Reply
Frequent Contributor
Posts: 393
Registered: ‎11-06-2008
0

Any luck in getting interest rates revisited and reduced with Chase?

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  :smileyhappy:

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Any luck in getting interest rates revisited and reduced with Chase?


LisaJ wrote:

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  :smileyhappy:


That sounds like a penalty rate.  Did you miss a payment or something?

Frequent Contributor
Posts: 358
Registered: ‎06-25-2012
0

Re: Any luck in getting interest rates revisited and reduced with Chase?


LisaJ wrote:

I have a CSP at 15%, and for some reason, my Freedom is at 28%.   I do sometimes carry a balance, so I'd like to get that interest rate down!  Any thoughts?  I called about 6 months ago and they told me they review every few months and then make changes based on their review. I am not sure what their formula is, and would love some thoughts on this so that I can work on a game plan to get this down.

 

Thanks so much!  This board is the best.  :smileyhappy:


The CARD Act requires lenders to periodically review accounts every six months for interest rate reductions. What Chase fails to tell you is that these mandated reductions will only apply to accounts which were facing the penalty APR but are now in good standing. I have had senior Chase account representatives tell me that the only way to get an APR reduction on an account in good standing is to close the account and re-apply.

Established Contributor
Posts: 961
Registered: ‎12-21-2010
0

Re: Any luck in getting interest rates revisited and reduced with Chase?

Last weekend I tried on all my cards Boa sig 20.99 to 10.9 NFCU. 15.99 to 13.99 PSECU 10.0 Barclays ring 8.0 Discover 20.9 to 15.9 Discover waited a few days then sent me a email.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Any luck in getting interest rates revisited and reduced with Chase?

How did u do on your Discover !??? I'd love o get mine reduced in a near future. How long did u had your card btw !????

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.