Rule to decrease credit card interest rate after delinquencies of 60 days:

When you are late 60-plus days on a credit card you will have to pay a late fee and your credit scores may drop over 100 points depending on how high they were before the delinquency. Besides all that bad news your interest rates can increase. This means you’ll be paying a higher interest rate on your existing balance and on new charges. Some banks have interest rates that are inches away from 30%. But the rules state that if you pay the minimums or more on time for a full 6 consecutive months, the creditor has to approve your return to the original interest rate.

Managing your credit score takes time and education in order to become proficient at understanding how to grow and maintain it. It’s important that you keep all credit card delinquencies at a minimum because even 1 delinquency can follow you for years and destroy your chances of getting approved for a loan or financing.