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Auto APR Reduction!!!

Established Contributor

Auto APR Reduction!!!

I recently received a letter in the mail today from my CU...

 

 

Dear Tee Nastie,

 

Federal regulations require all issuers of credit cards to peridically conduct account reviews and positively adjust interest rates based on improvements to an individual's credit profile or market conditions.

 

We recently completed this review for your CU Platinum Credit Card account, and are pleased to inform you that we have lowered your interest rate. The changes to your credit card account ending in XXXX are outlined below.

 

Important Changes to Your Account terms

 

APR for Purchases and Balance Transfers                    12.24

 

 

Woohoo! This was formerly a 16.99% apr!!! I won't call them for anything as they require a HP for any customer initiated changes. The last time they reviewed my account (about 18 months ago) they closed it! I begged them to open it and promised that I would get a better hold of the account. I'm very pleased with this information.

 

Now I have one question...

 

Is it true that all CC issuers are required by federal regulations to review accounts and adjust interest rates as it states in the letter?



Message 1 of 18
17 REPLIES
Blogger

Re: Auto APR Reduction!!!

I don't think I've ever had an auto APR reduction. But congratulations!

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 2 of 18
Mega Contributor

Re: Auto APR Reduction!!!

@teenastie Big Congrats!! I think it would e true if they put it on paper with letterhead!



EQ FICO 548 3/3/16
Message 3 of 18
Established Contributor

Re: Auto APR Reduction!!!

Thanks guys! I asked becuase I have a big beef with DW's Chase CC if this is fact! She was ratejacked to 29.9% apr during the credit crunch and it hasn't budged. She had a few card balance chase her in 2009 killing her utl. She has sinced rebounded and has a 730 FICO but still has a 29.9% apr.



Message 4 of 18
Highlighted
Mega Contributor

Re: Auto APR Reduction!!!

Ouch! Has she talked to Chase about lowering it?



EQ FICO 548 3/3/16
Message 5 of 18
Frequent Contributor

Re: Auto APR Reduction!!!

I had a similar situation in 2009. I was getting a new credit card from my CU which did require a HP. Once they saw my 754 EQ score, they gave me the limit I asked for and reduced my car loan interest rate from 9.95% to 5.9%. 

 

You didn't have to have a HP. That's awesome and congratz!

FicoTU 780 | Credit Karma 781 | Credit Sesame 780
EQ 673 Dec2011 | Current: 695 Nov2013 | Goal: 720+
UTL: 54% Dec2011 | Current UTL: 21% | Goal UTL: 0% June2014
AmxZync | CapOne 1k | Comenity 1.1k | Target 3k |NFCU Visasig 5k | Goodyear 5.8k | CitiSimplicity 10.2k
Sam'sClub 10k | AmxSpg 20k | Citi HiltonReserve 20k | DCU 20k | Chase RR Visasig 25k | NFCU Visasig 33k
Message 6 of 18
Valued Contributor

Re: Auto APR Reduction!!!


teenastie wrote:

I recently received a letter in the mail today from my CU...

 

 

Dear Tee Nastie,

 

Federal regulations require all issuers of credit cards to peridically conduct account reviews and positively adjust interest rates based on improvements to an individual's credit profile or market conditions.

 

We recently completed this review for your CU Platinum Credit Card account, and are pleased to inform you that we have lowered your interest rate. The changes to your credit card account ending in XXXX are outlined below.

 

Important Changes to Your Account terms

 

APR for Purchases and Balance Transfers                    12.24

 

 

Woohoo! This was formerly a 16.99% apr!!! I won't call them for anything as they require a HP for any customer initiated changes. The last time they reviewed my account (about 18 months ago) they closed it! I begged them to open it and promised that I would get a better hold of the account. I'm very pleased with this information.

 

Now I have one question...

 

Is it true that all CC issuers are required by federal regulations to review accounts and adjust interest rates as it states in the letter?


Well? I want to know that as well.  Where is Robert, guru of all things credit rule related?


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 7 of 18
Valued Contributor

Re: Auto APR Reduction!!!


FrugalRican wrote:

I don't think I've ever had an auto APR reduction. But congratulations!



B of A reduced DH's Royal Caribbean CC towards the end of last year. When I started this agressive paydown in January, and I listed out the APR's, he was like, since when is Royal Caribbean at 9.99%. He didn't even know they did it, no letter or anything, just lowered it.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 8 of 18
Established Contributor

Re: Auto APR Reduction!!!


teenastie wrote:

Thanks guys! I asked becuase I have a big beef with DW's Chase CC if this is fact! She was ratejacked to 29.9% apr during the credit crunch and it hasn't budged. She had a few card balance chase her in 2009 killing her utl. She has sinced rebounded and has a 730 FICO but still has a 29.9% apr.


That is preposterous!  CAPS LOCK RED BOLD THEM TO DEATH!

American Express Blue Cash Everyday $6600
Barclays US Airways Premier World Mastercard $14500
Chase Sapphire Preferred $5000
Chase Freedom Visa $1000
Chase United Explorer $8500
Citi AAdvantage Platinum Select Visa Signature $7500
Citi ThankYou Premier World Mastercard $7500
Message 9 of 18
Valued Member

Re: Auto APR Reduction!!!

Congratulations!  


Starting Score: Same as current
Current Score: Transunion 786, Equifax 793 (March 15, 2012)
Goal Score: 800


Take the FICO Fitness Challenge
Message 10 of 18