Does asking for a lower interest rate affect credit score?

Asking for a lower interest rate on a credit card or loan may have a temporary, minor impact on your credit score. However, if your credit history and creditworthiness have improved, the creditor may grant your request and lower your interest rate, which could ultimately have a positive effect on your credit score. It’s important to check your credit score before asking for a lower interest rate to have an idea of where you stand.

The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.

At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.

Similar Questions

How to calculate flat interest rate?

To calculate a flat interest rate, use the following formula: Interest = Principal x Rate x Time. Principal is the initial amount ...

What is an interest rate swap?

An interest rate swap is a financial contract between two parties in which one party agrees to pay a fixed interest rate to the ot...

How to calculate apr from interest rate?

To calculate the Annual Percentage Rate (APR) from an interest rate, you can use the following formula: APR = (interest rate x 365...

Ready to get started?

Download our app and start gaining insight into your current and future finances.