My mom said something about combining all credit cards into one? I currently have credit cards with 1FBUSA (I owe almost $4,000), Capitol One (I owe $960), and Best Buy HSBC (I owe $450). Capitol One and Best Buy do not give me problems. 1FBUSA always asks if I have a job and their information for contact. Currently, I am a college student that recently moved to study in California. My other job in Virginia let me go for an incident that I didnt do so right now I am studying in California with a job that is not giving me enough hours so i am looking for another one. What will my credit card company do if I tell them that I don't have a stable job and want to lower my interests?
You have a couple of options. You can ask them directly if they will lower your rates for you. Some credit card companies have hardship programs. You can call and just ask them if they have such a program, but don't give them much information about your situation. As other people here have said, it could work against you.
The other option is to do a consumer credit counseling program. What they do is lower your interest rates on your credit cards. You make one monthly payment to them, and they disburse the monthly payments to your creditors. You would need to find a reputable company for this. Their can be negative consequences to this program, such as it can negatively impact your credit report because it will normally show that you needed a third party to assist you with your debt.
The other option is to do a debt settlement program. A debt settlement program is one where the company negotiates with your creditors to reduce the amount of debt (balance) that you owe with your creditors based off of your financial troubles. The downside to this program is that your accounts have to be past due for your creditors to be willing to negotiate. This will negatively impact your credit scores because of the late payments.
The last option is bankruptcy. This one speaks for itself.
I need to correct my self. The last option is to due a youtube rant about how your creditors aren't willing to lower your rates. On the Huffingtonpost.com I've seen stories of people going on a tirade and after getting a ton of hits banks have reduced their rates. Look for Debtors revolt, or something like that on youtube.
There is no easy way to deal with creditors.
Good luck.
telling you do not have a steady will be no help in lowering your interest rate. If you want to combine all you debt you could open a new card and do balance transfer. If you just want lower rates on all your cards you can call the credit card companies and ask. If you have had the cards open for awhile and have never missed a payment or have been late on a payment they may lower the rate. With the credit crunch it is harder to get lower interest rates.
Glance over this credit article and see if it helps. Hopefully it will help you negotiate lower terms by using some of the points it lists. Here's the site:
http://www.ehow.com/how_5355585_negotiat…
Good luck with school and let us know how things turn out!
LOL...that is the WORST thing you can possibly tell them. If you say that you have unstable work, that tells them that you are HIGH risk for default and might even INCREASE your interest rate. How do you think that by having unstable work entitles you to the same benefits as their best customers for 20 years???
I once talked to a credit repair company who would “save me up to 50% of my debt.” Using a figure of $20,000 debt, the rep told me they could cut that in half to $10,000…and their fee was only $13,000. So to have them help me, I’d pay $23,000 when all was said and done! Something to think about…
Tell them you will no longer take phone calls from them however you prefer if they simply write you.
You owe the amounts and interest continues to accrue plus late charges which means you're going to need to have some great income when you get out of school to repay all that money. (and in addition make that much more money to enable you to repay your student loans if you have those). Every move you make will cost you money, more and more money so see if you can stay stationary for a while. Start making contacts now so that when you graduate you'll have an immediate career-type job.
Your credit card company won't do anything if you tell them you don't have a stable job, they won't think anything about getting your wages garnished or building those loans up and creating a judgment then putting a garnishment, or a lien on your car. I suggest you have a beater car for a long time and learn to fix it by yourself. If you are lucky enough to buy a house you will get a lien on it as well. If the credit card companies feel like being mean they can make you sell what you own to pay for what you owe. If you live at home they can even go as far as making your parents pay for what you owe by a lien on what they own. Yeah, they can do that.
Usually people don't start to rack up bills until they are out of college so I'm not sure what happened in your case.