NFCU APR Reduction for CC and CLOC

[Anonymous]

Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied

SCORES: low 600s

Util: 87% when apped for CC, 79% when apped for CLOC

Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile

SCORES: Very High 600s to Low 700s depending on score

Util: 34% (should be less than 30% within a few days)

Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,

[Anonymous]

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@Anonymous wrote:

Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied

SCORES: low 600s

Util: 87% when apped for CC, 79% when apped for CLOC

Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile

SCORES: Very High 600s to Low 700s depending on score

Util: 34% (should be less than 30% within a few days)

Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,

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For credit cards, you have to wait until you have the card for a year to ask for an APR reduction and can do it again every year.  You can ask over the phone and it's a pretty simple process.  I may be wrong but I don't think they lower the LOC APR rates.

[MontegoMack]

Is it an HP or SP for an APR reduction? 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hey guys,

What's the best way to submit for an APR reduction? Should I wait for the May AR?

Here's an idea of what my credit was when I opened the CC (4 months old) and CLOC (2 months old)

Profile when I originally applied

SCORES: low 600s

Util: 87% when apped for CC, 79% when apped for CLOC

Zero derogs, lates, etc

Results: CLOC 15k@ 16.9% CC 3.7k@ 17.99%

Current Profile

SCORES: Very High 600s to Low 700s depending on score

Util: 34% (should be less than 30% within a few days)

Still zero derogs, lates, etc

I'm assuming I'll qualify for a rate reduction baring there aren't any time constraits, etc. Also does anybody have experience requesting an APR adjustment after an AR? I wonder I could use the SP coming up... They can see that my credit is no longer "high risk" via the SP vs a HP. I don't really care about HP's anymore once I get my CLI (still praying and counting down the days for that).

Any advice is sincerely appreciated.

Thanks,

---

For credit cards, you have to wait until you have the card for a year to ask for an APR reduction and can do it again every year.  You can ask over the phone and it's a pretty simple process.  I may be wrong but I don't think they lower the LOC APR rates.

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Irish is correct that Navy does not lower your CLOC rates. The rate you initially receive for the CLOC remains the same for the life of the CLOC. 

[MontegoMack]

Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?

[UncleB]

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@MontegoMack wrote:

Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?

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There is no HP.

I'm not sure if they do a SP in real-time or just rely on the previous AR; possibly somebody else can provide a data point on that specifically (if it's important to you).

[CreditCuriosity]

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@UncleB wrote:

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@MontegoMack wrote:

Whoops. I meant ... if I ask for an APR reduction on my CC, is it a SP or HP?

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There is no HP.

I'm not sure if they do a SP in real-time or just rely on the previous AR; possibly somebody else can provide a data point on that specifically (if it's important to you).

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One of my CC I have with them hit 1 year today and got an APR reduction today with them and all is froozen so certianly not a HP, but could of a SP or based on the last AR as you mentioned UncleB.

Also as other stated they don't lower APR of CLOC's

[MontegoMack]

My 1 year anniversary with them is in August, so perhaps I'll wait until then. I haven't asked for anything from them since opening ($22,5k limit on Platinum) because I've heard that they'll do an HP for over $25k. Getting the rate down a bit is almost a freebie, so I'll go for it then.