Credit card companies may be willing to work with borrowers to develop specially tailored debt repayment plans. Try to make payments on time and then call them to negotiate your interest rate. It will not hurt your credit score to negotiate an interest rate freeze. However, if you've previously made late payments, your credit score will already have been negatively affected.
Your credit score is determined by a variety of factors, each of which makes up a portion of the score:
• Approximately one-third of the score represents the individual’s payment history.
• Another third of the score is determined by current debts and the ratio of debt to the amount of available credit.
• The remaining third of the credit score is determined by three factors—length of credit history, recent credit applications, and the types of credit (e.g., credit cards, car loan, mortgage) held by a borrower.
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