topic Re: NFCU APR Reduction for CC and CLOC in Credit Cards

NFCU APR Reduction for CC and CLOC

Anonymous — Fri, 28 Apr 2017 18:58:02 GMT

Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied

SCORES: low 600s

Util: 87% when apped for CC, 79% when apped for CLOC

Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile

SCORES: Very High 600s to Low 700s depending on score

Util: 34% (should be less than 30% within a few days)

Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,

Re: NFCU APR Reduction for CC and CLOC

Anonymous — Fri, 28 Apr 2017 19:07:08 GMT

@Anonymous wrote:
Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied
SCORES: low 600s
Util: 87% when apped for CC, 79% when apped for CLOC
Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile
SCORES: Very High 600s to Low 700s depending on score
Util: 34% (should be less than 30% within a few days)
Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,

For credit cards, you have to wait until you have the card for a year to ask for an APR reduction and can do it again every year. You can ask over the phone and it's a pretty simple process. I may be wrong but I don't think they lower the LOC APR rates.

Re: NFCU APR Reduction for CC and CLOC

MontegoMack — Thu, 22 Jun 2017 07:40:33 GMT

Is it an HP or SP for an APR reduction?

Re: NFCU APR Reduction for CC and CLOC

Anonymous — Thu, 22 Jun 2017 08:02:37 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied
SCORES: low 600s
Util: 87% when apped for CC, 79% when apped for CLOC
Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile
SCORES: Very High 600s to Low 700s depending on score
Util: 34% (should be less than 30% within a few days)
Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,
For credit cards, you have to wait until you have the card for a year to ask for an APR reduction and can do it again every year. You can ask over the phone and it's a pretty simple process. I may be wrong but I don't think they lower the LOC APR rates.

Irish is correct that Navy does not lower your CLOC rates. The rate you initially receive for the CLOC remains the same for the life of the CLOC.

Re: NFCU APR Reduction for CC and CLOC

MontegoMack — Thu, 22 Jun 2017 08:04:54 GMT

Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?

Re: NFCU APR Reduction for CC and CLOC

UncleB — Fri, 23 Jun 2017 00:28:11 GMT

@MontegoMack wrote:
Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?

There is no HP.

I'm not sure if they do a SP in real-time or just rely on the previous AR; possibly somebody else can provide a data point on that specifically (if it's important to you).

Re: NFCU APR Reduction for CC and CLOC

CreditCuriosity — Fri, 23 Jun 2017 00:37:43 GMT

@UncleB wrote:
@MontegoMack wrote:
Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?
There is no HP.

I'm not sure if they do a SP in real-time or just rely on the previous AR; possibly somebody else can provide a data point on that specifically (if it's important to you).

One of my CC I have with them hit 1 year today and got an APR reduction today with them and all is froozen so certianly not a HP, but could of a SP or based on the last AR as you mentioned UncleB.

Also as other stated they don't lower APR of CLOC's

Re: NFCU APR Reduction for CC and CLOC

MontegoMack — Fri, 23 Jun 2017 00:40:19 GMT

My 1 year anniversary with them is in August, so perhaps I'll wait until then. I haven't asked for anything from them since opening ($22,5k limit on Platinum) because I've heard that they'll do an HP for over $25k. Getting the rate down a bit is almost a freebie, so I'll go for it then.