{"id":275,"date":"2023-02-09T22:53:36","date_gmt":"2023-02-09T14:53:36","guid":{"rendered":"https:\/\/jonfire.com\/?p=275"},"modified":"2024-02-29T22:07:30","modified_gmt":"2024-02-29T14:07:30","slug":"negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips","status":"publish","type":"post","link":"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/","title":{"rendered":"Negotiating the Best Rates on Loans and Credit Cards: A Step-by-Step Guide with 6 Powerful Tips"},"content":{"rendered":"<p>Negotiating is a powerful tool that can save you money on your loans and credit cards. And the good news? It\u2019s not as scary or difficult as it sounds! You can negotiate interest rates, fees, and other terms with lenders and credit card companies with these four easy steps:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Make_sure_you_are_comparing_apples_to_apples\" title=\"Make sure you are comparing apples to apples.\">Make sure you are comparing apples to apples.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Take_advantage_of_the_teaser_interest_rate\" title=\"Take advantage of the teaser interest rate.\">Take advantage of the teaser interest rate.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Know_your_credit_score_before_applying_for_loans_and_credit_cards\" title=\"Know your credit score before applying for loans and credit cards.\">Know your credit score before applying for loans and credit cards.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Step-by-Step_Guide_to_Negotiating_the_Best_Rates\" title=\"Step-by-Step Guide to Negotiating the Best Rates\">Step-by-Step Guide to Negotiating the Best Rates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Determine_your_needs_and_goals\" title=\"Determine your needs and goals.\">Determine your needs and goals.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Gather_information_on_current_rates_and_offers\" title=\"Gather information on current rates and offers.\">Gather information on current rates and offers.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Offering_to_switch_to_a_different_product_or_provider\" title=\"Offering to switch to a different product or provider\">Offering to switch to a different product or provider<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Documenting_and_confirming_the_agreement\" title=\"Documenting and confirming the agreement\">Documenting and confirming the agreement<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#6_Powerful_Tips_for_Negotiating_the_Best_Rates\" title=\"6 Powerful Tips for Negotiating the Best Rates\">6 Powerful Tips for Negotiating the Best Rates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Paying_bills_on_time\" title=\"Paying bills on time\">Paying bills on time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Keeping_credit_card_balances_low\" title=\"Keeping credit card balances low\">Keeping credit card balances low<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Avoiding_multiple_hard_inquiries\" title=\"Avoiding multiple hard inquiries\">Avoiding multiple hard inquiries<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Being_polite_and_professional\" title=\"Being polite and professional\">Being polite and professional<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Offering_a_realistic_payment_history_and_proof_of_income\" title=\"Offering a realistic payment history and proof of income\">Offering a realistic payment history and proof of income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Asking_for_a_lower_interest_rate_or_fee_waiver\" title=\"Asking for a lower interest rate or fee waiver\">Asking for a lower interest rate or fee waiver<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"http:\/\/jf.local\/negotiating-the-best-rates-on-loans-and-credit-cards-a-step-by-step-guide-with-6-powerful-tips\/#Final_Words\" title=\"Final Words\">Final Words<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Make_sure_you_are_comparing_apples_to_apples\"><\/span>Make sure you are comparing apples to apples.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You need to make sure that you are comparing apples to apples. This means making sure that all the loans or credit cards being compared have similar terms, fees and interest rates.<\/p>\n<ul>\n<li>Interest rates &#8211; The interest rate is an annual percentage rate (APR) that is charged on borrowed money. It\u2019s typically expressed as a yearly rate and includes any fees or other charges associated with borrowing funds from a lender, such as a bank or financial institution.<\/li>\n<li>Fees &#8211; There can be many types of fees associated with getting a loan or opening a credit card account, such as application fees, origination fees and late payment penalties, among others; however, they are usually clearly outlined in writing, so there should be no surprises when it comes time for repayment!<\/li>\n<li>Terms &#8211; These include things like how much money you can borrow at once (the limit), how often payments must be made each month\/year (the due date), what happens if one misses paying their bills on time (late fee).<\/li>\n<\/ul>\n<h2 data-pm-slice=\"0 0 []\"><span class=\"ez-toc-section\" id=\"Take_advantage_of_the_teaser_interest_rate\"><\/span>Take advantage of the teaser interest rate.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/value-and-cost-graph-stockpack-adobe-stock.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-279\" src=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/value-and-cost-graph-stockpack-adobe-stock.jpg\" alt=\"Value and Cost Graph\" width=\"1000\" height=\"667\" title=\"\" srcset=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/value-and-cost-graph-stockpack-adobe-stock.jpg 1000w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/value-and-cost-graph-stockpack-adobe-stock-300x200.jpg 300w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/value-and-cost-graph-stockpack-adobe-stock-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p>When you apply for a loan or credit card, the lender will often offer an introductory rate that\u2019s lower than what they\u2019ll charge once the teaser period expires. This is called a teaser rate because it gives you a taste of what your payments would look like with that specific loan or card\u2014and then it\u2019s gone.<\/p>\n<p>As an example, let\u2019s say that Bank A offer an introductory interest rate of 5% on its credit cards (compared with its standard 13%). If you take advantage of this offer, your monthly payments will be $100 less than if you had opted not to do so; however, after six months pass and all those extra dollars are added up over time, they could add up enough for another vacation or two!<\/p>\n<h2 data-pm-slice=\"0 0 []\"><span class=\"ez-toc-section\" id=\"Know_your_credit_score_before_applying_for_loans_and_credit_cards\"><\/span>Know your credit score before applying for loans and credit cards.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before you apply for any loans or credit cards, it\u2019s important that you know your credit score. I have written <a href=\"http:\/\/jf.local\/an-introduction-to-credit\/\">a post regard the credit score earlier<\/a>. Your credit score is a number that\u2019s used to predict how likely you are to pay back a loan. The higher your score, the lower interest rate (and better terms) lenders will offer you on their products. Your credit report is used by lenders and creditors when deciding whether they should grant approval for loans and other types of financing; thus, knowing what\u2019s in there before applying will help ensure that only qualified applicants receive approval from these companies.<\/p>\n<p>To get a sense of whether your personal finances are currently in good shape\u2014and what type of rates they might qualify for\u2014it pays off big time if you can check out these two things first:<\/p>\n<ul>\n<li>How much debt do I have?<\/li>\n<li>What payments am I making consistently every month?<\/li>\n<\/ul>\n<p>With that information in hand, it\u2019s easier to get a sense of what rates you\u2019re qualified for. Next, look at your credit report and see if there are any errors in it. If so, contact the bureaus responsible for these reports and ask them to correct them. The sooner they\u2019re corrected, the better off you\u2019ll be when applying for loans or credit cards in the future.<\/p>\n<h2 data-pm-slice=\"0 0 []\"><span class=\"ez-toc-section\" id=\"Step-by-Step_Guide_to_Negotiating_the_Best_Rates\"><\/span>Step-by-Step Guide to Negotiating the Best Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/hand-with-chalk-writing-message-step-by-step-on-a-chalkboard-stockpack-adobe-stock.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-280\" src=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/hand-with-chalk-writing-message-step-by-step-on-a-chalkboard-stockpack-adobe-stock.jpg\" alt=\"hand with chalk writing message STEP BY STEP on a chalkboard\" width=\"1000\" height=\"444\" title=\"\" srcset=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/hand-with-chalk-writing-message-step-by-step-on-a-chalkboard-stockpack-adobe-stock.jpg 1000w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/hand-with-chalk-writing-message-step-by-step-on-a-chalkboard-stockpack-adobe-stock-300x133.jpg 300w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/hand-with-chalk-writing-message-step-by-step-on-a-chalkboard-stockpack-adobe-stock-768x341.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p>The first step to negotiating a better rate on your loan or credit card is preparation and research. If you are going to negotiate, it\u2019s important to understand how much you currently pay and what you could potentially lower that payment by.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Determine_your_needs_and_goals\"><\/span>Determine your needs and goals.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The first step in the negotiation process is determining what exactly you want out of this new rate. The more specific you can get, the easier it will be for the creditor to give you what you want because they know exactly what they have to offer.<\/p>\n<p>For example, if you want lower monthly payments, then let them know that and ask for that specifically. If there are certain conditions that must be met for this negotiation to work (like an increase in interest rate), then let them know those as well so that they can make adjustments accordingly.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gather_information_on_current_rates_and_offers\"><\/span>Gather information on current rates and offers.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before negotiating anything with a creditor, it\u2019s important to do some research about their current offerings and rates so that you have something to compare against when making a proposal of your own.<\/p>\n<p>There are many websites out there dedicated solely to helping consumers find the best deals on loans and credit cards \u2014 just Google \u201cbest credit card offers\u201d or \u201cbest loan rates\u201d and you\u2019ll find plenty.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Offering_to_switch_to_a_different_product_or_provider\"><\/span>Offering to switch to a different product or provider<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If you&#8217;ve talked about the products or services they offer, and nothing has come up that&#8217;s better than what your friend already uses, then it&#8217;s time to bring up another subject. Ask if there are any other products or services they sell\u2014such as a credit card with lower interest rates or loans with reduced fees.<\/p>\n<p>You could try offering to switch from their loans to another company&#8217;s credit card, for example. Or you could offer to switch from their gas company to one that offers better rates. If they&#8217;re not interested in taking your business elsewhere, then there&#8217;s nothing more you can do \u2014 but remember that it doesn&#8217;t hurt to ask!<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Documenting_and_confirming_the_agreement\"><\/span>Documenting and confirming the agreement<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Once you\u2019ve agreed with the company, it\u2019s important to get everything in writing. You can do this by sending them an email confirming your conversation or calling their customer service team\u2014whichever works better for you.<\/p>\n<h2 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"6_Powerful_Tips_for_Negotiating_the_Best_Rates\"><\/span>6 Powerful Tips for Negotiating the Best Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/keyboard-with-tips-and-tricks-button-stockpack-adobe-stock.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-281\" src=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/keyboard-with-tips-and-tricks-button-stockpack-adobe-stock.jpg\" alt=\"Keyboard with Tips and Tricks Button.\" width=\"1000\" height=\"666\" title=\"\" srcset=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/keyboard-with-tips-and-tricks-button-stockpack-adobe-stock.jpg 1000w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/keyboard-with-tips-and-tricks-button-stockpack-adobe-stock-300x200.jpg 300w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/keyboard-with-tips-and-tricks-button-stockpack-adobe-stock-768x511.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Paying_bills_on_time\"><\/span>Paying bills on time<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Paying your bills on time is an important part of maintaining good credit. Late payments can hurt your credit score and make it more difficult for you to qualify for loans and credit cards in the future.<\/p>\n<p>If you find you cannot pay your bills when they are due, contact the company as soon as possible and ask them if they can work with you on an alternate payment plan or provide other solutions (for example, extending the grace period).<\/p>\n<p>If all else fails and there\u2019s no way around missing a payment deadline, contact each creditor individually and explain why this happened\u2014they may work with you!<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Keeping_credit_card_balances_low\"><\/span>Keeping credit card balances low<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Credit card balances are a major factor in your credit score, so it\u2019s important to keep them as low as possible. The lower your balance, the better!<\/p>\n<p>The best way to do this is by paying off your bills each month in full. If you can\u2019t pay off all of your balance, then try keeping it below 30% of your limit. Anything above that percentage could negatively impact your score by increasing interest charges and lowering available credit limits (which appear on reports).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Avoiding_multiple_hard_inquiries\"><\/span>Avoiding multiple hard inquiries<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The best way to avoid multiple hard inquiries is to avoid applying for multiple credit cards at the same time. If you\u2019re looking to get a loan, make sure it\u2019s not from the same bank that issued your card. If you want both a loan and a credit card, try applying for them separately so they won\u2019t show up on each other\u2019s reports as having been applied for at the same time.<\/p>\n<p>Another way of avoiding multiple hard inquiries is by using pre-screening services like <a href=\"https:\/\/www.creditkarma.com\/\" target=\"_blank\" rel=\"noopener\">Credit Karma<\/a> or <a href=\"https:\/\/www.nerdwallet.com\/\" target=\"_blank\" rel=\"noopener\">NerdWallet<\/a> (which we recommend). These sites will check your credit score before submitting an application and give an estimate of what rate they would offer based on their analysis of your information\u2014affecting nothing else!<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Being_polite_and_professional\"><\/span>Being polite and professional<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/professional-digital-marketing-team-smile-together-and-celebrate-business-success-marketing-for-an-online-modern-company-requires-planning-strategy-and-creativity-as-well-as-healthy-work-culture-stockpack-adobe-stock.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-282\" src=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/professional-digital-marketing-team-smile-together-and-celebrate-business-success-marketing-for-an-online-modern-company-requires-planning-strategy-and-creativity-as-well-as-healthy-work-culture-stockpack-adobe-stock.jpg\" alt=\"Professional digital marketing team, smile together and celebrate business success. Marketing for an online, modern company requires planning, strategy and creativity as well as healthy work culture\" width=\"1000\" height=\"626\" title=\"\" srcset=\"http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/professional-digital-marketing-team-smile-together-and-celebrate-business-success-marketing-for-an-online-modern-company-requires-planning-strategy-and-creativity-as-well-as-healthy-work-culture-stockpack-adobe-stock.jpg 1000w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/professional-digital-marketing-team-smile-together-and-celebrate-business-success-marketing-for-an-online-modern-company-requires-planning-strategy-and-creativity-as-well-as-healthy-work-culture-stockpack-adobe-stock-300x188.jpg 300w, http:\/\/jf.local\/wp-content\/uploads\/2023\/02\/professional-digital-marketing-team-smile-together-and-celebrate-business-success-marketing-for-an-online-modern-company-requires-planning-strategy-and-creativity-as-well-as-healthy-work-culture-stockpack-adobe-stock-768x481.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p>Being polite and professional is always a good idea when negotiating. Remember that you are asking for something from the other person, so they have no reason to give it to you unless they feel like they will benefit from doing so. You have nothing on the line here\u2014the other party does. That makes them more likely to negotiate with you (and maybe even give in).<\/p>\n<p>You should also keep in mind that being polite does not mean being passive or weak-willed; it means being respectful and confident about what you want out of this situation. Be firm but polite when asking for things, being sure not to appear rude or aggressive\u2014those types of behavior won\u2019t help anyone get what they want!<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Offering_a_realistic_payment_history_and_proof_of_income\"><\/span>Offering a realistic payment history and proof of income<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>You\u2019ll also want to offer proof of a stable income and employment. If you\u2019re in between jobs, show that you\u2019ve been employed for at least three years and have been working steadily since then.<\/p>\n<p>If you are self-employed, provide tax returns showing your income level over the past couple of years (or longer). If possible, include any invoices for services performed during those periods as well; these will help prove how much money was actually coming in during each year\u2014and potentially how much more than usual might be expected from customers who owe enormous sums after being late on payments or defaulting altogether.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Asking_for_a_lower_interest_rate_or_fee_waiver\"><\/span>Asking for a lower interest rate or fee waiver<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When negotiating for a lower interest rate or fee waiver, it\u2019s important to be clear about what exactly you want. If you\u2019re asking for a lower payment or interest rate, make sure that\u2019s what you get!<\/p>\n<p>The same goes for fee waivers: if someone at the bank tells you they\u2019ll forgive one of your late payments and thus lower the total amount due each month by $50, but only if they can raise their annual percentage rate (APR) by 2%, don\u2019t say yes! That would actually cost more than having paid all those extra fees originally in the first place!<\/p>\n<h2 data-pm-slice=\"0 0 []\"><span class=\"ez-toc-section\" id=\"Final_Words\"><\/span>Final Words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As you can see, it\u2019s not that difficult to negotiate the best rates on loans and credit cards. All you need is some knowledge of how these companies operate and a little of courage. Once you have those two things, it\u2019s time to go out there and make those deals happen!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Negotiating is a powerful tool that can save you money on your loans and credit cards. And the good news? It\u2019s not as scary or difficult as it sounds! You can negotiate interest rates, fees, and other terms with lenders and credit card companies with these four easy steps: Make sure you are comparing apples to apples. You need to make sure that you are comparing apples to apples. This means making sure that all the loans or credit cards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[15],"tags":[10,16],"_links":{"self":[{"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/posts\/275"}],"collection":[{"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/comments?post=275"}],"version-history":[{"count":5,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/posts\/275\/revisions"}],"predecessor-version":[{"id":387,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/posts\/275\/revisions\/387"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/media\/388"}],"wp:attachment":[{"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/media?parent=275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/categories?post=275"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/jf.local\/wp-json\/wp\/v2\/tags?post=275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}