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My credit scores (FICO) and profile have drastically improved since my intial app spree in November 2014. What are my chances of having the interest rates reduced on the cards I have (AMEX BCP, CSP, NFCU Cash Rewards, and Cap1 QS)? All four cards are have rates between 12%-17%. Is this possible without any adverse reactions? Or limit decreases?
Only way to know for sure is to contact the banks and ask. If your reports are as clean (or cleaner) then they were when you got the cards then the risk of AA or CLDs is very very small.
But, if you're carrying a lot of debt or have fresh negatives then you're inviting an underwriter to look over your account when they likely wouldn't have otherwise (aka poking the bear).
Good point....I'm currently at 4% uti on my tcl. I plan on having a zero balance on all my cards within the next few months, but would like a lower interest rate just in case I have to leave a small balance on one of my cards.
@Anonymous wrote:Good point....I'm currently at 4% uti on my tcl. I plan on having a zero balance on all my cards within the next few months, but would like a lower interest rate just in case I have to leave a small balance on one of my cards.
I'd recommend asking for APR reductions while carrying a balance. The bank wnats to see that you're willing to pay interest before lowering how much interest you pay.
This is just me thinking out loud, BTW, I have no personal datapoints on the issue.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
We can't tell you that. We're not underwriters for any of those creditors/products. What you qualify for can vary from creditor/product to creditor/product. Request APR reductions and see.
@Anonymous wrote:My credit scores (FICO)
Keep in mind that FICO doesn't have just one model and not all creditors use the same model.
@Anonymous wrote:Is this possible without any adverse reactions? Or limit decreases?
They're not going to AA you because you request an APR reduction. It's risk presented in your credit profile that can lead to AA. Things such as derogs and negative payment history, prolonged high utilzation/spikes, too many new accounts for your credit profile, etc.
@Aahz wrote:I'd recommend asking for APR reductions while carrying a balance. The bank wnats to see that you're willing to pay interest before lowering how much interest you pay.
This is just me thinking out loud, BTW, I have no personal datapoints on the issue.
Not how it works. APR reductions are not granted based on how much interest one pays or could potentially pay. APR's (as well as limits, CLI's, etc) are set based on what one's credit profile qualifies for. If you want a lower APR then lower your revolving utilization. Increasing your revolving utilization does not benefit your credit profile.
Again, it's all about risk assessment. Those who are seen as being at greater risk of default will see fewer approvals, lower limits and higher APR's, generally speaking.