Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
How will re-negotiating my credit card rates alter my credit
I very recently bought a house. We closed on it on February 19th. I would now like to consider re-negotiating my credit card rates, so that I can reallocate those funds to either paying them off faster or paying more on the mortgage. Can this, in any way, effect the mortgage? While we are already closed on it, it has not shown up on my credit score yet (at least not on Credit Karma). Also, how badly will it damage my credit score? I would prefer not to consolidate, but rather call the card companies and ask for a better rate. Is this a good idea, or should I wait? Any advice is much appreciated.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2207 Contributions
3947 People Helped

It's hard to say based on this info.

Helpful to 1 out of 1 people

Since i have no way of knowing what else may be on your report or what balances you are trying to pay down, all I can do is give you some general info.  You stated that you closed your mortgage on Feb 19, This may be on one of your credit reports by now. But it may not be on all 3  of them.  The new mortgage will pull down your score for a while untill you have made several payments. And the rates you get on CC's is based on your score.

Negotiating rates with the CCco's will require them to do an inquiry so that they have something to base a rate on, If they happen to hit the report that shows the new mortgage, they may find a low score and not be able to give you a lower rate.  It can also cause several hard inquiries on your report which also brings down your score and will stay on your report for 2 years even if they don't give you a better rate.

You might want to pull copies of all 3 credit reports just to see whats on them before you try contacting the CCco's. If you haven't yet pulled yours for this year, you can get your fee copies at AnnualCreditReport. com.  or you may want to use one of the Credit Reporting agencies that will supply all 3 with scores for a price.  

As a rule of Thumb, I would say that you don't want to ask for a new interest rate unless you know that your score is substantially higher than when you aquired the card in the first place.

Hope that helps

Good luck

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.