How to Get a Lower Interest Rate With a Great Credit Rating

A good credit rating is not always easy to maintain, but working to maintain and improve your credit score has its perks. A person with a good credit score--from 780 to 850, the highest ranking on the FICO scale--often pays lower deposits for apartments and utilities, and gets better deals on car loans or mortgage loans. Good credit can also help raise the limit and lower the interest rates on your existing credit cards. If you have a great credit score and want to lower your interest rate, all you need to do is ask for it and be willing to switch companies if yours won't work with you.

Instructions

1

Research credit cards to find those with lower rates of interest than you currently pay. Get quotes from your bank's competition in person, online or over the phone.

2

Call your bank or credit-card company, and explain that you would like to have your interest rate lowered. Have your research on standby if the bank representative needs convincing, and tell him you'll happily switch to a bank with a lower rate if they do not work with you.

3

Ask to speak to a supervisor if the bank representative is unwilling to offer you a lower interest rate. Explain the situation to the supervisor and ask for the lower rate.

4

Sign up for a new, lower-rate card to replace your old high-interest one if your bank will not work with you. Chances are this will be unnecessary because of your great credit rating.

5

Work with mortgage lenders if you are in the market for a house--and second-mortgage or home-equity loan representatives if you already own one--to make sure you get the lowest rate possible as a consumer with excellent credit.