Answering your credit questions - #2 - I called my credit card company and asked them to reduce my interest rate. Will this affect my score?

Question #2:

I called my credit card company to ask if they'd reduce the interest rate on my card. I was surprised that they were willing to negotiate and did in fact drop my rate as asked. After I hung up, I wondered if they'd see this as a sign of financial weakness? I can pay my bills and am not having troubles with debt - I simply wanted a better rate. But will this affect my credit score?

Answer:

No, it won't affect your credit score. For it to do that, you'd need to be late with a payment, over limit on your account or in default or non payment.

You really did do the right thing and most people are surprised that they can negotiate with their bank or credit card company. They won't always do it, but more often then not, when asked, they'll comply.

Give it a try and start negotiating yourself. Ask for the annual fee to be waived, a reduction in your credit card rate, mortgage/loan rate and more. A simple question could save you hundreds or even thousands of dollars!