How to Lower Credit Card Percentages

Credit card interest rates can be very high. In some cases it can be difficult to decipher why an interest rate is so high. Lower interest rates means lower payments; it also means you can pay down your debts faster. In order to get lower interest rates, you need to ask for them and provide evidence that you deserve them.

Instructions

1

Pull a recent copy of your credit report (see Resources). You should also pay for a copy of your FICO score. This three-digit number, between 300 and 850, gives lenders a good snapshot of your total creditworthiness. Excellent scores are above 720 while poor scores are below 600.

2

Look carefully at the payment history for each credit card for which you'd like a lower interest rate. If you've had delinquent payments--especially recent ones--you'll likely not qualify for a lower rate. On the other hand, if your payment history is perfect, you have some leverage.

3

Decide what rate you think you deserve. When you ask for a new rate, you are allowing lenders to look at your payment history--both on their accounts and on your other accounts.

4

Contact all lenders and speak with an account servicing representative. Be direct and ask for the rate for which you think you are qualified. Provide your reasons and offer to fax any documents supporting your claims. Speak with a supervisor if you are denied outright.