01-02-2013 06:15 PM
Is there such a thing as being able to call your credit card company and request a reduction in your APR? I have numerous credit cards from an app spree when I decided to start trying to rebuild my credit. They've all got smaller limits on them and high APRs. I went through today and submitted a request on every single one of them for a APR reduction and every single one responded back and said "We're not offering that right now."
To me, asking for an APR reduction is better than asking for a CLI. In my messages, I simply stated "I have had this account since XX/XX/XXXX and have made 100% on-time payments. I would like to request an APR reduction." And no, no, no, no, no.
Once I have my credit cleared up, if these guys aren't willing to work with me, I feel like I'll have no option but to let them go dormant or close them. A credit card with 18% interest was fine when I had a 550 credit score, but when you're sitting at 700 you expect something better. I also have this feeling in the back of my throat like I shouldn't bite the hand the fed me since they were the guys that gave me a chance when my credit was whack.
Thoughts on this?
01-02-2013 07:03 PM - edited 01-02-2013 07:04 PM
Are you carrying balances (guess you are otherwise you might not care so much about the APR).
The problem with reducing an APR in this case vs a CLI, is that reducing the APR is an immediate decrease in revenue for the company. In contrast, a CLI has the potential to increase revenue as you charge more (to be weighed against the chance of a default). So they are less likely to want to agree.
As your score increases, they may be more agreeable, as your future business becomes more attractive.
I wouldn't worry about biting the hand that fed you. These are corporations who don't really have feelings. If and when you get better deals elsewhere, move on without regret. (If you do that, just remember not to bad-mouth them, as many do here for Capital One. You don't want to discourage others in your previous state from being able to benefit from these lenders).
Edit: Also 18% isn't THAT bad. Some APRs are in the low 20s.
01-02-2013 07:12 PM
They treat you like crap when nobody take u.......
Example Capital one denied 4 times credit limit increase in the past and as soon as i call them after i add my Amex and Discover...........8 hours they gave me what they want.....
WEll if you credit bad then dont expect much from them cuzzz they will and continue treat u like crap after they soft pull ;-(
01-03-2013 04:25 AM
While a high apr may seem demeaning, with the revised cc act, interest category is where financial institutions make their money. Many transaction fees like late, over the limit, returned check, etc. are now capped. I would not take it personally. Just do not carry a balance on those cards unless absolutely necessary. I have recently had an interest rate reduction on one of my cc's. I believe that it was because of all of my accounts that are positive with them. My rates are 9.99% to 21.99% on my ccs. As always YMMV.
01-03-2013 05:33 AM
If I have a CC with less than the best APR terms, I ALWAYS ask for an APR reduction when I ask for a CLI. Kill 2 birds with 1 stone. If they say no, they say no. At least I tried.
01-03-2013 05:50 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO