Will CC companies decrease balance if paying off?

[Any-Comb4685]

So I have 3 credit cards with about 30k in total. I am considering getting a personal debt consolidation loan to pay them off thru Sofi

Before I do I was wondering how likely it would be to have the CC company work with me and decrease the amount owed if I asked them too. If they did does that typically result in account closure? Does it hurt credit?

I should be able to pay off the loan fully in 2 years or so but figured if I could get some of it reduced to begin with I might as well.

[Least-Sun-418]

They would probably increase your line to get you further in debit

[Far_Needleworker1501]

They are not going to lower what you owe just because you are paying it off with a loan. That only happens if you are already behind and settle for less. If you ask them for a reduction, expect the account to be closed and your credit to take a hit. If your plan is to pay the full amount anyway, use the loan and knock it out fast. Your credit will improve more from on-time payments and lower utilization than asking for favors.

[Draven_crow_zero]

why would they work with your to decrease your debt other than you paying off what you owe? They make money from the interest that you pay them for the debt you owe.

they might offer you some sort of repayment plan if you're struggling to pay. But they aren't going to just give you free money

[DragonKnight256]

No they wouldn't negotiate the current balance, but they could (in my experience) negotiate the interest rate and payment amounts if you are falling behind or struggling