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Should I call? APR reduction

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Bman70
Established Contributor

Should I call? APR reduction

 

I contacted BofA through the website about lowering my APR. Today I got an email back, that said "I see your account is eligible to be reviewed by our account specialist." I'm eligible to be reviewed? That sounds like being eligible to apply. Lol. Still, it seems slightly promising. They gave me a number to call. Do you think that would be a HP? I'm debating whether to call or not. 


EX 822
TU 834
EQ 820


Message 1 of 14
13 REPLIES 13
chan85
Established Contributor

Re: Should I call? APR reduction

Probably would be best to call and ask that straight out.... I am leaning towards yes though.... which is why they asked you to call.... that and to probably go through a credit review....when i worked there, that's what i believe would happen...

Current Debt Management:
$15k Trinity Financial Management (scheduled pay off late 2021)
$10k NFCU
$350/mth Bridgecrest Auto Loan
Goals: Pay off credit card debt & buy a new home before end of 2020

Long Term Debt:
Fed Loans - $150k
Navient - $100k

Taking a "if God don't do it, it won't get done..." approach to paying these off.
Message 2 of 14
kevinjjc
Valued Contributor

Re: Should I call? APR reduction

You should definitely call. I've never heard of a HP for an APR reduction.

Message 3 of 14
takeshi74
Senior Contributor

Re: Should I call? APR reduction


@Bman70 wrote:

Should I call?


If you want it you should.  A call may or may not result in an APR reduction but not calling will definitely not result in one.

Message 4 of 14
StriveToProsper
Regular Contributor

Re: Should I call? APR reduction


@takeshi74 wrote:

@Bman70 wrote:

Should I call?


If you want it you should.  A call may or may not result in an APR reduction but not calling will definitely not result in one.


+1 Your best bet is to call and see what is needed to be done for an APR reduction. You might even get it without a HP - but you won't know till you try. 

Message 5 of 14
Membersince2013
Valued Contributor

Re: Should I call? APR reduction

Yeah, they told me that too via chat. You should call! For me, i called and they CSR told me that 14.99% is the best they can give me right now. I was pretty bummed. I was expecting a reduction to 9.99% or something. None of my cards are below 10% Smiley Sad

Arrival+ | Barclaycard Rewards Mastercard | Citi Double Cash | CapOne QS (2) | Citi Diamond P | Freedom | Fidelity Amex | Amex Plat | Old Blue Cash | PRG | SPG | BCP | HHonors Surpass | Cap1 Venture | Discover | CSP | Cap1 Venture1 | BOA CR&TR (2) | Ritz Carlton | Southwest Rapid Rewards | Hyatt (2) | US Airways Mastercard (2) | Wells Fargo Rewards Visa | Marriott Premier (2) |

Fico Scores as of 2/21/15 - EX: total crap, TU: total crap, EQ: total crap
Message 6 of 14
Bman70
Established Contributor

Re: Should I call? APR reduction

Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though Smiley Happy


EX 822
TU 834
EQ 820


Message 7 of 14
Themanwhocan
Senior Contributor

Re: Should I call? APR reduction


@Bman70 wrote:

Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though Smiley Happy


Better to convert it to a Better Balance Rewards card, and use it for one monthly bill. That way it generates $25 profit every 3 months. And then later you can apply for a new Cash Rewards card that you wanted... wanted for the $100 sign up bonus, that is...





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 8 of 14
lg8302ch
Senior Contributor

Re: Should I call? APR reduction


@Bman70 wrote:

Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though Smiley Happy


That is really nonsense as BofA lowered both my travel rewards and cash rewards to 9,99% and these two cards are my lowest APR cards. I guess it is a YMMV thing and it all depends on who you get on the phone.

Message 9 of 14
Themanwhocan
Senior Contributor

Re: Should I call? APR reduction


@lg8302ch wrote:

@Bman70 wrote:

Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though Smiley Happy


That is really nonsense as BofA lowered both my travel rewards and cash rewards to 9,99% and these two cards are my lowest APR cards. I guess it is a YMMV thing and it all depends on who you get on the phone.


How long did you have the cards before you asked for apr reduction? I just got my BOA Better Balance Rewards, and with a 765 FICO they gave me 18.99% apr, which seemed kinda rediculous. Then again, the $4,500 limit is rather low as well. What good is a 765 these days anyways...





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 10 of 14
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