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@Ghoshida wrote:I love speculation, and my guess here is this:
APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.
These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys.
These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction.
Others can support or deny this claim
So the question is, then....do you get stuck with the APR you were given when you first applied? How do you get a permanate APR reduction? For many of us here, our credit improves over time and although it is in their best interest to keep the APR high, it is not in OUR best interest. I realize the idea is to PIF but things DO happen and just for future applications, having a lower APR (if that info is reported) is preferred.
I am probably overthinking things...but it all interests me. LOL
@BluePoodle wrote:
@Ghoshida wrote:I love speculation, and my guess here is this:
APR is an underwriting decision (given it's part of the entire risk-reward game for the bank) and a major change (that too, long-term) cannot be taken by the CSR.
These promo "offers" are probably customer retention tools that have been handed over to people who are maybe a position higher than frontline CSR and when we are in a position to press the frontline CSRs, we get routed to these guys.
These are not UWs, for sure Cap One never lets me talk to a UW when credit line is involved; they won't allow me to chat with one for APR reduction.
Others can support or deny this claim
So the question is, then....do you get stuck with the APR you were given when you first applied? How do you get a permanate APR reduction? For many of us here, our credit improves over time and although it is in their best interest to keep the APR high, it is not in OUR best interest. I realize the idea is to PIF but things DO happen and just for future applications, having a lower APR (if that info is reported) is preferred.
I am probably overthinking things...but it all interests me. LOL
Honestly, I don't think that APR reduction is as systematic as CLI; I've read in these forums that Discover gives APR reductions (permanent). But Cap One is known to be dodgy with CLIs themselves, APR reduction might not be a planned thing for them.
Again, it's speculation. Ideally, APR reduction should be handled the same way as CLI, but there seems to be some disconnect.