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Don't worry, just ask again after your account is a year old. What's your current APR?
@trinigal30 wrote:I am not in need of an APR reduction...I just remember being told that I could check back in 6 months for a review and possibly have my APR reduced. The ONLY reason they are giving me is that I need to wait until i've had the card for a year....which is not what I was told upon accepting the card. I have not asked for a credit line increase...only an APR reduction. Why do I have to wait a year?
Im sorry about your experince OP. A couple things. Anything that is important you that someone told you get it in writing! Also, cards like discover it, chase freedom are not meant for low apr. You should not be carrying a balance anyways. They are meant for rewards. If you want to carry a balance i reccomend looking at a credit union. They tend to have much lower apr but then again the rewards most of the time are not as good.
@trinigal30 wrote:I have never missed a payment, I've been paying a little more than the minimum and my utilization is less than 50%. Anyone had any luck with APR reductions on cards less than a year old. I've had this card for 7 months.
None here but generally speaking you'll have better results with lower utilization. 50% is well above the general 30% max recommendation. Keep in mind that APR reductions and CLI's are granted based on your credit and utilization plays a significant role. APR reductions and CLI's are not just granted automatically over time.
I know carrying a balance on the credit card is not ideal but sometimes people end up in situations where they need to use it. I am trying to pay my credit cards down as much as I can and that's why I decided to lower my APRs to aid with that. The current APR on the card is 22.99%....my credit has increased since I started on this venture of getting rid of CC debt and that's why I figured I would try to get it reduced after 6 months.
I understand that Takesha and that is why I'm trying to have my APRs reduced so that more goes to the principal and I can actually pay down the cards. Just a little history about me....I started off the year with 2 of my cards maxed out (totalling $5,000). In 6 months I've managed to reduce all 3 of my cards to 50% or below utiitzation and my goal is to get to 30% and that's why I am exploring options in helping me achieve that goal. My ultimate goal is to have no CC debt and I believe that's why most of us are here.