Starting in 2007 and thru mid 2009 I was in a situation where I had high CC Util (~80 - 90%). I made all of my payments on time everytime, although they were usually a few dollars more than the min payment required. Because of this I suffered AA from a couple of CC companies including reduced credit limits (which further increased util) and much higher interest rates including 28+% on a Chase card I have had since 2004.
Over the past few months my financial situation has greatly improved and I have been making huge payments on getting my debt down to a CC Util of 10% and my credit score has improved with it.
My question is how do you go about getting the AA reversed? I would like to keep all of my CCs that I have and a lower more appropriate APR would be nice for starters (I'm not asking for a CLI). Do CC Companies do this automatically? If so how long does it take? Or would it be best to call and speak with them? What is the best way to handle this? Has anyone had any luck in a similar situation?
They definately are not going to adjust it back down automatically. When your balance is at $0.00, then contact them and request that your APR be lowered. If they wont, ask for a supervisor and try with him. If they still wont, then you can threaten to take your business elsewhere, but be careful because it might bite you in the ass and they cancel the card. The good news is though, with your util % down now, you can probably qualify for a nice card with a decent APR. Anyway you look at it now, you probably won't be carrying a balance, so the APR doesn't matter. Do not close the Chase card because you are mad though.
Starting Score: 627 EQ, 621 TU - 11/15/08 Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull Goal Score: 800 EQ & TU