Discover It APR Reduction

[Anonymous]

My score was 745 when I signed up and they told me my APR will be 20.24% when the 0% promotion is over. Isn't this APR a little high and how long can I get it reduced? Not that I plan to carry a balance ever but the option to do so would be nice if needed.

[kdm31091]

Just hop on chat and ask them. Note that you can only get one reduction per 6 months and generally the reduction won't be huge (i.e. it's going to be awhile before the APR approaches anything you'd even consider carrying a balance on).

[RonM21]

Agree. It may be minimal reductions each time, if offered.

[Anonymous]

What type of information are they looking for when determining APR? I think 20% APR is high for a score of 745.

[Themanwhocan]

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@Anonymous wrote:

What type of information are they looking for when determining APR? I think 20% APR is high for a score of 745.

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Information like: how long have you had the card, has it been 6 months since the last APR reduction request, have you been using the card.

[Anonymous]

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@Themanwhocan wrote:

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@Anonymous wrote:

What type of information are they looking for when determining APR? I think 20% APR is high for a score of 745.

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Information like: how long have you had the card, has it been 6 months since the last APR reduction request, have you been using the card.

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I meant prior to becoming a customer. What are the specific information they look for when determining APR for new customers.

[Anonymous]

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@Anonymous wrote:

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@Themanwhocan wrote:

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@Anonymous wrote:

What type of information are they looking for when determining APR? I think 20% APR is high for a score of 745.

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Information like: how long have you had the card, has it been 6 months since the last APR reduction request, have you been using the card.

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I meant prior to becoming a customer. What are the specific information they look for when determining APR for new customers.

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I would think that with a 745 Equifax score you should have gotten much closer to their lowest rate depending on your overall profile (thick vs. thin, AAOA and the like). I applied in March of 2015 received a rate of 12.99% went up to 13.24% when the Fed Reserve raised prime by 1/4%. Today I chatted online and got a reduction to 12.24%.

[Anonymous]

They probably gave me 20% because my AAoA was 6 months at the time of application.

[takeshi74]

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@Anonymous wrote:

What type of information are they looking for when determining APR? I think 20% APR is high for a score of 745.

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It is never just about score in the credit world.

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@Anonymous wrote:

What type of information are they looking for when determining APR?

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We don't have the specifics of the underwriting criteria for any creditor/product out there.  We can only provide the usual general info.  They're looking for postiive payment history with no derogs, low revolving utilization, a longer length of credit history, a good mix of credit, and less new credit and credit seeking activity.

[Anonymous]

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takeshi74 wrote: 

It is never just about score in the credit world.

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Not a big deal. Banks can only dream of earning a penny interest from me.