topic Re: Need advice on lowering apr in Credit Cards

Need advice on lowering apr

Yasselife — Sun, 08 Aug 2021 15:22:57 GMT

Hello everyone;

My older cards have an average of 22% apr... 5 yrs ago, I had a thin file and some collections on my credit and I was fortunate to get accepted by prime lenders; My credit has improved since then and now I'm being approved for good apr rates.

How is the process of doing this, will I take a hard/soft pull?

the cards are:

- capital one

-usaa

-chase freedom

-amex

-citi

Any guidance will be much appreciated.

Re: Need advice on lowering apr

M_Smart007 — Sun, 08 Aug 2021 15:35:06 GMT

@Yasselife wrote:
Hello everyone;
My older cards have an average of 22% apr... 5 yrs ago, I had a thin file and some collections on my credit and I was fortunate to get accepted by prime lenders; My credit has improved since then and now I'm being approved for good apr rates.
How is the process of doing this, will I take a hard/soft pull?
the cards are:
~~- capital one~~
-usaa ?
~~-chase freedom~~
-amex
-citi
Any guidance will be much appreciated.

The ones crossed out, you can save your time on asking. I am not sure about USAA?

Amex and Citi are possibilities?

You can Chat or call to ask if you qualify for APR reduction.

I have never had a HP for an APR reduction.

Good Luck!

ETA: You can ask on Discover , also on NFCU after the card is (1) year old.

Re: Need advice on lowering apr

Anonymous — Sun, 08 Aug 2021 17:11:50 GMT

No chance for USAA. They are tough, they will tell you to apply for another card for a lower apr.

I asked capital one on my now closed Walmart card and all they offer was a temporary apr reduction for a certain amount of months. Same with Amex. I seen Amex give a permanent reduction to someone on this board this year so it's possible.

https://ficoforums.myfico.com/t5/Credit-Cards/AMEX-APR-reductions/m-p/6244578#M1765229

I never asked Citi but I seen someone on this forum this year.

https://ficoforums.myfico.com/t5/Credit-Cards/My-first-Citi-APR-reduction/m-p/6244558

I asked Chase in the past and they said I was not eligible for one at this moment. I haven't seen one done in a while but it doesn't mean it's not being done.

I would just ask all 5 and see what your results will be.

Re: Need advice on lowering apr

Anonymous — Sun, 08 Aug 2021 17:14:06 GMT

@M_Smart007 wrote:
@Yasselife wrote:
Hello everyone;
My older cards have an average of 22% apr... 5 yrs ago, I had a thin file and some collections on my credit and I was fortunate to get accepted by prime lenders; My credit has improved since then and now I'm being approved for good apr rates.
How is the process of doing this, will I take a hard/soft pull?
the cards are:
~~- capital one~~
-usaa ?
~~-chase freedom~~
-amex
-citi
Any guidance will be much appreciated.

The ones crossed out, you can save your time on asking. I am not sure about USAA?
Amex and Citi are possibilities?
You can Chat or call to ask if you qualify for APR reduction.
I have never had a HP for an APR reduction.
Good Luck!

ETA: You can ask on Discover , also on NFCU after the card is (1) year old.

Yes Discover is good. I went from 19.74 to 12.24 last year and this year 12.24 to 11.24

Re: Need advice on lowering apr

SouthJamaica — Sun, 08 Aug 2021 17:25:20 GMT

@Yasselife wrote:
Hello everyone;
My older cards have an average of 22% apr... 5 yrs ago, I had a thin file and some collections on my credit and I was fortunate to get accepted by prime lenders; My credit has improved since then and now I'm being approved for good apr rates.
How is the process of doing this, will I take a hard/soft pull?
the cards are:
- capital one
-usaa
-chase freedom
-amex
-citi
Any guidance will be much appreciated.

Sorry to say this but I don't think you'll have a lot of success getting these outfits to lower APR's. If you want to get lower APR's you should look to credit unions.

The way to do it is call them up, and ask if you're 'eligible' for an interest rate reduction.

Re: Need advice on lowering apr

Yasselife — Sun, 08 Aug 2021 17:26:48 GMT

Hello @Anonymous and thank you. Since you have experience with USAA, do you know if they do product change or do I have to apply for a new card? The limit I have on mine is decent but apr is 25.49% lol, I would keep it if I can get better rewards.

Re: Need advice on lowering apr

Anonymous — Sun, 08 Aug 2021 17:43:07 GMT

I have the same 8 lenders as you and out of 8 I feel USAA is the one least likely to budge on anything(even with me being with Bank of America for only 3 months now). No product change allowed. Apr reduction is a no go. hard pull on credit limit increases. But even with all of that I still like USAA. Which USAA card do you have? USAA use to have amazing balance transfers 0% apr 0 balance transfer fee for 12 months. Well they probably still do have them it's just I'm not being target for them.

Re: Need advice on lowering apr

Yasselife — Sun, 08 Aug 2021 17:57:20 GMT

@Anonymous I have the cash rewards[1.5%], initially I was approved for $1,000, now it has grown to 6,500. I have a checking account and used to have car insurance. They're definitely a great bank that has earned my trust; I have had .01 cent in my checking for a whole yr and never ran into issues, I feel more comfortable there than my home, lol.
Should I keep the card(4yrs old), what do you think? I have other cards in mind before considering a new card from USAA. I also like that making payments and moving money with Zelle is very easy, it really cost me nothing to keep my card open; I think I answered my own question, lmao

Re: Need advice on lowering apr

Anonymous — Sun, 08 Aug 2021 18:03:06 GMT

@Yasselife wrote:
@Anonymous I have the cash rewards[1.5%], initially I was approved for $1,000, now it has grown to 6,500. I have a checking account and used to have car insurance. They're definitely a great bank that has earned my trust; I have had .01 cent in my checking for a whole yr and never ran into issues, I feel more comfortable there than my home, lol.
Should I keep the card(4yrs old), what do you think? I have other cards in mind before considering a new card from USAA. I also like that making payments and moving money with Zelle is very easy, it really cost me nothing to keep my card open; I think I answered my own question, lmao

Yes you answered your own question. I always honestly think people should do what their gut tells them to do. For me I have no problem closing cards but I wouldn't want you to close based on what I would do and regret it. What other cards were you thinking to get?

Re: Need advice on lowering apr

Yasselife — Sun, 08 Aug 2021 18:54:34 GMT

@Anonymous I am waiting to convert my double cash to the custom cash when Citi allows me; also convert freedom unlimited to the flex. I prefer not to open new trade lines. I mostly use my cards for basic needs like groceries, gas... I am disabled and single lol... so for me personally having no annual fee cards with 3-5% service me well.

I'm interested in reading anything you'd like to share.

Re: Need advice on lowering apr

Taurus22 — Mon, 09 Aug 2021 02:58:16 GMT

@Yasselife Just an FYI....I was able to obtain an APR reduction with my Citi DC about a year ago. I just called and asked if I was eligible. Dropped from 16.99% to 14.24%.....I think the lowest is 13.99% offered on that card, so not too shabby. No HP required for APR reduction.