Posts: 5
Registered: ‎02-13-2009

Probability of a rate decrease?

Hey everyone,


I've been lurking for months now but only just joined. Already you have no idea how much this forum has helped me better understand my credit! So, thanks! :smileyvery-happy:


I have a question tho - my longest and favorite CC is a Citicard I got back in 2005 as a student with no credit (it's a college card). I had a baddie on my CR that I wasn't aware of until semi-recently which was from a medical bill when I was 15. I've since disputed and had it removed. Also attributing to my very high rate is the fact that I was 2 days late back in 2006 (re: new to credit and just managing my finances for the first time :smileysad:). Anyways, it was never put on my CR and I've had a perfect payment history since then, and since my baddie was removed my scores bounced from the high 500's to 704/706/726. 3 months ago I asked for my first CLI and was approved, moving me from 1800 to 3800, and then I just saw the button reappear and was instantly given another increase to $5,300 (soft pull).


Buuuut, my APR is 19.990%. I rarely carry more than a couple hundred month to month, so I'm not generally too worried about the high rate, but my question is - a) should I be? (like I said, I'm new to the game so I may not realize all the implications), and b) do I even stand a chance to have the APR decreased (ie: is it even worth the phone call?). It would seem to me that they wouldn't bother decreasing an APR if they don't have to, but perhaps I'm wrong?


Thanks ahead of time for any opinions/advice! :smileyhappy: 

Valued Contributor
Posts: 1,673
Registered: ‎02-18-2009

Re: Probability of a rate decrease?

19.9 on the type of card you have is higher  but not extreme.


You can call and ask them to reconsider your rate--be aware they could reconsider everything.

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Posts: 5
Registered: ‎02-13-2009

Re: Probability of a rate decrease?

Well then I'm very glad I've asked here first. :smileyhappy: So in your opinion, the rate isn't high enough to be worth the risk? Others agree?
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Epic Contributor
Posts: 28,115
Registered: ‎04-01-2007

Re: Probability of a rate decrease?

I never like the idea of sticking my head up out of the trench, just to get it shot off.

Ideally, you'll learn to regard the rate as irrelevant. Just don't carry a balance! If all you carry every now and then is a couple of hundred, I'd put $250 in savings and use it to help pay off your card when your balance is bigger than you can comfortably handle.

The name of the game these days in credit land is flying under the radar. Let someone else draw their attention! :smileywink:
* 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
Valued Contributor
Posts: 1,670
Registered: ‎05-24-2007

Re: Probability of a rate decrease?

How about paying it in full each month so there will be zero interest. After that has helped your score a bit, apply for another card at a lower interest rate. Consider some of the prequal sites so that you won't have an inquiry if you don't qualify. After that card has been in place for awhile, call the first one and say "I would never carry a balance at 20%".

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