topic Re: NFCU APR reduction request in Credit Card Applications

NFCU APR reduction request

MauiMan85297 — Wed, 23 Feb 2022 18:38:13 GMT

One of the repliers (@debtphobe ) to a previous post about my CLI approval on my Platinum card stated I should request an APR reduction from the 10.99% I presently have. Sent this message over the online portal yesterday and waiting for an email response back.

I'm making this inquiry in hopes of getting a reduction in my APR down to 5.99% as I have excellent credit with multiple accounts with you in excellent standing as well as sizable money in the checking account. Please review me for this request and look forward to hearing back from you. TIA

Re: NFCU APR reduction request

SUPERSQUID — Wed, 23 Feb 2022 19:22:24 GMT

Hi, not to distract from your question.

I notice in your siggy you have a kohls card with a 6500 cl? Is that true?

It has been posted that 3k is the max cl on that card.

Re: NFCU APR reduction request

Adkins — Wed, 23 Feb 2022 19:26:10 GMT

@SUPERSQUID wrote:
Hi, not to distract from your question.
I notice in your siggy you have a kohls card with a 6500 cl? Is that true?
It has been posted that 3k is the max cl on that card.

Probably grandfathered in; $3K is the typical maximum CL now. I've seen $6K before, but they are few and far in between. (Not to speak for the OP, but that's my guess!)

Re: NFCU APR reduction request

AverageJoesCredit — Wed, 23 Feb 2022 20:15:17 GMT

@MauiMan85297 wrote:
One of the repliers (@debtphobe ) to a previous post about my CLI approval on my Platinum card stated I should request an APR reduction from the 10.99% I presently have. Sent this message over the online portal yesterday and waiting for an email response back.

I'm making this inquiry in hopes of getting a reduction in my APR down to 5.99% as I have excellent credit with multiple accounts with you in excellent standing as well as sizable money in the checking account. Please review me for this request and look forward to hearing back from you. TIA

Uhm i dont think your money will persuade them lol as im sure alot of people use that as why they should get a reduction. Honestly all you need to do is ask for an apr reduction and if if you qualify they will grant it. If not, try again in a few months.

Re: NFCU APR reduction request

MauiMan85297 — Wed, 23 Feb 2022 20:41:32 GMT

It started out at $1800 many years ago

@SUPERSQUID wrote:
Hi, not to distract from your question.
I notice in your siggy you have a kohls card with a 6500 cl? Is that true?
It has been posted that 3k is the max cl on that card.

and I kept asking for CLI's until the last 3x I've had no luck in a CLI. I use it 1x per year just so they don't close it, my CL's in my siggy are kept up to date.

Re: NFCU APR reduction request

SUPERSQUID — Wed, 23 Feb 2022 21:35:34 GMT

@MauiMan85297 wrote:
It started out at $1800 many years ago
@SUPERSQUID wrote:
Hi, not to distract from your question.
I notice in your siggy you have a kohls card with a 6500 cl? Is that true?
It has been posted that 3k is the max cl on that card.

and I kept asking for CLI's until the last 3x I've had no luck in a CLI. I use it 1x per year just so they don't close it, my CL's in my siggy are kept up to date.

Thanks

Re: NFCU APR reduction request

MauiMan85297 — Wed, 23 Feb 2022 21:47:23 GMT

This just came in, looks like they didn't want to give me 5.99% (you gotta swing for the fences when asking) but 6.99% is better than 10!!!

Navy Federal Response 02/23/2022 : Thank you for using Navy Federal's eMessaging Service, Mr. ********. You are eligible for a reduction to 6.99% on your Platinum Visa account. Please be advised this is only a quote effective at the time of this eMessage. Your APR is variable and may change at any time without further notice. If you accept this reduction, you must retain the rate for 12 months before requesting another rate decrease evaluation. Please reply to this message if you wish to accept this rate.

Your Message 02/22/2022 : I'm making this inquiry in hopes of getting a reduction in my APR down to 5.99% as I have excellent credit with multiple accounts with you in excellent standing as well as sizable money in the checking account. Please review me for this request and look forward to hearing back from you. TIA

Re: NFCU APR reduction request

OmarGB9 — Thu, 24 Feb 2022 01:07:08 GMT

Congrats on the interest rate reduction!

Re: NFCU APR reduction request

Anonymous — Thu, 24 Feb 2022 01:53:51 GMT

Congrats on the rate reduction. That is not a bad reduction at all. Nothing to sneeze at.

Re: NFCU APR reduction request

Wavester64 — Thu, 24 Feb 2022 16:17:28 GMT

@MauiMan85297 wrote:
One of the repliers (@debtphobe ) to a previous post about my CLI approval on my Platinum card stated I should request an APR reduction from the 10.99% I presently have. Sent this message over the online portal yesterday and waiting for an email response back.

I'm making this inquiry in hopes of getting a reduction in my APR down to 5.99% as I have excellent credit with multiple accounts with you in excellent standing as well as sizable money in the checking account. Please review me for this request and look forward to hearing back from you. TIA

I know you can request a reduction on an APR each year on the anniversary of the date the CC account was opened. I did not know (or have I ever heard) of actually making a request to what you would like the APR to be. Good luck to you, I look forward to see if you get this.

Re: NFCU APR reduction request

pizzadude — Thu, 24 Feb 2022 19:51:08 GMT

Congrats on the rate reduction, either 5.9 or 6.9 is a great rate for a revolving account considering that most rates are north of 15%.

Re: NFCU APR reduction request

debtphobe — Tue, 15 Mar 2022 11:25:10 GMT

Congrats @MauiMan85297! An almost 40% rate reduction -- not too shabby!

For the record, I called in and spoke to a person to ask for my rate reduction. Also, I didn't ask for a specific APR -- I just asked for a rate reduction. In any event, good stuff!

Re: NFCU APR reduction request

MauiMan85297 — Tue, 15 Mar 2022 15:48:34 GMT

@debtphobe wrote:
Congrats @MauiMan85297! An almost 40% rate reduction -- not too shabby!

For the record, I called in and spoke to a person to ask for my rate reduction. Also, I didn't ask for a specific APR -- I just asked for a rate reduction. In any event, good stuff!

All good, I knew that the 5.99% rate was their lowest so that's the reason why I asked for a specific rate. 2 years ago I asked them for APR reduction on my GO Rewards and was reduced to 10.99%- so this time I wanted to plant that seed on what I was looking for. Totally happy with 6.9% and appreciate the help!

Re: NFCU APR reduction request

Rottweilerlvr — Tue, 15 Mar 2022 16:19:41 GMT

This post had me ask about a rate reduction on my cash rewards card. Went from 18 to 16.99. I had asked for 14.99. My Amex just became eligible. It's currently at 16.99. I'm going to wait a little bit since I just did my cash rewards.Just plugging away on my credit journey...

Re: NFCU APR reduction request

800wannabe420 — Tue, 15 Mar 2022 16:56:22 GMT

@Rottweilerlvr wrote:
This post had me ask about a rate reduction on my cash rewards card. Went from 18 to 16.99. I had asked for 14.99. My Amex just became eligible. It's currently at 16.99. I'm going to wait a little bit since I just did my cash rewards.Just plugging away on my credit journey...
@Rottweilerlvr
You don't really need to wait unless you want to...
Providing your Amex is at least a year old and it has been a year since your last APR reduction request, you can ask for multiple cards at the same time.
Each card is a separate entity and waiting 365+days doesn't buy you anything.
Actually, if you don't get the lowest APR reduction possible, it delays the date you can ask again.

Re: NFCU APR reduction request

Rottweilerlvr — Tue, 15 Mar 2022 17:08:32 GMT

@800wannabe420 wrote:
@Rottweilerlvr wrote:
This post had me ask about a rate reduction on my cash rewards card. Went from 18 to 16.99. I had asked for 14.99. My Amex just became eligible. It's currently at 16.99. I'm going to wait a little bit since I just did my cash rewards.Just plugging away on my credit journey...
@Rottweilerlvr
You don't really need to wait unless you want to...
Providing your Amex is at least a year old and it has been a year since your last APR reduction request, you can ask for multiple cards at the same time.
Each card is a separate entity and waiting 365+days doesn't buy you anything.
Actually, if you don't get the lowest APR reduction possible, it delays the date you can ask again.

Well, my thought process is if my rate on my Amex is what my cash rewards went to, then they probably don't see me credit worthy for something lower. That is why I was going to wait a little bit. Is that not the case?

Re: NFCU APR reduction request

800wannabe420 — Tue, 15 Mar 2022 17:17:58 GMT

@Rottweilerlvr wrote:
@800wannabe420 wrote:
@Rottweilerlvr wrote:
This post had me ask about a rate reduction on my cash rewards card. Went from 18 to 16.99. I had asked for 14.99. My Amex just became eligible. It's currently at 16.99. I'm going to wait a little bit since I just did my cash rewards.Just plugging away on my credit journey...
@Rottweilerlvr
You don't really need to wait unless you want to...
Providing your Amex is at least a year old and it has been a year since your last APR reduction request, you can ask for multiple cards at the same time.
Each card is a separate entity and waiting 365+days doesn't buy you anything.
Actually, if you don't get the lowest APR reduction possible, it delays the date you can ask again.

Well, my thought process is if my rate on my Amex is what my cash rewards went to, then they probably don't see me credit worthy for something lower. That is why I was going to wait a little bit. Is that not the case?

@Rottweilerlvr

I don't think it matters, otherwise we would all have the same APR for all our NFCU cards from the get go.

Each card is unique in that cards with higher rewards tend to have a higher minimum APR...

Re: NFCU APR reduction request

OmarGB9 — Wed, 16 Mar 2022 01:02:33 GMT

@800wannabe420 wrote:
@Rottweilerlvr wrote:
@800wannabe420 wrote:
@Rottweilerlvr wrote:
This post had me ask about a rate reduction on my cash rewards card. Went from 18 to 16.99. I had asked for 14.99. My Amex just became eligible. It's currently at 16.99. I'm going to wait a little bit since I just did my cash rewards.Just plugging away on my credit journey...
@Rottweilerlvr
You don't really need to wait unless you want to...
Providing your Amex is at least a year old and it has been a year since your last APR reduction request, you can ask for multiple cards at the same time.
Each card is a separate entity and waiting 365+days doesn't buy you anything.
Actually, if you don't get the lowest APR reduction possible, it delays the date you can ask again.

Well, my thought process is if my rate on my Amex is what my cash rewards went to, then they probably don't see me credit worthy for something lower. That is why I was going to wait a little bit. Is that not the case?
@Rottweilerlvr

I don't think it matters, otherwise we would all have the same APR for all our NFCU cards from the get go.
Each card is unique in that cards with higher rewards tend to have a higher minimum APR...

Agreed. Each card is evaluated on its own merits as well as your overall profile. Plus, it doesn't hurt to ask! It's not like there's a "CLI request" waiting period if denied.