Credit Scores

In the old days, if you were hit with a credit card rate increase you could call and threaten to take your business elsewhere; that was then, this is now. Today, consumers calling in to negotiate a lower credit card rate could be putting themselves at financial risk. That's because credit card issuers are extremely worried about extending credit in this turbulent environment, and even grade 'A' customers have seen their rates increased for no reason at all. A call to a credit card issuer could put you at risk for a "credit review," as credit card companies view a rate negotiation as a potential sign of trouble - and they're not taking anymore chances.

Beware the Credit Card Review

If credit card companies decide to put your account on review and don't like what they see, you could be facing a rate increase, a lower credit limit and possibly even a closed account. You're essentially putting yourself on their radar by calling in. If the current credit card legislation working its way through the Senate is approved however, you won't have to worry about these unfair practices occurring in the future.

Biggest Credit Mistakes

The biggest mistakes consumers make when calling in and questioning their credit card rate increase is arguing with the representative. Instead of demanding things, you should instead request a rate drop or simply ask why your rates have gone up. Being polite can go a long way. Angry consumers who cancel their credit cards or opt out of rate increases are only hurting their own credit score. That's because your credit score is also determined by the overall amount of credit you have available; if one line of credit is suddenly closed, it will negatively impact your score.

Good Credit History

But not everyone should be afraid of calling in. If you've paid your bill on time each month, have a good history of credit usage and have a great credit score, there's no reason a call could hurt you. Don't know your credit score and what's on your report? Check with Go Free Credit for free. Many times, credit card companies will be willing to drop your rate again if you are a responsible customer. For those of you who have less than perfect credit and saw had your rates increased, your best bet would be to accept it and pay off your debt as quickly as possible. If the interest rates are breaking you each month and you absolutely must try for a lower rate, remember to be professional and tactical in your approach. Explain your situation openly and honestly and you may be able to get that lower rate.

Tired of your credit card company? Check out these great credit card offers from some of our partners.

Have you had a bad experience after calling in to a credit card company, or have you ever successfully negotiated a lower rate on your credit card? Please share your experiences with the Go Banking Rates community.

If you have a low credit score, you may be worried about the repercussions you'll have to face from a bad credit auto loan; however, you may be able to make a seemingly bad situation good. In other words, obtaining an auto loan with bad credit doesn't always have to be negative. Let's look at some ways to make the best of this circumstance.

• Shop around. When obtaining a loan with bad credit, you don't want to settle for the first deal offered to you because it can easily be the worst out there. To avoid spending an unnecessarily high amount, take time to shop with various dealers and lending companies for interest rate comparisons, as well as rebate offers and other incentives.
• Clean up your credit / fix your finances. If you've tried to acquire a bad credit auto loan and realized that the price is just too high, you can take steps to fix your credit and finances. For example, you can pay off small debts that can remove items from the report. Also, you can bring all of your bills current then try again after a few months, and hopefully a not-so-low credit score.
• Make sure this is the right time. When you have a low credit score, sometimes you're not afforded the same privileges as others. One of these privileges might include choosing when to buy your car. In other words, if you already have a great-running vehicle and have bad credit, you probably should steer clear of a bad credit auto loan. However, if you need a car desperately, then you can try some of the above solutions.

Having a low credit score doesn't mean you have to settle for a bad credit auto loan with high rates. So when obtaining an auto loan with bad credit, try to find the best car loan possible for you.

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