topic Re: Do you ever write to a credit card company to request a lower ARP? in Credit Cards

Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 00:22:28 GMT

Is it ever better to send a letter, rather than call, to request a lower APR on your credit card account? Are there examples of these? Is there an official name (similar to GW for removing a bad mark?)

Thanks!

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 00:49:43 GMT

Good question. I was wondering about this. I want to send a letter to BoA to request a product change and I was wondering if that would work more than calling in...which gets me no where...

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 01:07:03 GMT

I have always called & asked to speak to a super. The person that answers cust.service can not help you.

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 01:33:20 GMT

In my experience, it doesn't make a difference. I know at Amex...if the person can do it, they'll do it. Same at CapOne, BoA, and Chase. There's no reason for them to say no if they're able to do it. Supervisors might have additional abilities, but chances are in regards to apr the first rep would have done it if it's possible.

Re: Do you ever write to a credit card company to request a lower ARP?

haulingthescoreup — Mon, 31 Mar 2008 01:59:06 GMT

Although I had the opposite experience at BofA. Guy #1 couldn't approve it (I think it was too early), but he passed me to Guy #2 who punched the right buttons. He was a credit specialist of some sort.

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 02:26:59 GMT

yup (credit specialist) thats the super....he is sitting next to guy #1 and is his best friend BUT he has that button!!!!!!

Re: Do you ever write to a credit card company to request a lower ARP?

jalexander06 — Mon, 31 Mar 2008 14:12:33 GMT

Don't know which way is best, but I called and requested my first APR reduction last week. At first, the CSR told me I didn't qualify for a reduction. I told her that was surprising since my FICO score should qualify me for a lower APR. I then asked to speak to a supervisor.

I was offered 22.99% (I have a very high 31.99% on this card). I asked if that was the lowest I could get, and was then offered 19.99%, which I accepted. I'll try again in about six months after my score increases.

This is on my WaMu card.

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 16:50:46 GMT

jalexander06 - I would understand completely if you don't want to answer, so please don't be offended by my asking...may I ask what your fico is, so I know how I compare? (I'll go first - 611.) Thanks either way.

Re: Do you ever write to a credit card company to request a lower ARP?

jalexander06 — Mon, 31 Mar 2008 19:42:25 GMT

No problem ace.....My scores are: TU-673 EQ-738 EX-660

At the beginning of the year, they were all low 600's. The change is due primarily to paying down my credit card balances. Unfortunately, I still have several collections on TU and EX that I'm trying to PFD, which explains the difference in scores.

By the way, I called Discover today and requested a lower APR. They offered me 15%, down from 27.99%!

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Mon, 31 Mar 2008 20:23:00 GMT

ace9848 wrote:

jalexander06 - I would understand completely if you don't want to answer, so please don't be offended by my asking...may I ask what your fico is, so I know how I compare? (I'll go first - 611.) Thanks either way.

Very polite of you ace, but make yourself at home. Around here it's just, "Hey, what are your scores and who did they pull????"

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Tue, 01 Apr 2008 01:15:09 GMT

It's hard for me to fully understand how my rating got so low. I never had anything in collections, and have 17 satisfactory accounts to 3 adverse accounts. 2 of those 3 have only 30 days late, twice each, several years ago. The other one does have a lot more damage I admit but nothing in the last year.

I know now that I made a mistake when I consolidated my debt onto that Discover through a balance transfer. At the time I did it, I also paid off another card completely (not a transfer, sold something of value for $3,000.) The combination of that company then lowering my credit limit (since they could), as well as now having 90% utilization on the card I transferred debt to, dropped me more than 30 points in one month. It was funny, both moves certainly made me more creditworthy, and have allowed me to be on time for everything now for several months, but my credit dropped.

I know now that the score is partly a game - if you don't know the rules you aren't going to play very well.

It's just going to take forever to pay off $9000 debt at 27.99% interest - luckily 2/3 of it is at 7.9% because I balance transfered it. The good news is my automobile will be paid for at the end of 2008, giving me a monthly extra $300 to work on that debt.

The better news is my mortgage is in good shape (1 of those that just has 2 30-days, several years ago) so I am in a lot better shape than many people these days. I don't need to buy anything that requires credit - I have house, car, and don't need to buy anything. I just want out of this spiraling high APR trap.

Thanks all for your help.

Re: Do you ever write to a credit card company to request a lower ARP?

Anonymous — Tue, 01 Apr 2008 01:18:46 GMT

Just today I sent gw letters to my mortgage company (WAMU) and my auto loan company (Chase) - those 2 accounts I mentioned above. Let's say they agree - any prediction of how removing those would influence my score?

Another thing - Will Discover start to lower my credit limit when I start paying it down? (It's the one with $9,000 debt and 90% utilization.) I just worry because WAMU did that to me on a card in good standing when my score dropped.

Thanks all.