Credit Score Increase-How to lower APRs?

[lindakay]

I've just had a large credit score increase (75 points) due to my bankruptcy falling off after a long agonizing 10 years! I have some credit cards with high rates. How do I get these rates down? Should I just call and ask, or, should I apply for lower APR cards and transfer balances?

[disneysteve]

First step is to call and ask. The person who answers the phone may not have the authority to change your rate. You may have to ask to speak to a supervisor and explain your situation.

If they refuse, then you could try getting a new card and doing a transfer.

[JoshuaHeckathorn]

Congrats on waiting out those long agonizing 10 years!

It never hurts to ask, but it's highly unlikely any credit issuer will reduce your rates at this time. In fact, as they all prepare for the CARD Act to take full effect this month, they are continuing to increase rates across the board and reduce credit limits.

As Steve suggested, your best best will likely be to do some research online and find a new card you will qualify for with favorable balance transfer terms. There aren't as many out there these days, but there are some. And wait until after the 22nd of this month to apply, just to make sure your new card falls under all the new rules set forth by the CARD Act of 2009.