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Should I try to negotiate down interest rate on cards before paying off.
Asked by
rpark
1 year ago
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You can try but if you are just going to pay off does it matter i.e. you won't accrue much interest if you are going to pay it off.
hardeight 1 year ago
wondered if I had more bargaining power with a balance. For future use.
rpark 1 year ago
You may be able to settle the debt for less, but there is a good chance it will be listed as "settled in full." But yes negotiation attempts should be made before paying off the balance. After the acoount is paid or closed you have no leverage. Remember make sure you get written documentation of any deals tendered by the creditor! Otherwise you will have no proof if the do not live up to their end of the deal!
Kensington22 1 year ago
If you negotiate the interest you owe, that's the same thing as doing a voluntary charge off. So unless you can also negotiate a settlement in writing that says they won't report it as a charge off or settled for less than full amount then you'll only hurt your credit.
Dogslurp 1 year ago
I was going to pay them off and wondered about trying to lower the rates for future purchases. If I would have more negotiating power with a balance instead of a zero balance.
rpark 1 year ago