How is chase with lowering Purchase APRs?

[creditconcept]

Makes sense....wait, build a good relationship, get the Ficos back up and try again lol...thanks.

[Imperfectfuture]

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@creditconcept wrote:

Thanks guys, appreciate the honesty.

My problem is that I am stuck in the land of abysmal APRs. Before I had any other credit, I had a 1 year old installment loan on my profile, so when I went for credit cards, I did not have to start with secured or creditOne cards. I got chase freedom, discover, BoA, and Cap One, but my problem is that all of my cards have the exact same APR 22.9% except for capOne which is 25% (more on this in a sec)

I want to lower these APRs, but none seem to budge, and I dont want to apply for new products because my AAoA is 2 years 7 months, so I dont want to apply for new products....

But Ill figure it out. I asked everyone to lower my APR tonoght thourgh secure message, and I have only gotten 1 response so far. Capital One said they would lower it from 25% to 21% for 7 months, and them put it back at 25% I just said whatever and took it. I just feel stuk now lol

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When I outgrow cards, I cancel.  That apr from cap one is horrible.  You could reach out to executive office for manual review, which I have done.   I also cancelled my only rebuilder card today (legacy visa), they countered with temp 19.99, but no waiver of 75 annual fee.  Let then go.

So take reduction, try with EO, if no joy, cancel when time is right.  At least with Amex, you can make multiple negotiations for lowered apr as you gain history. 

[FinStar]

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@creditconcept wrote:

Makes sense....wait, build a good relationship, get the Ficos back up and try again lol...thanks.

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Exactly.  Just keep in mind, while several individuals may not have had success with Chase, doesn't mean you will not.  No profile, while similar on the surface, is the same.  It will take some time but it's not impossible.  The other CCs will be a little easier to manage of course.

[Imperfectfuture]

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@NRB525 wrote:

I had a card from 1998, a bank Chase absorbed. I put a large BT on it in 2006, at 3.99%, close to $30k borrowed at that time. Chase accellerated the payment terms on cards with those Forever offers, and even tried to force out the offers to get it to a higher APR. There was a class action lawsuit, States Attorney General got involved I think, so they backed off that APR change, kept the 5% monthly minimum payment rate.

I just paid the last of it off in September 2014, sent a letter to Chase asking about an APR reduction from the 29.99% rate they had put on the account. Not even a penalty rate, never a late anywhere. This was the new standard rate.

No.

So I closed it. Now this is an extreme case, but even after I had paid the account according to terms, paid it to zero, they were not able to look past that and even "reduce" the a APR to, say, 19.99% ("I got an APR reduction!" not).

OP your scores are less than 700. I would say you need to be above 760 before you are going to be considered for APR reductions on existing cards.

Good luck!

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Agree with this.  The closer to 800, the better the negotiation.

[Open123]

With Chase, the odds aren't very good.  Generally, the most effective way to lower the APR on Chase cards is to app again when your scores are better.

[kdm31091]

Discover will absolutely lower your APR upon request, assuming they decide you qualify for it. But they have no problem doing it. They have lowered mine twice, every 6 months. Amex is also good about it.

Haven't tried with Cap One yet as I'm still in 0% period and they can't change it, but in September I will be trying.

Unfortunately, Chase is just basically a no go, and if you don't want to apply for anything new, you just kind of have to resign yourself to the fact that it is extremely unlikely it will be lowered.

With the whole PIF thing -- I get that point because I PIF as well. There's just something psychologically satisfying about having a lower APR, even if I hope to never have to "use" it. It just feels better to have it lowered.

[mongstradamus]

i learned the hard way that applying for cards when your credit isn't optimal isn't the best idea in the world. My freedom will be forever 22.99 % unless i PC my CSP to it. My bce and freedom have ridiculously high APR due to me being impatient and apping when i shouldn't have. 

[dwz55]

Looks like I'm the only one with luck getting a lower APR with Chase ,my Freedom went from 22.99 to 12.99 after 2 years of having the card. Then again it was an auto decrease that I didn't even notice since I was paying in full.

[Open123]

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@mongstradamus wrote:

i learned the hard way that applying for cards when your credit isn't optimal isn't the best idea in the world. My freedom will be forever 22.99 % unless i PC my CSP to it. My bce and freedom have ridiculously high APR due to me being impatient and apping when i shouldn't have. 

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Unlike Chase, at least Amex will lower your APRs with very little fanfare.

[mongstradamus]

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@Open123 wrote:

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@mongstradamus wrote:

i learned the hard way that applying for cards when your credit isn't optimal isn't the best idea in the world. My freedom will be forever 22.99 % unless i PC my CSP to it. My bce and freedom have ridiculously high APR due to me being impatient and apping when i shouldn't have. 

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Unlike Chase, at least Amex will lower your APRs with very little fanfare.

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I don't really care much for my BCE so i am probably not going to bother with the APR request. My EDP has decent APR lower than my other "travel cards" that all hover around 14.99 %. Its good to know the feature is there though!! I was kind of curious why amex didn't give me optimal apr when i got my card , they gave me my fico of 796, guess that wasn't good enough for them lol