This exercise is one in a "Finding the Funding" techniques series.
You are about to begin a new chapter in your life – and a new life style. One of the key to your new life style. One of the keys to your new life style will be how you handle your relationships with 1) your consumer credit, 2) your lenders, and 3) your funding sources (factoring, notes, investors, etc.). Use the worksheet below as a powerful resource to help you organize your efforts and develop your skills in developing these relationships. (The worksheet is shown below. Build your own on your own form, or DOUBLE CLICK on the undelined filename below, and then print the document or save it to your computer.)
Learning to deal with Lenders to make your money available to you: Call each of your credit card companies, and ask these questions:
PLAN A: If you have 1 or more credit cards
IMPORANT: Remember that, with most credit companies, the customer service person is either NOT permitted to make changes on your credit card status, OR they are only allowed to make SMALL changes within certain perimeters. You will generally have to talk to a supervisor to make significant changes on your account. And, it is important that you ask all (or almost all) of these questions before you talk to the supervisor; if you do not, you will probably be referred to a “team leader” rather than the supervisor – and the team leaders are still not authorized to make these changes..
Script
Hello, I’m calling about my account. My name is (your name) , who am I speaking with? (get the name)
Talk with the customer service agent and answer the questions necessary to get their computer open to your account information. Now continue the script. Use their name where it is natural to do so.
Questions …
1. What is the interest rate on my account? … I get offers in the mail all the time and I would like to have my interest rate lowered, and I’d rather not cancel my card. What is the lowest interest rate you are authorized to give me? … I can get 6 months to 1 year with NO interest on a couple of the credit card offers that I have received in the mail, and I want to continue to be a faithful customer, is that the best rate you can offer me? … I really appreciate your efforts here.
In a minute I may ask for your supervisor, but before I do, let me ask:
2. Are there any annual or monthly fees on my account? … These other offers either have NO fees, or they waive the fees for a time, I want to stay a customer with you, I need you to waive my fees. Can you do that? … What is the best you can do for me?
3. I am considering using my card for some larger purchases in the near future, do I have any purchase limits? …. What are they? …. How can I get that increased/decreased? … Thanks.
4. What is the current credit limit on my card? …. How much of an increase are you authorized to give me? …. Is that the best you can do? … What do I have to do to get my limit increased?
Thank you. I sure appreciate what you’ve done for me.
Economic times the way they are, I will ... (choose one from below)
ALTERNATVE #1: …seriously consider every decision before I make a final decision to cancel your card.
ALTERNATVE #2: …talk every thing you said over with my (spouse) (family before I make a final decision to cancel your card.
IF THIS IS YOUR FIRST CALL: … you may be a bit nervous or unsure of yourself… hang up now, and call back later after you have had a chance to relax and contemplate the results you have created. Wait till your second call to talk to the supervisor. If you are comfortable and feeling confident on your first call OR on your second call, ask to talk to the supervisor and say:
May I talk to your supervisor? … I’ll be glad to hold. … Thank you so much. Hello, is this the supervisor? … Great! My name is (your name) do you have my account information (in front of you)? Ask “Questions 1, 2, 3 and 4…”
PLAN B: If you have NO credit cards
IMPORTANT: Even if you have NO credit card, it is important that you FIND some credit card companies, and ask all of the questions above. Find a list of credit cards for people with NO credit or BAD credit on the Internet. Go the library and use a public computer, if you need to. Now, call these companies and follow the script. Of course, leave off the part about closing your account. Checkout: www.bankrate.com. See if you can find others! 2
