How can I get my card to work for me?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
8 posts
User avatar
scorch
Gold Member
Gold Member
 
Posts: 37
Joined: Sat Nov 01, 2008 3:52 pm
Location: Mile High City

How can I get my card to work for me?

Postby scorch » Sun Nov 02, 2008 8:52 pm

I have a wamu secured card with a %19.99 interest rate. Someday I would like to transform it into a chase unsecured card with a lower interest rate and possibly a higher credit limit. Prior to knowing better, I ran the card up to exceed 50% of the CL and the amount is my high balance. I'm guessing I may have to get a CLI.

I've only had the card for about six months. I called them the other night immediately asking, "could you lower my interest rate?" She sounded like a broken record saying, "I'm sorry sir, but we do not currently have any offers for you at this time."

Me: "I decided to get a CC with the bank that I have been with for two years instead of going anywhere else and as I'm sure you can see, I have been making my payments on time correct?"

CSR: "I'm sorry sir, but we do not currently have any offers for you at this time."

I didn't really bring it up, but I got the CSR to say that my goal of transforming the card into an unsecured card could be a possibility in the future.

So, what are some steps I can take in order to achieve my goal?


magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Mon Nov 03, 2008 10:06 am

Some - note the word "some" - cc outfits change your secured cards to garden variety unsecured cards after about two years and return your secured savings deposit to you. However with the current so called credit crisis this will probably be unlikely in the very near future.
And remember - Wamu was just bought out/merged with Chase.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Mon Nov 03, 2008 2:57 pm

20% interest is a lot to pay. What amount of your credit line on this card is secured? Do you by any chance know what your FICO score is? That would give me a better idea of what issuers you may qualify for. I know Chase seems to require above average scores.

I'm thinking the best option will be to hopefully transfer to an unsecured line and use whatever money you have as a secured deposit to pay off some of the debt when you switch. That way even if you transferred it to an unsecured credit card with similar APR, it would still reduce the amount of interest you're paying in terms of dollars.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

User avatar
scorch
Gold Member
Gold Member
 
Posts: 37
Joined: Sat Nov 01, 2008 3:52 pm
Location: Mile High City

Postby scorch » Mon Nov 03, 2008 3:14 pm

The credit line on the card is $400. Although I have been thinking about putting in about $600 or so for an even thousand. I do pay in full though.

I have just finished repairing my credit. I have not really decided to go ahead and check my score yet on myFico.com, but EQ recently had an offer to give out EQ FICO scores for free to the first 10,000 people which I took advantage of. These are the scores I have,

EQ

FICO ® 632
Credit expert 629

TU

PFICO 625
Credit karma 678

EX

PLUS 717

You know I'm pretty sure that Chase recently bought the credit card accounts from wamu as well so technically I the card account is with Chase right? Although it shows as Wamu/providian atm on my CRs.

Thanks for the help, guys.

magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Mon Nov 03, 2008 4:58 pm

Yes, I suppose that your old WAMU cards are Chase cards now - but until their computer systems get married reports to credit reporting agencies will remain under the Wamu name. Remember - so far they are only shacking up.

User avatar
scorch
Gold Member
Gold Member
 
Posts: 37
Joined: Sat Nov 01, 2008 3:52 pm
Location: Mile High City

Postby scorch » Mon Nov 03, 2008 10:40 pm

Tbh, I've not heard too many good things about orchard/HSBC. Isn't it a subprime card for people with not so good credit? Is my credit that bad?

Also I forgot to mention that my EQ and TU scores that I've shown were obtained before I had a few collection accounts deleted. Right now I don't have any negatives.

User avatar
scorch
Gold Member
Gold Member
 
Posts: 37
Joined: Sat Nov 01, 2008 3:52 pm
Location: Mile High City

Postby scorch » Thu Nov 06, 2008 2:54 pm

Thanks. I just had Pulaski send me an application.

User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Fri Nov 07, 2008 1:56 pm

A few of the major issuers should take pointers from the Pulaski and the interest rate they offer. That in my opinion is what a fair interest rate is. 15% and above isn't.



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 0 guests