How to lowball your CCC

[ficus]

If people could share their stories on how they got the APR on their CCs lowered, I'd love to learn the best ideas on how to go about it. Is it a one-time thing or can one ask more than once? When asking, who determines by how much the APR can be lowered? Can the number be negotiated? What are the best reasons to present the CCC with for getting your request fulfilled? Thanks for sharing. I'm thinking that if more of us could get their APR lowered, the CCCs might start feeling the crunch... :-)

[Anonymous]

It takes time to get your APR lowered. If you don't have an intro APR of 0% or whatever, wait 6 months and call and ask them if you could get your APR lowered. They will only do it if you have not had any late payments on ANY of your accounts in the past 6 months. Cap1 does it, Citi does it, HSBC, Amex, Bofa.. I don't know about Chase though. And I know for sure that they will NEVER lower your APR for your retail cards.

Cap1 may not be generous w/ CLI (at all), but if you ask them for a lower APR, they will give it to you as long as you are in good standing. I got mine down to 9% and it has been that low for about a year now. Time for another request. LOL.

[ficus]

Just did it this morning. Down from 19 to 14. What's the lowest non-intro APR you've heard of? Which CCC and under what circumstances?

[Anonymous]

I called Bank of America and Chase and both lowered my interest rates. BOA lowered it by 8% and Chase lowered by 3%. I jsut called customer service and they put me through to a credit analyst who looked at my payment history. They really didn't ask any questions.

The BOA analyst did receommend that I continue to pay more than the minimum every month to get the biggest reduction. Both indicated I wouldn't be eleigible for another "review" for 6 months and it won't be automatic. I have to call and ask. (Already marked the dates in my appointment book!)

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4120

[Anonymous]

Always pay min payment by auto and then extra during the month-- if you can do it twice beter.
After your 0% runs out wait one full month and then call and ask for rate reduction. Tell them what % you want- sometime you wil get it and sometimes you will get a little higher. If not what you want wait 6 to 9 mos and try again. Keep excellent payment history- one  late payment might even jock up your rate for several cards- not just the one you made the late payment on.,

[fused]

You guys are really nice! . I have been working on APR reductions for the last week and have my Amex Blue and FIA Fidelity Plat down to 9.99%. Chase would only reduce by 3% and told me to try again in six months. Some time ago CITI lowered mine by 2% on my Dividends card.

When I want a CLI or an APR reduction, I get down right pushy. These are some of my tactics:

1.) Demand they give me a CLI that matches my highest CL on my other CCs

2.) Demand they match my lowest APR on other cards

3.) Demand to talk with a real decision-maker, ya know move up the latter

4.) If I really don't need the CC, I threaten to close it and more often then not get sent to the retention dep't

YMMV with these tactics but I have had great success.