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Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007

Cap1's not so bad.

I just called to try and get a lower interest rate after finding out my scores were better than I thought. Not only did they not do a credit pull, but they gave me a two year rate of 9.9% and a purchase rate of 6% I believe. I think this is only my second time of calling for a lower APR in seven years.

 

I may try to get lower interest rates on my other cards.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008

Re: Cap1's not so bad.

Which type of Cap1 card do you have?

 

I called in about 2 weeks ago and they lowered my interest rate too but not to your level and my scores are just a little bit better than what your report.

 

But my card is one of those AF re-establishing credit where you will never get a CLI.  Even though it is a $4K CL, I am thinking of closing it as it has served its purpose.

Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007

Re: Cap1's not so bad.

 


Scuba wrote:

Which type of Cap1 card do you have?

 

I called in about 2 weeks ago and they lowered my interest rate too but not to your level and my scores are just a little bit better than what your report.

 

But my card is one of those AF re-establishing credit where you will never get a CLI.  Even though it is a $4K CL, I am thinking of closing it as it has served its purpose.


I have the basic Visa platinum card, no reward, no AF. It was my first CC and the limit was $400. It stayed that way for at least 2 years if not more and then they raised it to $650. Limit stayed at $650 until around Christmas time 2010 and they raised it to 2150.

I've utilized it pretty heavily in the last few months. So I figured I would ask for a an APR reduction because I've been a long time customer. 

 

Might be because yours is an AF card that they only lowered it to a certain amount. I was surprised they dropped it so far becuase it is Cap1 and they're notorious for no customer initiatied CLIs and I'm pretty sure they've told me no when I've asked for reductions in the past. I may call my other CCs in the next few days and see if I can get reductions with them as well. I want to get as much paid down/off as I can so I can make decent payments on the car loan.

 

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Established Contributor
MojaveMoon
Posts: 536
Registered: ‎08-26-2008

Re: Cap1's not so bad.


kc12286 wrote:

I just called to try and get a lower interest rate after finding out my scores were better than I thought. Not only did they not do a credit pull, but they gave me a two year rate of 9.9% and a purchase rate of 6% I believe. I think this is only my second time of calling for a lower APR in seven years.

 

I may try to get lower interest rates on my other cards.


Hi,
(1) Was it the regular customer service department or the backdoor # that gave you the lower APR ?
(2) Could you clarify what you mean by "two year rate of 9.9% and a purchase rate of 6%" ? If 6% is your new (temporary) everyday purchase rate, then what is the 9.9% rate for ?
(3) Did they ask you why you were requesting a lower APR ? When I've asked them for a credit limit increase, in each conversation they asked me what I was going to use the CLI for -- it was annoying, and it made me dread asking them for anything.
Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007

Re: Cap1's not so bad.


MojaveMoon wrote:

kc12286 wrote:

I just called to try and get a lower interest rate after finding out my scores were better than I thought. Not only did they not do a credit pull, but they gave me a two year rate of 9.9% and a purchase rate of 6% I believe. I think this is only my second time of calling for a lower APR in seven years.

 

I may try to get lower interest rates on my other cards.


Hi,
(1) Was it the regular customer service department or the backdoor # that gave you the lower APR ?
(2) Could you clarify what you mean by "two year rate of 9.9% and a purchase rate of 6%" ? If 6% is your new (temporary) everyday purchase rate, then what is the 9.9% rate for ?
(3) Did they ask you why you were requesting a lower APR ? When I've asked them for a credit limit increase, in each conversation they asked me what I was going to use the CLI for -- it was annoying, and it made me dread asking them for anything.

I called the 800 number available on the website and the back of my card. I was connnected to regular customer service who transferred me to the dept that handles those requests.
I believe he mentioned a purchase rate of 6%, but I think he was confused because my rate was 17% and when he mentioned the rate of 6% he had incorrectly stated my rate as 9%. (i.e. "we're dropping your rate from 9% to 6%) So I know I'm getting the 9% rate for all the purchases currently on there. But I'm not sure about the 6% for new purchases. He did state that the 9% will be in effect for two years. I'll call back and get clarification on the 6% and reply once I know for sure.
tThey didn't really ask why. I explained that I had found out that two of my scores were in the 700s (when I was purchasing a new car on Saturday) and that's why I was calling. They did ask if I use the card as an everyday card. I explained I do not as it has no rewards. He mentioned he may be able to PC me in the future but for right now that was not a possibility. I've only ever asked for a CLI one time, which was of course declined. I know Cap1 doesn't really do customer initiated CLIs. I would think you'd have better luck with an APR reduction.
6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Regular Contributor
BP2003
Posts: 139
Registered: ‎05-19-2008

Re: Cap1's not so bad.

Wow!!! My $2500CL Cap1 Plat Rewards (Credit Steps) has been sitting at 90% + util for the past 8-10 months, and riding an 18.9% interest rate.  I called today after seeing your post, and they reduced my purchase rate to 10.9% w/ no pull.  He just reviewed my statement history and complimented my on-time/early payments (albeit usually a few dollars over minimum...lol) and said he would process the interest rate reduction immediately.

 

Nice little nugget for the day!

 

Thanks OP for the heads up

 

Oh yea.  EX 684, TU 688 (they didn't pull though)

***From ashy to classy***
Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007

Re: Cap1's not so bad.


BP2003 wrote:

Wow!!! My $2500CL Cap1 Plat Rewards (Credit Steps) has been sitting at 90% + util for the past 8-10 months, and riding an 18.9% interest rate.  I called today after seeing your post, and they reduced my purchase rate to 10.9% w/ no pull.  He just reviewed my statement history and complimented my on-time/early payments (albeit usually a few dollars over minimum...lol) and said he would process the interest rate reduction immediately.

 

Nice little nugget for the day!

 

Thanks OP for the heads up

 

Oh yea.  EX 684, TU 688 (they didn't pull though)


18.99% IS high. I think my rate was alway 17% but I  can't review past 18 months, so I have no way of knowing what it originally started out as.

I had reduced my bill to $750 until about a month ago. I was complimented on my payment history too.  I was just glad they didn't pull because, I'd either like to apply for a card or try to get lower APRs on some other cards.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Regular Contributor
Boonie
Posts: 220
Registered: ‎02-08-2010

Re: Cap1's not so bad.

Surprising to hear... I believe it is only up hill for Capital One, so hearing this is kind of refreshing.   Don't forget the obvious, had you not called them they would have likely done nothing.  I contacted Capital One back in 2008 before I had problems making payment, they refused to work with me on my account and then sued me for almost double my credit limit.  Needless to say, I am no longer a fan or customer of Capital One.  

07/07/14 FICOs, EX 640, EQ 640, TU 701 (whoop whoop... first time in the 700's for a long while!)
Established Contributor
MojaveMoon
Posts: 536
Registered: ‎08-26-2008

Re: Cap1's not so bad.

Thank you for your reply, kc12286.

 

I found a past cc statement. My interest rate on my Capital One account had been 7.9% before being increased to 17.9% prior to the big changes in the credit card rules.

 

I hadn't used it for about a year because of the combination of the interest rate and no rewards. But after your success, maybe I'll try calling after I've put some charges onto the account for a few months in a row.

Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007

Re: Cap1's not so bad.


MojaveMoon wrote:

Thank you for your reply, kc12286.

 

I found a past cc statement. My interest rate on my Capital One account had been 7.9% before being increased to 17.9% prior to the big changes in the credit card rules.

 

I hadn't used it for about a year because of the combination of the interest rate and no rewards. But after your success, maybe I'll try calling after I've put some charges onto the account for a few months in a row.


MojaveMoon,

I'll be completely honest, I'm not Cap1's biggest fan. They were my first card and for that I'm appreciative but I was stuck at $400 and $650 forever. I was glad to see the CLI back in December. But like you, I generally don't use the card because I don't get any rewards for it. Even with the APR decrease I plan to pay off or BT my current balance and put it away.  But definitely give it a shot and try asking for a lower APR.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724

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