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There are plenty of credit repair negotiating secrets regardless of how good your credit is. Here are 5 tips to get you started.

Tip #1 Ask

We’ve all heard that if you ask, you will receive. It’s doubly true in the credit industry because the competition is so stiff. It’s expensive for credit card companies to get a new customer so they’ll work hard to try and keep your business. You might be surprised what you can get just by calling and asking. If you need a reason for them to give you something, tell them you’ve been a good customer or that you’re going through hard times. Any reason will do as long as it’s true.

I know one person who called her credit card company to close the account. She was wanting to pay down her debt and didn’t want to think about the possibility that she might use the card again. The company made her all kinds of offers from lower interest to lower payments. It reminded me of an outright settlement. In this economy, creditor are becoming more flexible because it’s harder to make the same profit they did before.

Tip #2 Manage your balances well

When you have additional spending limit on your cards, you can do a balance transfer if one card doesn’t give you as good a deal as you’d like. If you’re wanting to extend your credit lines, the best way to do that is to maintain a balance of around 30% of your limit. That way the creditor is making money on interest and can see you’re handling it responsibly.

Tip #3 Get creditor to fight over you

Having a better deal somewhere else is the easiest way to get a good deal. Credit card companies know they are a dime a dozen and will give you whatever deal necessary to keep you. If you can make a balance transfer out of their account, they’ll be more willing to work with you. If not, make the transfer and then see what kind of deal they’ll give you to get it back.

Tip #4 Work to improve your credit

Hopefully this goes without saying. The better customer you are, the better terms they’ll give you. If something happens and you won’t be able to stay on time, consider whether it makes sense to only fall behind on some of your accounts. For example, if you have a zero percent interest rate credit card, you might want to stay current on that one and let the rest slide.

Tip #5 Do the math

Most people only negotiate the interest rate. While that’s usually the most important factor, you ought to look at any additional fees, any rewards for using the card, and how long the rate is good for, etc. A company that wants you to call in every month to give you the best rate won’t be as attractive as a card that gives you a fixed low rate.

The key to negotiating is to know what you want and keep working until you get it. Remember that creditors need customers and will fight to get and keep you. Use that to get what you want.

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Tags: budgeting, consumer credit repair, Credit, credit history repair, Credit Info, credit repair, credit repair advice, credit repair help, credit repair secrets, Debt, money management

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