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NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS

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Anonymous
Not applicable

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS


@Anonymous wrote:

@Anonymous wrote:

@kdm31091 wrote:

After 6 months, or whenever 0% promos expire. Discover and Amex are typically very good with lowering APRs. The rest YMMV


What is YMMV???


Your Mileage May Vary.

 

Think of it as...You win some, You lose some. Smiley Tongue


Far from ignorant but uh... I'm not following.

Message 11 of 17
Chris679
Established Contributor

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS

YMMV means that we will all have different experiences due to things out of our control as well as things we can control. I've found that the ability to negotiate can really influence the higher end account sups and managers while the lower end CSRs overall knowledge level can vary quite a bit.

As far as lowering APR just starting calling them and you will quickly get a feel for who will do what for you.
Message 12 of 17
score_building
Senior Contributor

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS


@Anonymous wrote:

@score_building wrote:

It's a start, but unless there's been some notable overall profile improvements, 6 months isn't much time for a lender to re-evaluate the APR. Yes, also don't bother with an APRD request if account is currently still in a promo period, wait until promo expiry.

 

Something like 'Hi, good morning/evening, can you please check to see if my account is eligible for a lower APR' and you're done.

 

It'll either be a yes or no-not really a negotiation. Rinse and repeat with profile imporovements in several months if it's a no go.


Promo period before negotiation 110% understood... APRD? 

= Annual Percentage Rate Decrease (Request)

 

However, AND I STRONG RECCOMEND THIS, THERE IS ALWWWWWWWAYS NEGOTIATION... WHEN LIFE SHUTS THE DOOR YOU COME IN THROUGHTHE WINDOW.  Rinse and Repeat I 110% understand.

Sure many things are, though good luck negotiating rent after signing a lease with a management company for e.g. An APRD request with a ccc is not a negotiation and should not be dealt with as such when speaking with reps, unless you want to appear to be barking up the wrong tree. Either a card holder qualifies or not at a certain point in time, and that's it. An APRD request can serve as a precautionary measure to ensure one has the best rates currently eligible for. However, balances accruing interest at a regular purchase rate should be avoided, at all costs. '..know when to hold 'em, know when to fold 'em, know when to walk away, and know when to run!' Smiley Wink

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 13 of 17
Anonymous
Not applicable

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS

Someone's been playing poker with Kenny Rogers, I see.
Message 14 of 17
score_building
Senior Contributor

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS


@Anonymous wrote:
Someone's been playing poker with Kenny Rogers, I see.

HAHAHAHA True story, well while listening to his music Smiley Embarassed

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 15 of 17
takeshi74
Senior Contributor

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS


@Anonymous wrote:

My question is when do we pick-up the phone and call into our creditor's to negotiate a lower APR ,aas well as what do we need to say in order to get the absolute most out of the call possible?


As with everything else credit related the decision is based on your credit.  When depends on when your credit qualifies for a lower APR according to the creditor's critieria.  There's no fixed universal timeframe.  All you need to say is that you want a lower APR.  Either you qualify or you don't.  There isn't a magic phrase that will automatically grant you a reduction in every possible situation.

 


@Anonymous wrote:

What is YMMV???


Don't overlook the stickies.  This thread is linked in the Helpful Threads sticky in this subforum.

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

 


@Anonymous wrote:

Your Mileage May Vary.

 

Think of it as...You win some, You lose some. Smiley Tongue


It's more a matter of "your results may not be the same as the next person's".  In this context everyone's credit isn't identical.  Creditors don't all have identical policies or criteria.

Message 16 of 17
Anonymous
Not applicable

Re: NEGOTIATING A LOWER APR FOR MY CC ACCOUNTS


@score_building wrote:

@Anonymous wrote:

@score_building wrote:

It's a start, but unless there's been some notable overall profile improvements, 6 months isn't much time for a lender to re-evaluate the APR. Yes, also don't bother with an APRD request if account is currently still in a promo period, wait until promo expiry.

 

Something like 'Hi, good morning/evening, can you please check to see if my account is eligible for a lower APR' and you're done.

 

It'll either be a yes or no-not really a negotiation. Rinse and repeat with profile imporovements in several months if it's a no go.


Promo period before negotiation 110% understood... APRD? 

= Annual Percentage Rate Decrease (Request)

 

However, AND I STRONG RECCOMEND THIS, THERE IS ALWWWWWWWAYS NEGOTIATION... WHEN LIFE SHUTS THE DOOR YOU COME IN THROUGHTHE WINDOW.  Rinse and Repeat I 110% understand.

Sure many things are, though good luck negotiating rent after signing a lease with a management company for e.g. An APRD request with a ccc is not a negotiation and should not be dealt with as such when speaking with reps, unless you want to appear to be barking up the wrong tree. Either a card holder qualifies or not at a certain point in time, and that's it. An APRD request can serve as a precautionary measure to ensure one has the best rates currently eligible for. However, balances accruing interest at a regular purchase rate should be avoided, at all costs. '..know when to hold 'em, know when to fold 'em, know when to walk away, and know when to run!' Smiley Wink

 


I see what you did there score... Haha. Nice!

Message 17 of 17
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