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Originally Posted by Brewmaniac
Last June we had an Experian score of 729. We have an 18k credit card balanced at 27.4% on one card and probably another 8-10k on other cards. A 25k home equity balance due in 6 yrs. We are now trying to pay more than minimum payments but it's tough. If there's any way get that 27.4% rate down it would be easier. Now they take $450 out of $500 for interest every month. We've tried to get them to lower their rate but they won't budge. Any suggestions would be greatly appreciated!
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Well, with a score that high, you certainly shouldn't have an issue getting it lowered. Try applying for a different card - at least one with a lower rate, but ideally one with a 0% Intro.
I personally have a Chase Platinum that gives me 0% interest on balance transfers and purchases until something ridiculous - like December of 2008.
If you can get a card like that, the additional $450 that is going to interest would be going towards principle instead - a huge difference, as I'm sure you'll note. Paying at least $500.00 off in principle each month will make the balance drop quickly.
If you are unable to get a card with a high enough credit limit, I would take a look at getting a couple and spreading the balances around at 0% (or at least much lower) interest rates.
You're in a tough situation, but I think it will be easier than you think to get out of - best of luck!
If I can be of any more service to you, please let me know!