Researching and Scripting the Pitch to Lower Your Credit Card Rates
We have been covering the steps you need to take to prepare to successfully negotiate your credit card rates down. Today, we start to build your case. In general, you need to gather the facts and then prepare your message in a script.
Research Your Accounts
Review your Accounts in detail and compile that information in a place where you can find it and use it when you make the call.
If you have accounting programs like Money or Quicken, run reports and calculate the total amount of interest and fees you have paid on this credit card over the life of the card.
Run the same reports for the last 5 years, the last year and the last 6 months.
Gather up the facts about your recent progress
- If you have made a payment and its in the mail prepare to mention it.
- If your income has gone up or your expenses down, note it.
- Be prepared to make your case with this information too.
Prepare a Script
After you have read all of our Preparation instructions including what to do and say on the call and what not to do.
- Then write or type a legible script of your opening statements, your detailed request and reasoning, and several individual pages for potential standard responses if they say no. Think of these responses as mini scripts.
- Memorize your scripts.
- Practice your script with your spouse or a friend on the phone. Remember the person taking your call at a call center is trained and experienced at doing this every day all day, you are not. You need the practice and you need it on the phone!
Next time we will look at some of the additional complications that are present for many debtors and how you can prepare for those details as well.
For More Information see:
Part 1: Prepare Before You Call Your Credit Card Company for a Better Interest Rate
Part 2: Credit Curb Appeal for Credit Card Rate Negotiations
Part 3: Paying Down Debt Positions a Better Rate Negotiation
