BofA APR reduction

[FICOlearner123]

Does BOfa offer APR reductions when requested? Also is there any HP associated when they process an APR reduction request?

[K-in-Boston]

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@FICOlearner123 wrote:

Does BOfa offer APR reductions when requested? Also is there any HP associated when they process an APR reduction request?

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Yes they do, but the requests will usually require that you are transferred to a senior credit analyst that is authorized to make underwriting decisions.  (In my experience they're friendly and quite chatty, so don't let that scare you off.)  In the past, this could require a HP but I have not personally requested this since about 2016 (and they talked me into getting a new card while I was on the phone LOL).  BOA stopped doing HPs for credit line increases in 2019, although they still read the same HP disclosure language.  My gut says it's unlikely to result in a HP, but hopefully someone who has requested more recently can chime in.

[kdm31091]

You can call and ask. I have not had a HP done for any APR request with BOA. Doesn't mean it can't happen though. Be prepared for a conversation -- it's usually not just "ok, we can lower it" and that's that. They normally ask why you want a lower APR, are you planning a large purchase, etc, etc and try to push balance transfer offers and such. It's fine, it's their job, just don't expect a 2 minute call.

[barca]

I did an APR reduction around middle of 2020.

By then  I had 2 cards with them.

if I remember correctly:

cash rewards - 15.99 to 14.99 purchase APR

bankamericard - 16.99 to 15.99 purchase APR

Basically, I just called and told the guy I am trying to reduce the APR on all my cards.

can't remember the whole conversation.

no HP - maybe soft pull (but I doubt it)

I can't remember the guy mentioning anything about credit report.

now that you remind me - I will call again to reduce from 14.99 to 13.99 ( I think 13.99 is lowest they can go )