My back refuses to offer my a lower % on my loan, what can i do?

I\ve been making payments on this loan for about 13 months never late, the loan orginaly started at 16100$ for 7 years with 14% now is at 14500$ with 14%, my credit is 585 how can i convice my bank to lower my interest rate?

My back refuses to offer my a lower % on my loan, what can i do?mortgage loan

The key is your credit bureau reports. (If you%26#039;ve made payments on time, it%26#039;s not your history with the bank.)

You may have a lot of balances, or maybe your balances are very high, etc. Different banks have different criteria when they look at your credit bureau reports.

You%26#039;re supposed to check your credit every 3 months anyway, to be sure nobody is using your social security number. That could be the case, or there could just be mistakes on the reports - it%26#039;s very common! All these things could keep your rate where it is.

Check out your credit from the 3 major bureaus (Equifax, Experian, Transunion) and see what you find. Fix what you see going on there. You may want to find a service that checks your credit reports for you (without harming your rating) AND helps you fix the errors on them. Most of the time the service helps with identity theft too, so that%26#039;s a plus.

After this, it will take 30-60 days for the bureaus to update. You%26#039;ll see it when you check your credit. Then, talk to the bank about the rate again.

It can be a frustrating process, but worth it.

Good luck!

My back refuses to offer my a lower % on my loan, what can i do?

loan

my back cant do much either when it comes to this!!|||You can%26#039;t. You have a low credit score, plus they loaned you the money based on an agreed upon rate. They have neither the incentive nor the desire to lower it now.

You have to consider, banks fund loans by borrowing themselves (ultimately). It%26#039;s not their money. They had to borrow to loan you the money, based on a high rate because of your rating. To lower it now increases their risk for no good reason.|||I doubt that they will go lower. A 585 is not a good score. In addition, your income and other debt play a roll.|||You are bound by the terms of this loan until it is paid off. The bank is under no obligation to re-write this loan no matter what. The only thing you can do is to pay off this loan by getting another loan at a lower rate.

However, with a current credit score of 585, 14% is a very good rate. Anything under about a 620 is considered Sub-Prime and as such you are going to be hit with higher interest rates. So it is very unlikey that you would be able to get a lower rate with any other bank right now.|||Your credit score is too low.....however, try a credit union....if you have been perfect in your credit activity for the last 24 months.....they might consider it.....

Unfortunately, you really need to start delivering pizzas and just pay down that beast of a loan.....two years %26amp; you could be done....tough but possible.|||Credit card company%26#039;s will often lower your interest rate if you ask just to keep your business, A bank loan is something you are paying on and not adding purchases. They won%26#039;t reduce your rate for the full term of the loan