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The best way to increase my credit score is to pay off my credit cards, +40k, can I negotiate with my creditors to lower my interest rate, who do I call, customer service?

Yes, you will probably have to start by calling customer service and try to get them to direct you to the proper department (someone with more authority to make such decisions). This can be a very frustrating experience. It really depends on who your creditors are and, frankly, how nice the person is who you get on the phone.

Some companies make it very hard to get past the customer service departments who may give you standard answers like “we cannot lower your rates under any circumstance”, etc. If they easily accepted interest rate negotiations from every person who called them up and said they need to lower their rates, then the credit card companies would be out of business quickly. This is why they must make the process difficult.

That is also why debt settlement services exist…the good ones know who to speak with to get the negotiations done within the credit card companies. They also know all the legalities and proper proceedures for obtaining the best results in the most efficient time frame possible given your income and ability to save.

As I tell anybody who asks me about doing their own debt negotiations with their creditors, yes it is possible and I even encourage you to make a few calls to see how far you can get on your own. However, in more cases than not, people realize the amount of time, frustration, and aggravation that can often go into the creditor negotiation process and after they try it, they often don’t mind paying the fees that the debt settlement companies charge to handle it for them.