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Active Duty Military & Interest rates on auto/credit cards

Active Duty Military & Interest rates on auto/credit cards

My Fico forums have been invaluable to me to get a mortgage and lower my interest rate on my car.  Now I am helping my 18 year old Active Duty Army son start out with credit.  He just recently financed a car through NFCU and got a credit card.  The NFCU interest rate is 15% because he has no credit.  I have read on here about lowering his interest rate but just need some clarification on this.  Can he lower it by law or does that only apply to loans and credit cards he would have had previously?  Thanks in advance!

1 REPLY
Established Member

Re: Active Duty Military & Interest rates on auto/credit cards

The Servicemember's Civil Relief Act applies only to debts assumed prior to enlistment, unfortunately.