New Contributor
Posts: 80
Registered: ‎06-23-2008
DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
Anyone have any advice for me?
I want to call this week and ask for a lower APR
 
No lates and I have about $1k free on a $8900 limit.
 
Thx in advance! :smileyhappy:
Established Contributor
Posts: 672
Registered: ‎07-05-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
Yikes! You ARE getting nailed.
 
You've probably already considered the BT option. But if you haven't...CONSIDER IT! Rewards cards, of which all Discover cards are I believe, tend to have consistently and significantly higher interest rates. Your best bet is to apply for a card with Navy Federal or some other credit union with a low interest rate.
 
If you still want to ask for the lower APR, how long have you had an account with them? Any baddies? What do your scores look like?
Established Contributor
Posts: 733
Registered: ‎10-23-2007
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
it seem to me that you have been rate jacked because of the high balance on the card. this is common practice with CCC. as soon as they see that you are having trouble keeping up they rate jack you.

yous options are to pay it off and then ask for a rate reduction or do a balance transfer to a card with a great BT offer.

the chances of you being able to negotiate a significantly low apr on a card that is nearly maxed out is slim to none.
____________________
FICOs: (as of 12-10-08): EX 759 | (as of 01-24-10): EQ 794 TU 756 EX ? | (as of 3-17-11): EQ 794 TU 790 EX ?

Until Chase lowers my ridiculously high APR they can kiss my patootie! Their card has been retired to the sockdrawer. :smileymad:
Valued Member
Posts: 47
Registered: ‎04-04-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
I was in a similar situation to yours and called them up. I just told them that I though my APR was high and asked if they could lower it any. It wasn't a huge help but they did lower it a couple of points.
New Contributor
Posts: 80
Registered: ‎06-23-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
FICO is in the low 600's and rising.
 
Reason why the rate has been hiked up is because of my credit score drop in the past 3 years since I opened the account.
 
I have been making large payments the last 3 months but I more or less am looking for anything to say to them that would help when I call in and ask.
Established Contributor
Posts: 665
Registered: ‎03-31-2007
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
[ Edited ]
They may drop the rate a couple of percent, but very little to help. Is this a Discover Card or a co-branded Discover card issued by HSBC or GEMB?

Message Edited by FaircreditguyFL on 08-21-2008 02:25 PM
New Contributor
Posts: 80
Registered: ‎06-23-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
I figured the drop would be minimal but anything would be better than what I have now.
Maybe I should wait longer to call after I pay down the balance...
Established Member
Posts: 53
Registered: ‎08-21-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
Dam man... I can't believe discover is treating you like that. I was 18 when I got mine and they gave me 0% APR for 7 months and then it went up to 16.9% Which is not bad compared to capital one they are getting me with a 17.9 or 20.9% rate. My advice to you is to call and reason with them to see if they could help you out. I talk to them before and they are more open then capital one. They listen to what you got to say.
TRANS - 735 / EXP - 697 / EQUI - 670 (8/29/08)
TRANS - 718 / EXP - 679 / EQUI - 645 (8/25/08)
TRANS - 692 / EXP - 674 / EQUI - 631 (8/19/08)
New Contributor
Posts: 71
Registered: ‎03-22-2007
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
If you are utd, then they will probably tell you to continue paying your min for 6 months and they will think about lowering the apr. this is common. if you want to keep the acct open then what i am about to tell you will probably not be possible.

if you longer want this acct to remain open then this is what you can do. you can ask for it to be closed. ask them about a reduced pymt prog. the prog should lower your payment and your apr as well for a fixed # of yrs. this will probably only help you if you can't afford to pay 1. the high interest or 2. the monthly payment because of the high interest.

your income has to reflect that you can't continue paying the high apr. you may or may not have to do a short app over the phone. the app will consist of what your mo expenses are.

call them and ask what options they have. if customer service won't help, ask to be transferred to the collection dept. that's where that true options are for high apr accts. with this economy banks are just trying to keep accts from charging off.


!!!!!!!!!!!!!!!!!but make sure to ask before committing to anything about whether or not the acct will be closed if you agree to the new terms. remember that closed accts don't look good for your credit. also who closed it as well. grantor/customer can show on credit report. it's better if you close it rather than the creditor
***I was an app addict, and I'm not ashamed to say it!***
New Contributor
Posts: 80
Registered: ‎06-23-2008
Re: DISCOVER Card..Need help getting a lower APR getting NAILED@28.99%
Well.... I called over the weekend and NO LUCK!
 
All they offered me was a BS 20.99% Fixed rate or a 1.99% for six months on FUTURE PURCHASES!!!
 
Worthless....
 
I even told them I was going to balance transfer what I owe to a different bank..
They did not care enough to adjust the rate even a pissy 2% and when I tried to ask more details about when and why they wouldconsider lowering the APR on PAST balances all they did is talk in circles..!