Tactics for lowering APR?

[larinoriani]

Hi,

I was wondering if  someone could help me or if there is a guideline here on how to deal with the CC companies when requesting APR reductions?

I have 5 CC ranging from 17.99 to 29.99%, all with $0.00 balance, that I got when my FICO's where in the 600's, now that I'm on the 700's, I want to try and see what I can do. I don't use or plan to carry balances on them, just want to check what I can do to get them to lower the APR's.

Thanks for any help, links etc!

.

[Anonymous]

Before you do anything you must first see what exactly the credit card interest rates are that are offered for the cards you have.

Some products simply may not go below the rates you want.

From there you can figure if you may need to open other cards/cancel some to get the rates you want.

Granted if you are not planning on carrying balances the interest rate does not matter.

[Anonymous]

Hi larinoriani! Welcome to the myFICO forums!

Seeking an APR adjustment while you're not revolving debt is a good idea! Giving more information about the credit products that you want to seek a lower APR for would definitely help our members to give your viable suggestions!

[Anonymous]

http://www.youtube.com/watch?v=mSQzt9qv8bg

http://www.youtube.com/watch?v=38HXemMf3oY

Hi mordaane.

You might be wondering how your post went from the first reply to the third and where it's been for almost 12 hours. I was trying to move some things around this morning and unfortunately your post was the target of my efforts and I worked and worked on my own to get it back here but it took the kind help of LilMirth to get your post back here.

I apologize for all of that.

-marinevietvet, myFICO moderator

[larinoriani]

Thanks fo ryour answers! Here is a snapshot of what I have:

DESCRIPTION	INTEREST RATE	LIMIT	BALANCE
CITI Diamond*	0	8,700	0
Macys	24.5	1,200	95
Lowes Project**	17.99	3,000	2,500
DELL	27.24	4,500	80
SEARS	25.24	3,100	0
CHASE	25.24	1,800	0
1st Bankof Omaha**	19.99	3,500	850

*14.99% APR after 1/1/2012

**Please note that the balances of Lowes Project card and First Bank of Omaha will be transfered to a recently acquired Citi Diamond Preferred, on which I have 0% APR until 1/1/2012, with a plan to pay them off by then.

I wouldn't want to close any of the accounts due to the credit utilization % and aging but at the same time I'm not planing on keeping any balances on ANY card, maybe just like Macys or Dell move them around $100-$200 so there's some credit activity.

As of 10/21/2010 my credit score were:

FICO EQ  737

FICO TU   742

Fako  EX  750

Thanks for any input!!