How to Renegotiate a Credit Card
- 1). Go online to www.annualcreditreport.com to obtain a free copy of your credit report. Also, pay for a copy of your credit score, commonly called a FICO score. This three-digit number reflects your overall credit standing--scores above 720 are excellent; scores below 600 are poor.
- 2). Pay special attention to the credit history on the account in question. This will be your primary leverage when approaching a credit card company to negotiate. Highlight this history. Make sure you have at least twelve months of on-time payments. Also highlight your FICO score so it's easy to find when you're on the phone.
- 3). Write down other reasons you deserve different, better terms on your credit card. These can include: a new job, more income, less debt than when you opened the card, exiting from bankruptcy, and homeownership. Make sure you have full list so that you can convince the lender.
- 4). Contact an account servicing representative at your credit card company, not a customer service representative. You will need to authorize a credit report inquiry. Tell the representative about your recent credit history, FICO score, any new income (offer to fax documents to corroborate), and any other reductions in debt.
- 5). Speak to a manager or supervisor if you are initially denied by a representative. Kindly suggest that, with your new credit credentials, you may choose to take your business elsewhere if not granted a lower rate.
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