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Question:


Do you have any tips on negotiating a lower interest rate for a credit card or mortgage?
-JourneyMan


Answer:


You can always ask card issuers to lower the rate they charge you; sometimes they say yes. But you’re probably better off shopping around for a better deal, whether it’s for a credit card or a home loan. Keep in mind, though, that a mortgage refinancing may come with a bunch of one-off costs tacked on. A more fruitful approach may be to negotiate with yourself instead of creditors. Try to convince yourself to engage in behaviors that will raise your credit score – obvious things like paying your bills on time and reducing your outstanding debt. That will make you more attractive to lenders, who will try to entice you with lower rates to do business with them.

-Conrad de Aenlle



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