topic Re: Chase Freedom CLI and APR reduction? in Credit Cards

Chase Freedom CLI and APR reduction?

youngandcreditwrthy — Sat, 07 Dec 2013 16:17:14 GMT

Hey everyone!
Haven't posted in a while. My second to last semester of school has been kickin' my butt, and I started dating someone new!

Anyhow,
So I've had this $5,000 Freedom card since July 2012. Every time I call... You know the story.. Chase only does hard pulls for clis. They also refuse to even consider an APR reduction. I had the card maxxed out six months or so, but have since paid down the balance to $1,600. The interest begins accruing this month I think. Was in 0% for 15 months previously. The current rate is 22.99%. I will probably pay that off in full by the end of January.
I opened a CSP in Oct and have been paying that in full for the past couple of months.
I also have banked with Chase for > four years.
Anyhow, I've found a legit Card Svcs Exec Office number and plan to call them.
I want an APR reduction and a CLI to $15,000. I figure it's better to ask during the holidays.
My EXP is 688; they exclusively pull EXP for me.
Aaoa: 3+ years
Util: 18% (this is about $18,000 of cc debt; anyone think the amount is a problem? $16,000 of this is at 0% or gets pif )

So is it even worth my time to contact the Exec Office?
I REFUSE to take a HP for a non-guaranteed cli. IF I was SURE I'd get at least a cli to $10,000, I might do it as I have an inq falling of of Exp this month. I'm not passing out HPs willy nilly like that though.

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sat, 07 Dec 2013 16:30:37 GMT

Hey stranger... I missed you!

I just read another post that they sent a secure message and were offered $7100 CLI without a HP... I of course went right over to chase and sent my own secure message asking same thing (repeat of the secure message I sent in Nov. asking same thing and getting canned response so not holding breath)

They seem to be a little like Discover lately, someone else got a CLI on Amazon Visa with sp but im consistently told they don't do that... so not sure!

Re: Chase Freedom CLI and APR reduction?

FinStar — Sat, 07 Dec 2013 23:44:02 GMT

Well, it has been a while...

Hmmm... APR% reduction, unlikely. Your account was likely coded (high risk) during the time it was opened based on their internal risk factors hence why it didn't get the best terms (on recon IIRC). Probably best to get a new CC if your profile/scores have improved.

CLI without HP, although rare, it's happened - YEMV though even by Chase EO standards. Best results for something like this to happen is if you are a well-leveraged client with a substantial deposit relationship (>$25K). Even if you decide the HP route, they can't "promise" anything of $15K like your BOA CC, they can only go by internal limit and other factors.

Re: Chase Freedom CLI and APR reduction?

shane82388 — Sat, 07 Dec 2013 23:50:52 GMT

@FinStar wrote:
Well, it has been a while...

Hmmm... APR% reduction, unlikely. Your account was likely coded (high risk) during the time it was opened based on their internal risk factors hence why it didn't get the best terms (on recon IIRC). Probably best to get a new CC if your profile/scores have improved.

CLI without HP, although rare, it's happened - YEMV though even by Chase EO standards. Best results for something like this to happen is if you are a well-leveraged client with a substantial deposit relationship (>$25K). Even if you decide the HP route, they can't "promise" anything of $15K like your BOA CC, they can only go by internal limit and other factors.

Ah man I'd love to lower the 22.99% APR on my Chase Freedom as well...I know everyone will just say "Just dont carry a balance and it doesnt matter!" but its not about that so much...its just annoying having such a high APR when you are now not deserving of such an APR and just want it lowered for my own satisfaction. :-)

Re: Chase Freedom CLI and APR reduction?

Anonymous — Sat, 07 Dec 2013 23:50:56 GMT

I spoke with someone really nice in that office last Feb and they wanted an HP to do anything. If it's gonna cost an HP, pretty your score up a little first.

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 00:07:27 GMT

@shane82388 wrote:
@FinStar wrote:
Well, it has been a while...

Hmmm... APR% reduction, unlikely. Your account was likely coded (high risk) during the time it was opened based on their internal risk factors hence why it didn't get the best terms (on recon IIRC). Probably best to get a new CC if your profile/scores have improved.

CLI without HP, although rare, it's happened - YEMV though even by Chase EO standards. Best results for something like this to happen is if you are a well-leveraged client with a substantial deposit relationship (>$25K). Even if you decide the HP route, they can't "promise" anything of $15K like your BOA CC, they can only go by internal limit and other factors.
Ah man I'd love to lower the 22.99% APR on my Chase Freedom as well...I know everyone will just say "Just dont carry a balance and it doesnt matter!" but its not about that so much...its just annoying having such a high APR when you are now not deserving of such an APR and just want it lowered for my own satisfaction. :-)

While that may seem like the ideal logic, it doesn't work that way. Chase, unlike BOA or AMEX, doesn't have such flexibility for lowering APRs. Accounts are coded based on internal risk factors at the time of approval which typically based on such algorithm determines your price for credit. To look at it one way, you got approved, but the price for getting approved based on risk resulted in a higher APR instead of being denied (or denied altogether even on recon).

Individuals with good/excellent credit always receive the lowest APRs. That's just how the credit market works, mortgages, auto financing, CCs, etc.

Re: Chase Freedom CLI and APR reduction?

lg8302ch — Sun, 08 Dec 2013 01:24:24 GMT

@FinStar wrote:
@shane82388 wrote:
@FinStar wrote:
Well, it has been a while...

Hmmm... APR% reduction, unlikely. Your account was likely coded (high risk) during the time it was opened based on their internal risk factors hence why it didn't get the best terms (on recon IIRC). Probably best to get a new CC if your profile/scores have improved.

CLI without HP, although rare, it's happened - YEMV though even by Chase EO standards. Best results for something like this to happen is if you are a well-leveraged client with a substantial deposit relationship (>$25K). Even if you decide the HP route, they can't "promise" anything of $15K like your BOA CC, they can only go by internal limit and other factors.
Ah man I'd love to lower the 22.99% APR on my Chase Freedom as well...I know everyone will just say "Just dont carry a balance and it doesnt matter!" but its not about that so much...its just annoying having such a high APR when you are now not deserving of such an APR and just want it lowered for my own satisfaction. :-)

While that may seem like the ideal logic, it doesn't work that way. Chase, unlike BOA or AMEX, doesn't have such flexibility for lowering APRs. Accounts are coded based on internal risk factors at the time of approval which typically based on such algorithm determines your price for credit. To look at it one way, you got approved, but the price for getting approved based on risk resulted in a higher APR instead of being denied (or denied altogether even on recon).

Individuals with good/excellent credit always receive the lowest APRs. That's just how the credit market works, mortgages, auto financing, CCs, etc.

That is very relative. I had 783 EQ Fico at time of application for my Freedom and got also 22,99% APR. (BofA has given me 9,99% APR on both of their cards) Reason for low application score was because I applied in a spree !!! Learnt my lesson and will never do this again. Discover very low limit also due to spree.

@OP...... I wish you good luck. For me it does not really matter as I will always pif that card anyhow but I will also try to work on the APR reduction just for pricip and in February will see what will happen if I ask for a conversion to a Signature card. Since Chase has issued me a Signature card with 16K limit just recently so I do assume that my internal risk score must have drastically improved. I moved 1K to Freedom to not hear the excuse I need first a 5K limit. I am curious to see what will happen in February when I have my Freedom 13 months. For sure will try also to get an APR reduction. Please let us know what happens if you contact the EO.

Wish you all the success

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 01:55:05 GMT

@lg8302ch wrote:
@FinStar wrote:
@shane82388 wrote:
@FinStar wrote:
Well, it has been a while...

Hmmm... APR% reduction, unlikely. Your account was likely coded (high risk) during the time it was opened based on their internal risk factors hence why it didn't get the best terms (on recon IIRC). Probably best to get a new CC if your profile/scores have improved.

CLI without HP, although rare, it's happened - YEMV though even by Chase EO standards. Best results for something like this to happen is if you are a well-leveraged client with a substantial deposit relationship (>$25K). Even if you decide the HP route, they can't "promise" anything of $15K like your BOA CC, they can only go by internal limit and other factors.
Ah man I'd love to lower the 22.99% APR on my Chase Freedom as well...I know everyone will just say "Just dont carry a balance and it doesnt matter!" but its not about that so much...its just annoying having such a high APR when you are now not deserving of such an APR and just want it lowered for my own satisfaction. :-)

While that may seem like the ideal logic, it doesn't work that way. Chase, unlike BOA or AMEX, doesn't have such flexibility for lowering APRs. Accounts are coded based on internal risk factors at the time of approval which typically based on such algorithm determines your price for credit. To look at it one way, you got approved, but the price for getting approved based on risk resulted in a higher APR instead of being denied (or denied altogether even on recon).

Individuals with good/excellent credit always receive the lowest APRs. That's just how the credit market works, mortgages, auto financing, CCs, etc.
That is very relative. I had 783 EQ Fico at time of application for my Freedom and got also 22,99% APR. (BofA has given me 9,99% APR on both of their cards) Reason for low application score was because I applied in a spree !!! Learnt my lesson and will never do this again. Discover very low limit also due to spree.

@OP...... I wish you good luck. For me it does not really matter as I will always pif that card anyhow but I will also try to work on the APR reduction just for pricip and in February will see what will happen if I ask for a conversion to a Signature card. Since Chase has issued me a Signature card with 16K limit just recently so I do assume that my internal risk score must have drastically improved. I moved 1K to Freedom to not hear the excuse I need first a 5K limit. I am curious to see what will happen in February when I have my Freedom 13 months. For sure will try also to get an APR reduction. Please let us know what happens if you contact the EO.
Wish you all the success

It is relative and depends a lot on your profile, but having a FICO even in that range doesn't really translate into a low APR for some lenders. Excellent credit profiles with such similar score (or higher) tend to lean in the realm of very low utilization, a well-established file and high AAoA (no app sprees), very low or 0 inquiries and no new accounts (in a relatively short period).

If you've noticed, you don't see (if any) posts high-praising Chase for lowering APRs...if you do, it's seldom and usually based on their periodic account review elegibility and by enlarge well-leveraged Chase relationships for the most part (i.e. to keep the business). I understand the whole "principle" thing but knowing how they operate on the other side of the business, I could tell you that standard lending practices trumps principle. Just my .02c

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 02:17:13 GMT

Well they responded back to my secure message on my partners chase with the standard canned message they would be happy to process the request but it would result in a HP!

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 02:30:24 GMT

@Creditaddict wrote:
Well they responded back to my secure message on my partners chase with the standard canned message they would be happy to process the request but it would result in a HP!

And....you went for it right? NOT! LOL.

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 02:33:17 GMT

@FinStar wrote:
@Creditaddict wrote:
Well they responded back to my secure message on my partners chase with the standard canned message they would be happy to process the request but it would result in a HP!
And....you went for it right? NOT! LOL.

not a chance but interestingly I clicked Balance Transfer and it has an offer for 0% through 5/15 with only 2% fee!

maybe I should chat with an underwriter and tell them I need WAY more to do BT and see if they find that good or bad! LOL

Re: Chase Freedom CLI and APR reduction?

lg8302ch — Sun, 08 Dec 2013 02:35:13 GMT

Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 02:39:01 GMT

@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?

It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 03:25:01 GMT

@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?

There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 03:28:23 GMT

@FinStar wrote:
@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?
There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?

$10,500 after we moved the CL over from his Slate and closed it after we move all the balances to Navy on all his credit cards.

He has had the card since 2008 or something and it has a 10.24% rate... it was given to him automatically when he financed his car (couple cars ago!) through them.

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 03:36:29 GMT

@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?
There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?
$10,500 after we moved the CL over from his Slate and closed it after we move all the balances to Navy on all his credit cards.
He has had the card since 2008 or something and it has a 10.24% rate... it was given to him automatically when he financed his car (couple cars ago!) through them.

That's actually not a bad CL for Freedom, albeit some of it consolidated from the Slate which wasn't going to grow much for y'all. Of course, you know if you request the CLI it's going to be HP. So, this would depend on how much you're looking to transfer and if it's worth it. Yet, the 5/15 timeframe is actually a good term for a 2% BT fee.

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 03:53:09 GMT

@FinStar wrote:
@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?
There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?
$10,500 after we moved the CL over from his Slate and closed it after we move all the balances to Navy on all his credit cards.
He has had the card since 2008 or something and it has a 10.24% rate... it was given to him automatically when he financed his car (couple cars ago!) through them.
That's actually not a bad CL for Freedom, albeit some of it consolidated from the Slate which wasn't going to grow much for y'all. Of course, you know if you request the CLI it's going to be HP. So, this would depend on how much you're looking to transfer and if it's worth it. Yet, the 5/15 timeframe is actually a good term for a 2% BT fee.

we are not going to transfer ANYTHING... I just did a few requests to his new Duck Card to get us through the holidays but everything is with Navy and that is 0% until what Aug./Sept. I forget when they started the 0%.

The next move I would like to see all this debt is on to a consolidation loan or else into my name so that he can get a mortgage

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 03:59:49 GMT

@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?
There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?
$10,500 after we moved the CL over from his Slate and closed it after we move all the balances to Navy on all his credit cards.
He has had the card since 2008 or something and it has a 10.24% rate... it was given to him automatically when he financed his car (couple cars ago!) through them.
That's actually not a bad CL for Freedom, albeit some of it consolidated from the Slate which wasn't going to grow much for y'all. Of course, you know if you request the CLI it's going to be HP. So, this would depend on how much you're looking to transfer and if it's worth it. Yet, the 5/15 timeframe is actually a good term for a 2% BT fee.
we are not going to transfer ANYTHING... I just did a few requests to his new Duck Card to get us through the holidays but everything is with Navy and that is 0% until what Aug./Sept. I forget when they started the 0%.
The next move I would like to see all this debt is on to a consolidation loan or else into my name so that he can get a mortgage

And you both will live happily ever after? LOL

Sounds like a good plan to get the mortgage process all planned out. I assume you both currently have separate dwellings or do you both live together?

Re: Chase Freedom CLI and APR reduction?

Creditaddict — Sun, 08 Dec 2013 04:00:48 GMT

@FinStar wrote:
@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@FinStar wrote:
@Creditaddict wrote:
@lg8302ch wrote:
Sorry to hear...but I guess kind of no surprise from Chase. Is your card a siggy or did you try to convert. If so is conversion to siggy a HP too ?
It's a Freedom Mastercard and I have not tried to convert... I don't really see the point in requesting upgrade to a Signature Card?
There's no HP to submit a PC request for Signature - it would be based on elegibility. Unfortunately, the World card is no longer offered as an option as most mainline Chase CCs will convert to Visa beginning sometime next year.

What's the CL on your partner's Freedom Creditaddict?
$10,500 after we moved the CL over from his Slate and closed it after we move all the balances to Navy on all his credit cards.
He has had the card since 2008 or something and it has a 10.24% rate... it was given to him automatically when he financed his car (couple cars ago!) through them.
That's actually not a bad CL for Freedom, albeit some of it consolidated from the Slate which wasn't going to grow much for y'all. Of course, you know if you request the CLI it's going to be HP. So, this would depend on how much you're looking to transfer and if it's worth it. Yet, the 5/15 timeframe is actually a good term for a 2% BT fee.
we are not going to transfer ANYTHING... I just did a few requests to his new Duck Card to get us through the holidays but everything is with Navy and that is 0% until what Aug./Sept. I forget when they started the 0%.
The next move I would like to see all this debt is on to a consolidation loan or else into my name so that he can get a mortgage
And you both will live happily ever after? LOL

Sounds like a good plan to get the mortgage process all planned out. I assume you both currently have separate dwellings or do you both live together?

no we live together but I'm a contract worker so my income is not useful for the next 2 years!

so we need to reverse who is carrying the debt!

Re: Chase Freedom CLI and APR reduction?

FinStar — Sun, 08 Dec 2013 04:05:20 GMT

@Creditaddict wrote:
we are not going to transfer ANYTHING... I just did a few requests to his new Duck Card to get us through the holidays but everything is with Navy and that is 0% until what Aug./Sept. I forget when they started the 0%.
The next move I would like to see all this debt is on to a consolidation loan or else into my name so that he can get a mortgage
And you both will live happily ever after? LOL

Sounds like a good plan to get the mortgage process all planned out. I assume you both currently have separate dwellings or do you both live together?
no we live together but I'm a contract worker so my income is not useful for the next 2 years!
so we need to reverse who is carrying the debt!

Oh gotcha. That makes sense. Well, I have no doubt your thinking wheels are already processing the plan in motion! And, from your recent posts on the card approval forum, sound like things are moving in the right direction for you.