APR question.....

Scared4future

HI
I posted my life story this morning asking for help with my debt nightmare on this board. While discussing the options with my hubby I mentioned calling MBNA about getting the massive APR of over 30% (2.5% per month) reduced to a more acceptable level. He said that if he does that it will affect our credit score... is this correct??

oscar52

Wont affect your credit score, but I wouldnt hold out hope of them coming down.

welshpaula

a phone call is worth a try we got 3 of our cards reduced just by asking they were all over 25% aprs 2 are now 7.9 % (mint and rbs) 11.9%( natwest ) . llloyds were b%%%%%ds they would not shift in any way and they were our biggest balance on 10,000 we werre paying £250 min payment £220 was interest ! so we have gone on a payment plan with them at £100 a month for 6 months with neglible interest .you dont no unless you ask ,ideally we would have liked 0% balance transfer cards but unable to get even a sniff of one and we have no late payments ,missed payments etc just i think a large mortgage and £20,000 debt on cards ! go on try paula x

Burlesque_Babe

doesn't affect your credit rating at all. Capital One and Barclaycard cut both of mine from over 30% to 12.9% and 14.9% with a phone call when I was paying off my debts. Others wouldn't budge as they were already lower (well, 15.9% kind of area - not exactly tiny!).

Worth a call.