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If scores are higher does bank lower apr ?

Frequent Contributor

If scores are higher does bank lower apr ?

I just  had two 150 day lates removed from my report , if my scores go up  will I qualify for a lower apr ?    I will be getting a limit increase review in december.  My scores have been under 697 and if they go up I may qualify for a lower apr.  Should I ask for a lower apr if scores go up. Im at 11.99 with chase right now , is it pushing it to ask for it to be lowered ? Also they just upgraded my card to freedom after I called and asked. 

Message 1 of 9
8 REPLIES
Frequent Contributor

Re: If scores are higher does bank lower apr ?


cats63 wrote:

I just  had two 150 day lates removed from my report , if my scores go up  will I qualify for a lower apr ?    I will be getting a limit increase review in december.  My scores have been under 697 and if they go up I may qualify for a lower apr.  Should I ask for a lower apr if scores go up. Im at 11.99 with chase right now , is it pushing it to ask for it to be lowered ? Also they just upgraded my card to freedom after I called and asked. 



I don't know if you'll get any lower than 11.99% on the Freedom. 

 

Looking at the current available APRs for new Freedom apps; the Freedom starts at 11.99, and goes up from there. 

https://creditcards.chase.com/credit-cards/chase-freedom.aspx

 

As always, YMMV.

 

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Message 2 of 9
Senior Contributor

Re: If scores are higher does bank lower apr ?

While you may already be at the lowest level for the Freedom, there really is no downside to asking.  I don't think anyone does hard credit pulls for asking for an APR reduction.  I've never heard of that anyway (but as I've said before, without trying too hard you could fill a book with things I've never heard of that are true).


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 3 of 9
Established Contributor

Re: If scores are higher does bank lower apr ?

Honestly, you'll be hard-pressed to find ANY card with rate lower than 11.99; and reward credit cards typically have high interest rate, you are pretty fortunate to have a freedom with just 11.99%.


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


Take the FICO Fitness Challenge
Message 4 of 9
Valued Contributor

Re: If scores are higher does bank lower apr ?

11.99 is already very low, especially for Freedom.  Doesn't hurt to ask, but don't get your hopes up.


In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Message 5 of 9
Frequent Contributor

Re: If scores are higher does bank lower apr ?

Thanks for the advice.  I think I will just stay where Im at 11.99 %. I wasn't sure if 11.99 was good or just OK but now I guess I feel lucky to have 11.99%. I have to wait 30-45 days before my scores will change I wonder what impact  two sears accounts 150 days late from 2006 will   have on my scores after they  disappear from my credit report.  When I get my balance down what  score should I have for a city card with balance transfer, what bureau does city use in Wisconsin or anywhere. 

Message 6 of 9
Valued Contributor

Re: If scores are higher does bank lower apr ?

Anyone have a Chase Sapphire below 15.24%? Is that possible? The lowest I see is 15.24% which is my rate.

Message 7 of 9
Frequent Contributor

Re: If scores are higher does bank lower apr ?

Not to change your question I  wanted to say I was at 13.24 for over 3 years before they changed my apr to 11.99 %.  I have had a checking account with chase  for a long time also. I thought I saw the freedom card advertised for 9.99 somewhere ?

Message 8 of 9
Highlighted
Valued Contributor

Re: If scores are higher does bank lower apr ?


cats63 wrote:

Thanks for the advice.  I think I will just stay where Im at 11.99 %. I wasn't sure if 11.99 was good or just OK but now I guess I feel lucky to have 11.99%. I have to wait 30-45 days before my scores will change I wonder what impact  two sears accounts 150 days late from 2006 will   have on my scores after they  disappear from my credit report.  When I get my balance down what  score should I have for a city card with balance transfer, what bureau does city use in Wisconsin or anywhere. 


For a little perspective, I was approved with a 716 EX and they hit me with a 22.99 (highest at the time) APR.  I know 716 isn't anything to brag about, but i don't think it deserves the highest interest rate either.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Message 9 of 9