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New Member
Posts: 7
Registered: ‎11-06-2007
0

Just Lowered My Rate! (and so easy)

Hey, just wanted to give you all a tip to call your CC companies and inquire for a rate decrease. I only use one of my CC's, so that's the only company I called. Here's what I got:

Wells Fargo Visa
$15,000 limit, $2,000 balance
APR 16.85% (prime + 8.6 variable rate)
had the card almost 2 years now (1 yr, 10 mo)
history: always payed on time, called to increase limit from $6k to $10k after first 6 months, and from $10k to $15k after first year.

They gave me two options:
1. prime rate + 2.9% (10.65%) which was variable based on the prime rate
2. 11.9 fixed for 7 months, then it would reset to the old one

I'm not sure why I would go with option 2, but I went with the variable rate, lowering my rate a whole 6 percent! Also, the rate's should go down another 0.25% in a month or so when the new Fed rate kicks in.

This took me about 5 minutes, and was cake. As soon as I got a Customer Service representative, I asked to lower my rate, and within 15 seconds they were reading my options off. Most of the time on the phone was actually spent after they approved it. They had to sit and read me the entire terms of the card with the rate, haha. Also, they did not have to do a credit check.
Moderator Emeritus
Posts: 16,381
Registered: ‎03-12-2007
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Re: Just Lowered My Rate! (and so easy)

Kewlness!
Credit Profile - FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 27 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: TU 1


Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring World Mastercard ~ Chase Freedom Signature Visa ~ CITI Dividend World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Frequent Contributor
Posts: 741
Registered: ‎11-05-2007
0

Re: Just Lowered My Rate! (and so easy)

I wish it were that easy for me...
Time is credit's best friend...it can heal any wound.
Senior Contributor
Posts: 4,596
Registered: ‎09-14-2007
0

Re: Just Lowered My Rate! (and so easy)

Wow! Congrats and WTG! Smiley Happy
"Never ever, ever be late. Never" (FUTR)
New Member
Posts: 7
Registered: ‎11-06-2007
0

Re: Just Lowered My Rate! (and so easy)

[ Edited ]

TheCynicalOne wrote:
I wish it were that easy for me...




I wonder if part of the reason it is so easy is because it is Wells Fargo and I have my checking/saving account with them. Every time I've called for a CL increase (every 6 months), or my wife has called, we've received a significant increase. This time, I call for a rate decrease and they tell me in 10 seconds that they can lower my rate.

Wonder if maybe they factor in account balances and volume from the banking side into their credit equation. I don't have a long history with them (opened the bank account a few months before the credit card, about 2 years ago). Also, my FICO scores range from 660-700 between the 3 agencies. I have been on time for those 2 years, and have not overdrafted on my bank accounts either.

Message Edited by Rimeces on 11-06-2007 03:44 PM
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Just Lowered My Rate! (and so easy)

Do you do direct deposit with them? Since both my paychecks go into USAA, they never have to wonder if I can handle a CL. They know exactly what I make! Smiley Wink
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
Posts: 7
Registered: ‎11-06-2007
0

Re: Just Lowered My Rate! (and so easy)

I don't do direct deposit with them. When I call to ask for the CLI's, they ask my annual salary (which is pretty good), and then ask what limit I would like. First time I asked for a 10k limit and they said okay. Six months later I called and did the same thing, but asked for a $15k limit and they said okay.

For the reduction in APR, they didn't ask me any questions. I just said "I'd like to see if you can lower my APR on my credit card" and they said sure, let me see what we can do. Five seconds later they said that they could lower it.
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Just Lowered My Rate! (and so easy)

Good Lord, a CCC that believes what you tell them, and gives good service to customers with good history! Who knew that there were such things left?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Posts: 741
Registered: ‎11-05-2007
0

Re: Just Lowered My Rate! (and so easy)



Rimeces wrote:

TheCynicalOne wrote:
I wish it were that easy for me...




I wonder if part of the reason it is so easy is because it is Wells Fargo and I have my checking/saving account with them. Every time I've called for a CL increase (every 6 months), or my wife has called, we've received a significant increase. This time, I call for a rate decrease and they tell me in 10 seconds that they can lower my rate.

Wonder if maybe they factor in account balances and volume from the banking side into their credit equation. I don't have a long history with them (opened the bank account a few months before the credit card, about 2 years ago). Also, my FICO scores range from 660-700 between the 3 agencies. I have been on time for those 2 years, and have not overdrafted on my bank accounts either.

Message Edited by Rimeces on 11-06-2007 03:44 PM


Excellent point.  I always forget that these are banks providing credit cards.  Of course they have a more invested interest in people who do their banking through them, not just a credit card.  I think especially if you do direct deposit with them, they would want to keep you no matter what.  Good thinking.  No wonder BOA's being so nice...
Time is credit's best friend...it can heal any wound.

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