Mogul of Pineapples wrote:Yeah with that credit score it's going to be difficult getting any card right now. Right now anything below a 700ish can't even get any credit card.
Ah . . CapOne. (Which is also spelled Capone! LOL. Is there anyone here old enough to know who that is?) And we all thought Citibank was a real stinker when it came to predatory banking practices!
O.K. here's what some credit card companies are doing in order to "renegotiate" the cardholder agreement. One of my clients just had a credit card rep tell her that if she defaulted (1 month), they would cut her monthly payments in half and freeze interest and finance charges - 0%.
Her problem when it came to negotiating the account? She always made her monthly payments on time! She'll get a tick on her credit report, but as long as she makes her monthly payments on time, in 6 months she'll be good to go. Having been in this biz a long time, there's more than one way to skin . . er . . find a way around a problem.
P.S. If you want a good read about credit card companies check out :National Consumer Law Center
(National Consumer Law Center). Follow the links for consumer debt and see what they had to say to Congress about credit card companies.