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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Excellent credit, bad interest rate question
I paid one of my cc's late last month - by a few days. My interest rate just shot up, and the bank won't budge on the rate.
I have excellent credit. What can I do? How do you shop around for another card without ruining your credit score? Will my 3-day late payment show up on a credit report? I'm so bummed about this. 
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Posted 9/19/07 7:00 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Excellent credit, bad interest rate question
It was the first time you were late? You don't really need to shop around, just go on another CC website and see what the interest rates are and apply for a balance transfe.
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| Posted 9/19/07 7:27 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Excellent credit, bad interest rate question
Posted by SweetTooth
It was the first time you were late? You don't really need to shop around, just go on another CC website and see what the interest rates are and apply for a balance transfe.
Yes, first time. I'm afraid to apply for a balance transfer b/c I don't want it to lower my credit score..and I'm wondering if what is advertised is really what you get. I guess I'll try one and see. Thank you!
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| Posted 9/19/07 7:54 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Excellent credit, bad interest rate question
Unless you excessively shop around for new credit...applying for a new card shouldn't drop your score by more than 3 or 4 points. If you have excellent credit 3 or 4 points won't make that much of a difference. I know AMEX has 0% on their Blue card now.
Also try calling your CC co and let them know that if they don't lower your interest rate you will transfer your balance somewhere else since you have excellent credit. If they still don't lower it than transfer the balance but don't close out the card...closing out cards can affect your score. Good Luck!
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| Posted 9/19/07 8:51 PM |
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nyteacher13
Three Under Four!!! :-)
Member since 8/06 6405 total posts
Name:
~ THERESA ~
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Re: Excellent credit, bad interest rate question
Posted by MsG
I paid one of my cc's late last month - by a few days. My interest rate just shot up, and the bank won't budge on the rate.
I have excellent credit. What can I do? How do you shop around for another card without ruining your credit score? Will my 3-day late payment show up on a credit report? I'm so bummed about this.
Only a few days late and your interest rate shot up? Something doesn't sound right here. NEVER have you sent a payment in late to this company? 
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| Posted 9/19/07 8:53 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: Excellent credit, bad interest rate question
Posted by nyteacher13
Posted by MsG
I paid one of my cc's late last month - by a few days. My interest rate just shot up, and the bank won't budge on the rate.
I have excellent credit. What can I do? How do you shop around for another card without ruining your credit score? Will my 3-day late payment show up on a credit report? I'm so bummed about this.
Only a few days late and your interest rate shot up? Something doesn't sound right here. NEVER have you sent a payment in late to this company?
It doesn't surprise me....cc companies are getting really strict lately. The same thing happened to me recently because I moved and the bill got lost in the move (also have excellent credit) and they gave me a really tough time. I threatened to take my business elsewhere and after a while I finally got my call transferred to a supervisor who handled my request but it wasn't an automatic thing - it had to go through some whole process and I finally found out 7-10 days later that my rate was lowered back to the original rate.
Like a previous poster said, as long as you don't go crazy shopping around for a new card, it won't affect your score much. And if your credit is excellent/top tier and a card is offering 0% or another low rate, I am sure you will get it.
Good luck! 
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| Posted 9/19/07 9:51 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Excellent credit, bad interest rate question
Posted by nyteacher13
Posted by MsG
I paid one of my cc's late last month - by a few days. My interest rate just shot up, and the bank won't budge on the rate.
I have excellent credit. What can I do? How do you shop around for another card without ruining your credit score? Will my 3-day late payment show up on a credit report? I'm so bummed about this.
Only a few days late and your interest rate shot up? Something doesn't sound right here. NEVER have you sent a payment in late to this company?
Yep. The rep I spoke to said it was part of their agreement that if a payment is late, the rate goes up. I mean, even the higher rate isn't terrible, but it's not the low old rate.
I don't think it's so weird, I mean a few days late is the same as one day late is the same as three weeks late, it's all late. I've been reading about it on line and like the previous poster said, it's common practice. It becomes a really big issue (reported to credit agencies) if it's more than 30 days late. I just don't know yet what I'll do. Maybe I'll call again tomorrow and see if I can't negotiate something, otherwise I'll shop around.
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| Posted 9/19/07 10:03 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Excellent credit, bad interest rate question
Posted by Katie111806
Posted by nyteacher13
Posted by MsG
I paid one of my cc's late last month - by a few days. My interest rate just shot up, and the bank won't budge on the rate.
I have excellent credit. What can I do? How do you shop around for another card without ruining your credit score? Will my 3-day late payment show up on a credit report? I'm so bummed about this.
Only a few days late and your interest rate shot up? Something doesn't sound right here. NEVER have you sent a payment in late to this company?
It doesn't surprise me....cc companies are getting really strict lately. The same thing happened to me recently because I moved and the bill got lost in the move (also have excellent credit) and they gave me a really tough time. I threatened to take my business elsewhere and after a while I finally got my call transferred to a supervisor who handled my request but it wasn't an automatic thing - it had to go through some whole process and I finally found out 7-10 days later that my rate was lowered back to the original rate.
Like a previous poster said, as long as you don't go crazy shopping around for a new card, it won't affect your score much. And if your credit is excellent/top tier and a card is offering 0% or another low rate, I am sure you will get it.
Good luck!
Thank you!
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| Posted 9/19/07 10:04 PM |
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