From time to time due to circumstances of a busy life, I’m forced to use a credit millionaire credit repair and debt reduction strategy myself.
Today was one of those times.
I have a personal Bank of America credit card that I’ve owned since 1998.
A year ago, I took advantage of a low interest rate credit card offer and transferred a balance at 3.99%. Then I set up my bank account to cover the minimum payment and promptly forgot about it.
That low interest rate expired, rocketing my rate up to 24.99% last month. I didn’t notice.
So my mandatory monthly minimum payment went from around $300 to over $1,000! I, of course, was still paying the $300.
So last month I called, explained what happened, promised to pay the difference, and they removed the late fee from my credit card. It took approximately 30 seconds, and I was $40 richer.
This month I decided to tackle that high interest rate.
Me: Hello, Here’s my account number, social, mother’s maiden name, the age I was when I got my wisdom teeth and the color of my first car.
BOA: Thank you for being a valued customer since 1998. How can I be of service for you today, Ms Fox?
Me: I was looking at my credit card statement and I noticed that my interest rate is REALLY high. Since I’ve been a valued customer for so long, I was wondering if you could do anything about it.
BOA: Let me take a look (pauses) well, there doesn’t seem to be a lower interest rate available on that account because you had a late payment last month. Try calling back in a few months.
Me: Well, the payment was late because the interest rate increased, and my payments go out automatically so I didn’t notice it. You’ll see that the late fee was removed and I immediately paid the difference in the minimum monthly interest payment when I noticed it.
BOA: That’s great, in a couple of months after making these payments, call us back and I’m sure there will be a lower rate at that time.
Me: Isn’t there anything you can do? This interest is killing me, and even a couple a percent will help.
BOA: Well, hold please and I’ll look into it.
(me, holding for an eternity)
BOA: Here’s what I’m able to do for you. I’ll reinstate that 3.99% interest rate until May of 2008. This will lower your monthly payment to around $300.
Me: thank you so, so, so much. That’s a big relief off my shoulders. You’ve really made me a happy customer.
That’s it. It was really rather easy. But take note. I didn’t take no for an answer the first or second time. I demonstrated that I was a responsible bill payer, and begged just a little. All the while I remained emotionally cool.
The credit card customer service rep was firm at first, but eventually became responsive and flexible. In the end, I got better than I bargained for. I would have been happy with even a few points reduction… and instead I got the original promotional low interest rate extended another six months.
It’s another example of the principle I mention in the credit millionaire system…. the Aladdin Factor. Just ask, ask in the right way, ask again… and if you need to, ask someone else. Eventually you’ll get your wish.
Donna Fox,
From Credit Repair to Credit Millionaire
If you like this script there are others in the course available at Credit Millionaire
