If you have been holding a balance on your Amazon account for a while, you may find that you are not able to qualify for a low interest rate on your credit card credit. In many cases this is due to the fact that you have not been making regular payments on time or maybe you did not have all of the required information readily available for the calculation to be accurate. There are a few things that you can do to increase the likelihood of qualifying for the low interest rate from Amazon.
Make sure that you make all of your payments on time. One thing that many people who hold accounts at Amazon do not realize is that the credit reporting agencies, which are Experian and Equifax, consider online payments as if they were made to an authorized company. As a result, when they take your payment it is reported to the credit reporting agencies. If your payment stays in collections for a month or two, then you will have a hard time raising your credit score.
Another way to raise your credit score is to make sure that all of your payment receipts are accurate. This includes any checks that you might have written out and any money orders that were sent out. When these things are reported to the credit bureaus, they will take notice of it and will make sure that your credit score is raised higher so that you will be eligible for a lower interest rate on your Amazon card credit.
If your credit score has dropped recently, then you may want to contact the credit bureaus immediately and request a re-evaluation. This can affect the amount that you pay for your interest rate, so it is important that you get this taken care of right away. When your credit score is lowered, it can take several months for it to be raised again. As long as you continue to make payments on time, keep your balance low and keep the total debt you owe at a minimum, you should be able to qualify for a better interest rate.
You can also increase your credit score by taking advantage of any type of paid off accounts that you currently have. Sometimes it is easier to qualify for a lower interest rate if you take some of the old credit card balances and pay them off. You should also try to pay more than the minimum every month, which will show that you are trying to be more responsible with your money.
After you have made all of the necessary changes to your credit card history, you should begin to see an improvement in your credit score. The fact that you have used your Amazon credit card wisely for the past few years will definitely give you an edge when it comes to getting a lower interest . . . . . . rate. After all, credit card companies love to have customers paying on time, so taking the extra time to make sure that your financial records are all accurate will be very beneficial to you down the road.