Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 260
Registered: ‎11-28-2013
0

Lowering APRs?

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?

Community Leader
Senior Contributor
Posts: 5,410
Registered: ‎11-13-2012
0

Re: Lowering APRs?

I would say it does not hurt to try. So far I only tried it with BofA and to my big surprise they accepted and gave me 9,99% on both the Travel and Cash rewards cards. Once my other cards are a bit "older" I will do a round with them as well and see what will happen.  Good luck to youSmiley Happy

Move the mouse over the cards for detailed view!
.. Last HP 05 JAN 2016 ..
Established Contributor
Posts: 656
Registered: ‎07-03-2012
0

Re: Lowering APRs?

I know Discover will lower it if you call. I generally try to remember to every six months. I don't know specifically about Chase and Amex as I've never tried to lower aprs with them.


Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
0

Re: Lowering APRs?

You can call and ask to have your APRs lowered, but you may not be successful.

 

The alternative is to seek out CCs with low rates, for example non-reward ones in the 6-9% APR range.

 

Senior Contributor
Posts: 7,832
Registered: ‎06-05-2013
0

Re: Lowering APRs?

Another recent and active thread with the same topic:

http://ficoforums.myfico.com/t5/Credit-Cards/Will-APR-come-down/td-p/2685177

Senior Contributor
Posts: 11,485
Registered: ‎10-21-2012
0

Re: Lowering APRs?


megaman1 wrote:

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?


As others have mentioned, it depends.

 

Chase, unlikely.  Products are slotted based on risk-based pricing and seldomly move from those APRs.

 

Discover, possibly.  You will need to have your account open for a minimum of 12 months and then request for a review of your APR.  They'll send you a form (if elegible) and then once the review is finalized, they will let you know if the request is approved and the new APR as applicable.

 

AMEX BCE, possibly.  Like Discover, account needs to be open for a minimum of 12 months and you can request for a review of the APR.  This one doesn't require a form, but the outcome will depend on your internal score/profile with AMEX.

Contributor
Posts: 107
Registered: ‎09-19-2013
0

Re: Lowering APRs?


FinStar wrote:

megaman1 wrote:

I have three cards (Discover IT, AMEX BCE, and Chase Freedom) which have over 20% APRs. Is there a way to get those eventually lowered throughout the year/s?


As others have mentioned, it depends.

 

Chase, unlikely.  Products are slotted based on risk-based pricing and seldomly move from those APRs.

 

Discover, possibly.  You will need to have your account open for a minimum of 12 months and then request for a review of your APR.  They'll send you a form (if elegible) and then once the review is finalized, they will let you know if the request is approved and the new APR as applicable.

 

AMEX BCE, possibly.  Like Discover, account needs to be open for a minimum of 12 months and you can request for a review of the APR.  This one doesn't require a form, but the outcome will depend on your internal score/profile with AMEX.


Do these result in hard pulls?

Wells Fargo Cash Back - $2400 || Bank of America Cash Rewards - $5000 || Discover IT - $5000 || American Express BCE - $15000

FICO TU - 769
Valued Member
Posts: 58
Registered: ‎12-30-2013
0

Re: Lowering APRs?

I would call and ask if I were you. It doesn't hurt and usually won't result in a HP. You might want to ask just to clarify though. If you PIF every month, then the APR doesn't matter as much... But it'll make you feel better if it gets lowered. Smiley Happy

 

You could use the technique that you keep getting offers in the mail with lower APRs and you want to ask current CCs if they will beat or match mail offer APR. This is the route I usually go and it has always worked for me.

    $12,400              $20,000           $10,000             $6,000               $4,700               $5,800            $1,050 (AU)
Suncoast CU VISA - $2500, BOA BBR VISA - $1000 || EX - 778 (12/13), EQ - 764 (12/13), TU - 763 (12/13) || Grad Student
New Contributor
Posts: 182
Registered: ‎11-26-2013
0

Re: Lowering APRs?

Does anyone have experience getting apr lowered on a wells fargo card?
Discover Tu 730(2/14) DCU Eq 725(2/28)

Bouncing back from new accts and inqs. Hope to be back over 760 soon.
Contributor
Posts: 107
Registered: ‎09-19-2013
0

Re: Lowering APRs?

[ Edited ]

DFStudent wrote:

I would call and ask if I were you. It doesn't hurt and usually won't result in a HP. You might want to ask just to clarify though. If you PIF every month, then the APR doesn't matter as much... But it'll make you feel better if it gets lowered. Smiley Happy

 

You could use the technique that you keep getting offers in the mail with lower APRs and you want to ask current CCs if they will beat or match mail offer APR. This is the route I usually go and it has always worked for me.


Great point! Ya I PIF always but it feels weird to have cards at 22+% And like you said, I'll feel better with them lowered Smiley Happy

Wells Fargo Cash Back - $2400 || Bank of America Cash Rewards - $5000 || Discover IT - $5000 || American Express BCE - $15000

FICO TU - 769

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.