topic Re: When to ask for a lower APR in Credit Cards

When to ask for a lower APR

Anonymous — Wed, 18 May 2016 17:39:37 GMT

When is a reasonable time to ask your lender for a reduced APR? Ive had a Wells Fargo card for 19 months, Cap1 for 7, Discover for 3, and AMEX for 1. When would a realistic time be to ask them? Im sure that the newer accounts would be a no go. How much longer should I wait?

Re: When to ask for a lower APR

Themanwhocan — Wed, 18 May 2016 17:41:46 GMT

For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.

Re: When to ask for a lower APR

Anonymous — Wed, 18 May 2016 21:41:40 GMT

This may be a silly question and I don't mean to hijack, but does requesting a lower APR use a HP?

Re: When to ask for a lower APR

B335is — Wed, 18 May 2016 22:12:27 GMT

@Anonymous wrote:
This may be a silly question and I don't mean to hijack, but does requesting a lower APR use a HP?

No it won't.

I'm a big advocate of proactively requesting APR reductions. Quite a few lenders are more than willing to cut interest rates.

Re: When to ask for a lower APR

score_building — Wed, 18 May 2016 22:24:25 GMT

Generally it doesn't, including the issuers mentioned in OP but as with many things credit related YEMV.

Alliant CU for e.g. typically has a strict score requirement and typically does HP for APRD requests.

Re: When to ask for a lower APR

Anonymous — Wed, 18 May 2016 22:51:09 GMT

@Themanwhocan wrote:
For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.

Not necessarily. Discover offered me 0% APR for 12 months and I took it.

Re: When to ask for a lower APR

score_building — Wed, 18 May 2016 22:54:01 GMT

@Anonymous wrote:
When is a reasonable time to ask your lender for a reduced APR? Ive had a Wells Fargo card for 19 months, Cap1 for 7, Discover for 3, and AMEX for 1. When would a realistic time be to ask them? Im sure that the newer accounts would be a no go. How much longer should I wait?

Sooner than 6 months may be too early to improve profile sufficiently to qualify in general so is probably a good rule of thumb, since it can't hurt to ask, place request before revolving any balance even if that's earlier.

Re: When to ask for a lower APR

Anonymous — Wed, 18 May 2016 22:54:59 GMT

Asking for an APR reduction can be a HP depending on lender. Chase is one.

Cap1 won't permanently reduce your APR. you'll get a promo for like 6 months or something.

Discover told me to wait a year (that's ymmv though)

AmEx is good if you're not in a 0% period.

Re: When to ask for a lower APR

score_building — Wed, 18 May 2016 23:03:24 GMT

@Anonymous wrote:
Asking for an APR reduction can be a HP depending on lender. Chase is one.

Cap1 won't permanently reduce your APR. you'll get a promo for like 6 months or something.

Discover told me to wait a year (that's ymmv though)

AmEx is good if you're not in a 0% period.

Chase doesn't really entertain APRD requests, would be hard pressed to find a card holder who received one on request with or without HP.

Re: When to ask for a lower APR

Themanwhocan — Wed, 18 May 2016 23:24:49 GMT

@Anonymous wrote:
@Themanwhocan wrote:
For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.
Not necessarily. Discover offered me 0% APR for 12 months and I took it.

If that is what you are interested in, then thats fine. But you are not likely to get any permanent APR reductions while that temporary reduction is in effect. So if your goal is permanent reduction, it can be best to keep your eye on the prize and don't allow them to distract you with other offers if you aren't going to use those offers.

Re: When to ask for a lower APR

Anonymous — Wed, 18 May 2016 23:59:07 GMT

Hence why I just said chase is one... HP...

Re: When to ask for a lower APR

score_building — Thu, 19 May 2016 00:30:06 GMT

@Anonymous wrote:
Hence why I just said chase is one... HP...

Actually, they don't really grant customer initiated APRD requests at all.

Re: When to ask for a lower APR

Anonymous — Thu, 19 May 2016 00:23:51 GMT

I have seen plenty on here who have tried, got a HP and failed. If that changed then whatever but it's not worth going on a tangent over.

Re: When to ask for a lower APR

score_building — Thu, 19 May 2016 01:05:25 GMT

Figured if it may spare a HP for a request that will not be granted regardless, no harm in mentioning it.

Re: When to ask for a lower APR

Anonymous — Thu, 19 May 2016 00:34:57 GMT

Agreed. I wouldn't waste the time with chase or cap1.

Re: When to ask for a lower APR

galahad15 — Thu, 19 May 2016 00:40:14 GMT

Some cc lenders will give AA, for requesting APR reductions Both before and after CARD Act...I've been there, had that happen...

Re: When to ask for a lower APR

Anonymous — Thu, 19 May 2016 00:41:28 GMT

Haha true. Amex shouldn't, though, as it's all computer. BofA kind of comes to mind for a possible AA

Re: When to ask for a lower APR

Anonymous — Thu, 19 May 2016 01:02:03 GMT

So when could I ask for one on my Amex? Squeaked through with the approval with a 1000 SL. I'm thinking around six months?

Re: When to ask for a lower APR

Themanwhocan — Thu, 19 May 2016 01:32:57 GMT

@Anonymous wrote:
So when could I ask for one on my Amex? Squeaked through with the approval with a 1000 SL. I'm thinking around six months?

I was granted an APR decrease on my Amex BCE on 10/15/2015 and on 2/8/2016. So, less than 4 months apart.

Re: When to ask for a lower APR

Anonymous — Thu, 19 May 2016 01:35:32 GMT

How long was your BCE open for when you got your first apr decrease