dont post on here much but need advice, I have a virgin credit card and was recently astounded with how much interest i was paying so rang them and was told my rate was 26.9%, I have tried for a 0% card with a 70% chance of sucess but was turned down, Dont know how long before I should try another 0% and or just ask Virgin to lower my rate, Has anyone asked for their rate to be lowered?, does it work if so what did you say? Thanks in advance

Tixy

Some people report that they do manage to get a rate dropped slightly just by asking. Say you are thinking of BT elsewhere otherwise.

How much debt on your MBNA card? and what is the limit?
Have they offered you any 0% balance transfer offers recently? if you are not near your limit you could money transfer to your bank account and then repay it, to move the debt on to a 0% deal.

Which card did you apply for and were turned down by?

warchild75

Limit is 6k and there is 5600 on it, Balance transfered from LLoyds then Messed up and the rate shot up about 8 months ago, been a bit slack. Applied for a tesco one and was given a 70% chance, Guess I was one of the 30% lol

Tixy

Have you still got the lloyds card open?
If so worth asking them if they can offer you a promo BT rate.

warchild75

Dont think it is still open, if it was it would appear on my online banking wouldnt it?

warchild75

Ok so Iver rung them and they wont reduce rate! !!!!!!!!

John1993_2

The best solution is probably now going to be foor you to just work to pay the balance down as quickly as you can. Swapping debt between various places can reduce interest while you pay it down, but needs to be combined with finding a route to getting out of debt completely, and permanently.

It's probably worth posting a statement of affairs on the Debt Free Wannabee forum, so that peope can try to give you advice about where savings can be made.

warchild75

Ive got a meeting with lloyds this afternoon whereby they can possibly add to my existing loan at a much lower rate. Gonna see what they say, Thanks