@AllZero wrote:
@NimbusIII wrote:
@AverageJoesCredit wrote:
@NimbusIII wrote:Congrats on your approval! Give it 6 months and ask for an interest reduction!
I dont believe Pf works like that. Getting apr redux from Penfed is like pulling teeth, if they do it at all. Ime/imo
Worked for me! Although it was pretty close to a year when I asked. Everything at Penfed incurs a HP. I'm afraid to ask for my balance in the off chance it will incur another HP.
Can you elaborate on this previous process for others (including me of course
)?
I called the credit department and asked asked for an account review for an APR reduction. I use the card often and PIF or small cary over of 5% or less, I offset the request telling the rep the APR reduction would fit my needs more than a CLI. As always with any request from Penfed is a HP. I was at 12.32% and my next gen score with them was around 770. I asked for the lowest APR and about 10 minutes later they came back approved at 8.49%. I'm building up my list to see how much I can do on one HP with them when I get done gardening. I do a fair amount of banking with them as I find this help when making requests.
@NimbusIII Thank you very much for sharing that excellent data point! PenFed APR reduction hasn't been discussed much. That is very useful information!
@AllZero wrote:@NimbusIII Thank you very much for sharing that excellent data point! PenFed APR reduction hasn't been discussed much. That is very useful information!
+1
Congratulations!!
@NimbusIII wrote:
@AverageJoesCredit wrote:
@NimbusIII wrote:Congrats on your approval! Give it 6 months and ask for an interest reduction!
I dont believe Pf works like that. Getting apr redux from Penfed is like pulling teeth, if they do it at all. Ime/imo
Worked for me! Although it was pretty close to a year when I asked. Everything at Penfed incurs a HP. I'm afraid to ask for my balance in the off chance it will incur another HP.
PENFED Doesn't do APR reductions unless you get a CLI increase on the card then they "might" lower it at that time otherwise they do not do it I have banked with them 4-5 years as my primary FI and have a few cards with them and it is a simple nope, we dont' do apr reductions. Only time I have seen them is on CLI's on occassion. I have two cards with them one being PCR for close to 4 years at 35k no APR reduction and the other one being Penfed Travel card at 12k no APR reduction (newer card). Shocked they did it for you as pretty cut and dry although you did take a HP, so they might of treated it as a CLI request and did it for that reason. I would personally never take a HP just for a APR reduction though it would hav etc include a CLI as well to even consider it.
@CreditCuriosity wrote:
@NimbusIII wrote:
@AverageJoesCredit wrote:
@NimbusIII wrote:Congrats on your approval! Give it 6 months and ask for an interest reduction!
I dont believe Pf works like that. Getting apr redux from Penfed is like pulling teeth, if they do it at all. Ime/imo
Worked for me! Although it was pretty close to a year when I asked. Everything at Penfed incurs a HP. I'm afraid to ask for my balance in the off chance it will incur another HP.
PENFED Doesn't do APR reductions unless you get a CLI increase on the card then they "might" lower it at that time otherwise they do not do it I have banked with them 4-5 years as my primary FI and have a few cards with them and it is a simple nope, we dont' do apr reductions. Only time I have seen them is on CLI's on occassion. I have two cards with them one being PCR for close to 4 years at 35k no APR reduction and the other one being Penfed Travel card at 12k no APR reduction (newer card). Shocked they did it for you as pretty cut and dry although you did take a HP, so they might of treated it as a CLI request and did it for that reason. I would personally never take a HP just for a APR reduction though it would hav etc include a CLI as well to even consider it.
Wow... this is sad as I got the gold card for a lower APR and I already have my NFCU Flagship with $25K CL and a 11.24% APR. I will probably have to get another CC with PenFed in the distant future and see if I can't get a lower APR on that card. It seems like this gold card is destined for the SD before I even receive it.
I have banked with them for almost the same amount of time. I had no issues with my request and it wasn't even a question as to them doing it. They just said it would require a hard pull. I bank in Hawaii but the call center for credit is centralized. I personally had an easy experience with my request so it sounds like it might be a YMMV scenario.
@AverageJoesCredit wrote:Very nice
. PF likes to reward people with high apr
AJC - thet's TOO FUNNY! 