APR success question

Anonymous · ‎02-17-2017

I have been gardening and laying low while my credit builds. I only have a few more weeks before my lone little medical collection falls off and I have clean reports. I don't need any cli's so I thought I would start working on rates. I recently asked Discover for a reduction since they pull TU. They countered with 12 months 0% APR so I took it. We are doing some remodeling and that gave us the opportunity to get it all done at once rather than stretch it out for months, paying as we go.

Amex sent me an offer this week of 4.99% for the next 12 months. I have until the end of March to accept but I tossed the offer.

Is it normal to get 12 month offers instead of permanent reductions? Any tips for permanent rate reductions?

gdale6 · ‎02-18-2017

With Discover permanent reductions happen all the time, I have gotten 2 and had a choice of the permanent reduction of the 12m/0% offer. Barclays and FNBO are two others that give permanent reductions. If you are not getting a permanent offer then there is something that they are uneasy about in your profile or you have not been with them long enough to warrant one.

Anonymous · ‎02-18-2017

@gdale6 wrote:
With Discover permanent reductions happen all the time, I have gotten 2 and had a choice of the permanent reduction of the 12m/0% offer. Barclays and FNBO are two others that give permanent reductions. If you are not getting a permanent offer then there is something that they are uneasy about in your profile or you have not been with them long enough to warrant one.

Any experience or information with Chase permanently reducing Apr's?

austinguy907 · ‎02-18-2017

@gdale6 wrote:
With Discover permanent reductions happen all the time, I have gotten 2 and had a choice of the permanent reduction of the 12m/0% offer. Barclays and FNBO are two others that give permanent reductions. If you are not getting a permanent offer then there is something that they are uneasy about in your profile or you have not been with them long enough to warrant one.

I've run into the no perm offer but 12 mo's 0% with Disco as well. However, it didn't make sense with a score in the 830's and a year plus of history. Meh, it is what it is for now. I've snagged 18K+ in CLI's from them in the last 4 months so, it's about even.

Amex offered a 3% reduction but, it's only a 12 month period. Again.... same situation as Disco.

I never carry a balance anyway so it doesn't really matter other than testing for data points and securing something a bit lower if the need arises.

gdale6 · ‎02-18-2017

@Anonymous wrote:
@gdale6 wrote:
With Discover permanent reductions happen all the time, I have gotten 2 and had a choice of the permanent reduction of the 12m/0% offer. Barclays and FNBO are two others that give permanent reductions. If you are not getting a permanent offer then there is something that they are uneasy about in your profile or you have not been with them long enough to warrant one.
Any experience or information with Chase permanently reducing Apr's?

Nope, fail every attempt.

Anonymous · ‎02-18-2017

Thanks for the info gdale. When I called Discover, I told the rep that I would like to discuss an apr reduction. After giving my info, I was put on hold for a minute and she offered the 0% apr for 12 mo. I didn't ask for other options like I should have. In hindsight, I didn't ask correctly and got what I did ask for. We are upgrading some things in our house and I liked the idea of 12 months same as cash to get it done. That led me to my question here.

I know there are varying views of APR's, carrying balances etc. My highest APR is Discover and Amex - both at 18%. I wasn't surprised at the time because my credit was so thin. On the flip side, Citi and Chase gave me their lowest APR at the time of 13.99% which did surprise me.

My APR reduction request isn't a have to situation. Within the next few weeks, my scores will be at least 750 across the board, probably higher. With stronger scores and a clean file, it is more of a want to show me my credit file is getting stronger. I am trying to prevent the new credit finger click itch lol