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Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Financial Advisor
Category: Finance
Satisfied Customers: 252
Experience:  Over 10 years working with clients in the areas of personal finances and financial education.
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Is there any experts who could help me with a finanicial question

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Is there any experts who could help me with a finanicial question ? I need info on how to find another credit card company that might have a lower interest rate, I presently owe 20,000 and pay 13% interest and would like to find a lower rate if possible and how do I go about it the proper way !

There are couple options you might consider.

 

First, if you have been a good customer for your current credit card company call to ask if they have a different program you can be part of that offers a lower interest rate. Although it does not happen quite as often as it used to, some companies are still lowering rates. In some cases I see rates getting lowered as much as 5%.

 

If you have not been a good customer - late or missed payments, carrying a maximum balance all the time, and not managing credit well then calling your current credit card company will probably get you nowhere. In that case - head to the Internet to search out interest rates on credit cards. One of the best sites available for this is Bankrate.com. SmartMoney.com also published low interest rates and low or no annual fee credit cards.

 

To get the best rates, you will need a good credit score. You might want to consider pulling a free credit report at AnnualCreditReport.com and make sure that it looks accurate before you go searching for a new credit card. To be eligible for the best rates, most banks are looking for a credit score of 740 or above. If you want to know what your credit score is, go to FICO.com and you can request it. There is a fee to obtain your credit score, there is no fee to obtain your credit report.

 

If you have a lower credit score, consider working to increase the score before going to apply for new credit cards. Applying for a card and getting turned down will lower your credit score which may make it harder to get a card issued by someone else so you want to be careful when applying.

 

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