How to get Cap One to lower Venture One apr

[Anonymous514]

So to tell the full story I opened a Capital One QS 1 card in like June 2014 had it for a year pc'd to venture one a few months ago asked for the apr lowered from the 22.9% no go...How long will I have this apr for!! They said keep using it and I will qualify for a lower offer but it's frustrating not to mention I only have a 3k limit and they wont even do a cli on the request page. With my scores 725,735,729 I should qualify for atleast 6k not to mention my current card limits! I refuse to do another Capital One application because the new account affecting my AAOA isnt worth it not to mention the 3 new inquirys!!!!!!! Hellllpppp lol

[FinStar]

If your account did not qualify for a lower APR during the initial approval, then it's anyone's guess when Capital One would review this to determine if your account is elegible for anything less.  If you received that APR, then something about your profile did not meet the requirements for anything lower.   Some folks have gone the EO route to explore this option only to learn the account terms remain the same (they'll likely only offer a temporary APR reduction but thayt's it).

It appears your profile hasn't been established for too long (credit-wise) and you have a bunch of new accounts that haven't aged beyond 12 months.  So, while other tradelines may be offering higher CLs, doesn't mean Capital One will at that point in time.  And, since you've stated that you don't want another Capital One card in your portfolio, then there's really not much room for leverage other than to wait and see if Capital One will increase your line in the distant future.

[kdm31091]

They just aren't big on lowering APRs. Don't waste too much energy expecting it. The most they tend to do is either a temporary reduction (which IMO is worthless) or a permanent one of 1-2%.

It's best to just reapply when your profile improves and get a lower APR that way because the chances of them lowering your APR by any significant amount are pretty much nothing.

[UncleB]

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@bigalkescott514 wrote:

So to tell the full story I opened a Capital One QS 1 card in like June 2014 had it for a year pc'd to venture one a few months ago asked for the apr lowered from the 22.9% no go...How long will I have this apr for!! They said keep using it and I will qualify for a lower offer but it's frustrating not to mention I only have a 3k limit and they wont even do a cli on the request page. With my scores 725,735,729 I should qualify for atleast 6k not to mention my current card limits! I refuse to do another Capital One application because the new account affecting my AAOA isnt worth it not to mention the 3 new inquirys!!!!!!! Hellllpppp lol

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All I can say is, "Welcome to the world of Capital One". 

They have their strong points (I have two of their cards myself) but you have stumbled upon two of their 'weaknesses'.  They are notoriously difficult to get an APR reduction from, if at all.  IMO, you will likely be at the APR you were assigned at account opening unless you get the EO involved, and that's anything but guaranteed.  Like FinStar mentioned they will likely offer you a 6 month temporary reduction (you can usually get this from a front-line CSR) but nothing permanent.  The only sure way to get a lower APR with them is to app for a new account with a lower rate, which brings me to the second 'weakness' you've found...

They are well-known for doing a triple-HP for all new applications... even for established customers.  Some folks have been successful in getting an approval with one bureau frozen, but others have tried this and ended up declined altogether - and wasting two HPs in the process.  I certainly understand your hesitation in moving forward with a new application, especially if your other accounts are mostly new, but unfortunately that's the nature of the beast we refer to as 'Capital One'. 

They have their down-side, like many lenders, but they have some nice perks as well - most of which you're likely already aware of.  Their cash rewards are famously easy to redeem, and they are know to most folks here to be 'reliable', as in they don't make a habit of declining your charges for silly reasons.  They also tend to not be sensitive to high usage, i.e. you can safely use all of your assigned credit line without being concerned with AA.

I know this isn't the solution you were looking for, but unfortunately it "is what it is".  What you can do is use the account you have with them now to strengthen your credit file, and in time you'll be able to get any card you want.  I know a low APR is much more desirable than a high one (I feel the same way), but for now keep in mind as long as you PIF each month the APR is meaningless.  

[Anonymous514]

Tbh if my credit limit was over 5k with them I'd probably be Okay with them

[Anonymous]

how do you lower your venture apr? you don't. simple enough lol. as previously said they may lower it to 18-19% for 6 months or so but they'll definitely have it popped right back up.

[taxi818]

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@Anonymous wrote:
how do you lower your venture apr? you don't. simple enough lol. as previously said they may lower it to 18-19% for 6 months or so but they'll definitely have it popped right back up.

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+1 best bet. Apply for a non cap one card for low apr.

[Membersince2013]

Capital One is known to not grant any permanent APR reductions.