Comments on: Will Credit Counseling Hurt Your Credit Score? http://www.askmrcreditcard.com/creditcardblog/will-credit-counseling-hurt-your-credit-score/ Latest Credit Card News, Reviews and Information Fri, 19 Mar 2010 16:50:16 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Marge http://www.askmrcreditcard.com/creditcardblog/will-credit-counseling-hurt-your-credit-score/comment-page-1/#comment-83162 Marge Thu, 18 Sep 2008 14:36:44 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=636#comment-83162 I bought a house for an investment (paid $19,000 on a house that was appraised at $74,000) thinking I would fix it up and then resell it. I used a home equity loan (8%) and a credit card (14%) to buy the investment house, pay off some debt and fix up the house. Since the housing market is horrible right now, I am just renting out the house until I can sell it. So, I have $40,000 debt on the home equity loan and about $20,000 debt on the credit card. I am not late on any payments, but called the credit card company to see if I could negotiate the interest rate. I was told that interest rates are only regotiated through the collection department and usually when accounts are past due. Do you have any suggestions? I was going to go back to the bank and up my home equity loan to pay off the credit card - but the way things are now I doubt the bank will do that. THanks, Marge I bought a house for an investment (paid $19,000 on a house that was appraised at $74,000) thinking I would fix it up and then resell it. I used a home equity loan (8%) and a credit card (14%) to buy the investment house, pay off some debt and fix up the house. Since the housing market is horrible right now, I am just renting out the house until I can sell it. So, I have $40,000 debt on the home equity loan and about $20,000 debt on the credit card. I am not late on any payments, but called the credit card company to see if I could negotiate the interest rate. I was told that interest rates are only regotiated through the collection department and usually when accounts are past due. Do you have any suggestions? I was going to go back to the bank and up my home equity loan to pay off the credit card – but the way things are now I doubt the bank will do that.

THanks,

Marge

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