Why don’t you go to the Federal Reserve’s site and see what the current rate for loans to banks is? That gives you a ball park figure. I would ask for that rate even though you will not get it.
I would climb to what is accepted for good credit risks at a national bank, like Citibank. I was taught my senior corporate law partners to ask low, ridiculously insane low. I could not understand why but I trust their judgment. I don’t know the current rate because I had to default which is one of major tragedies of my life. I don’t believe in credit at all. Not even for a car. The good old fashioned way of saving for it is sobering.
Seems to be the case here too. I was thinking if I did that, the interest and all would be locked into a figure and just left at that.
I like the other thing I read,”Get mad enough at them and pay them off more quickly. Anger is a good motivator to getting out of debt” or something to this effect. I have to agree.
Yes, get mad and pay them off! I have been here since June 4th. I have online bill pay. Everytime I get an extra $8 or so, I just send it to them. I tried to get my Discover down with the interest rate. I was at 17.99% and on a payment plan for 6 months.
Now I am off the plan, the interest rate jumped to 25.99%. I called and they said they had to send me a form to sign to get the rate lowered. I called two days later and got it to 23.99%. I am mad as heck to them. My Citi is 30%. I called and the sent me a letter and said I was late in Sept 2004. So I am at the default rate. They won’t budge. The hell with them. I am just paying them off one by one with the debtsnowball. Exxon is gone sice June 4th. Now Boscov is going to be attacked. I do not know what else to do. Guess this is the right measure. Imput is appreciated.
And also make sure you state in the certified letter “at my request” please close my account and you better make dang sure it shows at my request on my credit report.