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SCRA

Contributor

SCRA

This might be a little off topic but does anyone have any experience using the SCRA to get their interest rates down to 6%. Also does this only work on credit lines obtained before going active duty?

Message 1 of 4
3 REPLIES
Established Contributor

Re: SCRA

I have used this before. It does apply to lines of credit before going active duty. However it can be used during a deployment. At the moment my interest rate with Chase is 4% on purchases, cash advances, etc. Some lenders will reduce your interest if you have a good relationship being military. Give them a call and see what they can do.

2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Message 2 of 4
Regular Contributor

Re: SCRA

Are you deployed right now? Is that why your interest with chase at 4%, or since you told them your military they lowered it?
Message 3 of 4
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Established Contributor

Re: SCRA

Ahh...sorry I forgot that part. I am deployed and did activate the SCRA benefits with Chase. When I had a CapOne card years ago, I asked them if they could reduce the interest rate being military and having the card for a while. Even though they weren't obligated to do so, they reduced it from 24% to 12% when I wasn't deployed.

2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

Take the myFICO Fitness Challenge
Message 4 of 4