topic Re: Cancel freedom and apply again for better APR ?! in Credit Cards

Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:19:11 GMT

i would loose 2 yr history. With it , or should I just call chase and ask for a lower apr ?!

Re: Cancel freedom and apply again for better APR ?!

Imperfectfuture — Tue, 10 Feb 2015 16:21:03 GMT

Interested in responses to this as well. Am pre approved at 18.99%, wonder if it gets better next year.

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:26:22 GMT

Do you frequently carry balances? I guess is losing 2 years AAoA worth a POSSIBLE couple percent off your interest? i would call and ask before doing anything that crazy. or just apply for another freedom and SD your old one.

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:28:02 GMT

Call to see if they can do an apr reduction. that way you dont have to close the accunt.

Re: Cancel freedom and apply again for better APR ?!

Imperfectfuture — Tue, 10 Feb 2015 16:28:49 GMT

@Anonymous wrote:
Do you frequently carry balances? I guess is losing 2 years AAoA worth a POSSIBLE couple percent off your interest? i would call and ask before doing anything that crazy. or just apply for another freedom and SD your old one.

Closing a cc doesn't lose the account history for ten years. Just an FYI. I still have an old capital one card reporting on eq closed by consumer,

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:29:44 GMT

@Imperfectfuture wrote:
Interested in responses to this as well. Am pre approved at 18.99%, wonder if it gets better next year.

I'm at 22.9% it was one of my first cards when I started this credit card thing in 2012 :/

Citi Double Cash 1k, CSP 5k , Chase United 5k , BOFA Cash 4.5k , Discover it 1k , Chase Slate 2k , Chase Freedom 1k , Hilton Amex 3k

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:30:41 GMT

@Imperfectfuture wrote:
@Anonymous wrote:
Do you frequently carry balances? I guess is losing 2 years AAoA worth a POSSIBLE couple percent off your interest? i would call and ask before doing anything that crazy. or just apply for another freedom and SD your old one.
Closing a cc doesn't lose the account history for ten years. Just an FYI. I still have an old capital one card reporting on eq closed by consumer,

very true. but 10 years from now, He'll lose a 12 year old account. just something to consider. Definitely look at the post about closing CCs. its very detailed. i still say call or get another

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:33:18 GMT

10 years from now the rest of the cards will have aged another 10 years. Is that really a concern? O.o

OP good luck, from what I've read Chase isnt very accommodating with lowering APR but it doesnt hurt to ask

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:34:06 GMT

@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
Do you frequently carry balances? I guess is losing 2 years AAoA worth a POSSIBLE couple percent off your interest? i would call and ask before doing anything that crazy. or just apply for another freedom and SD your old one.
Closing a cc doesn't lose the account history for ten years. Just an FYI. I still have an old capital one card reporting on eq closed by consumer,
very true. but 10 years from now, He'll lose a 12 year old account. just something to consider. Definitely look at the post about closing CCs. its very detailed. i still say call or get another

Ten years out is really too long to worry about. Apart from potentially large changes in account line, by that time we will probably be at least two more generations of FICO score, which might do things in a very different way.

But, while closing the card doesn't immediately impact AAoA, getting a new account will! The fewer accounts (opened and closed) the larger the impact.

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 16:34:56 GMT

@Anonymous wrote:
@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
Do you frequently carry balances? I guess is losing 2 years AAoA worth a POSSIBLE couple percent off your interest? i would call and ask before doing anything that crazy. or just apply for another freedom and SD your old one.
Closing a cc doesn't lose the account history for ten years. Just an FYI. I still have an old capital one card reporting on eq closed by consumer,
very true. but 10 years from now, He'll lose a 12 year old account. just something to consider. Definitely look at the post about closing CCs. its very detailed. i still say call or get another
Ten years out is really too long to worry about. Apart from potentially large changes in account line, by that time we will probably be at least two more generations of FICO score, which might do things in a very different way.

But, while closing the card doesn't immediately impact AAoA, getting a new account will! The fewer accounts (opened and closed) the larger the impact.

That is a very good point. OP, i think the best thing to to is call and ask. then go from there.

Re: Cancel freedom and apply again for better APR ?!

Jerry45 — Tue, 10 Feb 2015 16:39:47 GMT

Re: Cancel freedom and apply again for better APR ?!

bigbang91 — Tue, 10 Feb 2015 17:35:56 GMT

this is what Chase told me when I asked for apr reduction, although i did ask too soon, my 0 % ends at the end of this month.

I understand your dissatisfaction regarding the current
APR on your account. We do appreciate the way you are
managing your account. An excellent credit history and
credit score are important considerations in establishing
the pricing of any loan, including credit cards.

We have reviewed your account, and your current APR is the
lowest rate available for your account at this time.

Please keep in mind that there are a number of factors are
considered to determine if an APR can be reduced. These
include the costs of providing the benefits and features
of the credit card, how an account is used, and an
individual?s payment and overall credit history.

Thank you for taking the time to share your concerns. I
apologize if my conclusion is not in agreement with the
outcome you anticipated.

If you have any further questions, please reply using the
Secure Message Center.

this is the number they told me to call if i have any other question

Senior Service Specialist
Phone: 1 844 540 0915

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 17:48:03 GMT

wait until next month

Re: Cancel freedom and apply again for better APR ?!

Habibimo — Tue, 10 Feb 2015 20:08:12 GMT

I have my freedom since 2008. Every year i carry a balance of about 3000 to 3500 and then PIF within 6 months or so. I never really knew how all that APR worked. About 2 years ago i was struggling with my finances. My rate was i think 21% or 22%. I called first time in 2013 for APR reduction and was told the same thing that it was the lowest for my account and check back in 6 months. Called 2nd time last year and they said they will review my account. So after a few minutes. of hold they gave me a 11.99% APR and its still the same.
I hope it works out for you too.

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 20:09:13 GMT

@Anonymous wrote:
i would loose 2 yr history. With it , or should I just call chase and ask for a lower apr ?!

What if you apply again and get the same APR? What would you do in this case? Just curious...

Re: Cancel freedom and apply again for better APR ?!

lg8302ch — Tue, 10 Feb 2015 20:21:24 GMT

Unfortunately Chase is not accepting customer initiated APR reduction requests If you reapply there is no guarantee that you will not end up again with 22,99% APR. I would leave this account alone. I am in the same boat with my Freedom. In the meantime I can only smile at my 22,99% and should I ever want to carry a balance on my Freedom I would simply use the BT check which Chase sends me on a monthly basis for 2% BT fee and 0% APR...cheaper anyway than even their lowest APR of 13,99% on Freedom. Or use any other card instead

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 20:25:18 GMT

I plan on canceling the freedom when the 0% period ends, myself.

I'll reapply around January 2017 or so.

Re: Cancel freedom and apply again for better APR ?!

bigbang91 — Tue, 10 Feb 2015 21:03:23 GMT

Its weird that the freedom apr is high compare to my other more premium cards. 18.99% compare to 13.24 United, 15.24 CSP and BA.

Re: Cancel freedom and apply again for better APR ?!

lg8302ch — Tue, 10 Feb 2015 21:17:13 GMT

@bigbang91 wrote:
Its weird that the freedom apr is high compare to my other more premium cards. 18.99% compare to 13.24 United, 15.24 CSP and BA.

It is not only Chase that is not consistent with APR among their cards... I just got US Airways two weeks ago and Barclays gave me 19,99% but lowered the Arrival + to 10,99% today.. equally strange as nothing has changed since then.

Re: Cancel freedom and apply again for better APR ?!

Anonymous — Tue, 10 Feb 2015 21:55:20 GMT

@bigbang91 wrote:
Its weird that the freedom apr is high compare to my other more premium cards. 18.99% compare to 13.24 United, 15.24 CSP and BA.

Freedom has 13.99 18.99 and 22.99 tiers. The CSP they get 89 or 95 bucks per customer in AF after the 1st year. All CSP cards have the same rate, i would assume maybe the same is true on the others as well.

To OP, run the chase prequal. see what rate a new freedom is at. I believe you can have 2 of them so it will most likely pop up...if it isn't at 13.99 don't close and reapply. IF it is, call and they may reduce it...