Navy Federal Platinum APR

[Anonymous]

Hey guys. First off I'd like to thank everyone on the boards. I've been trolling around the forums for about 2 months now and have learned more than I could ever imagine possible! No one should even be allowed to use credit until they first thanks a scroll through here. Definitely makes me regret not finding this place sooner. Anyways here's my situations. Recently applied for the Navy Federal Platinum card because it had the lowest interest rate possible (7.99%). After the 1-5 day message I was approved for 16.4%. DEFINITELY not ideal. Although the limit was a generous 5k (my highest limit card) I'm pretty unsatisfied with the interest rate. Should I be looking into keeping it and trying to get that APR lowered over time, canceling it in a year or so and reapply, or simply asking for a product change to a rewards card that I will make the high interest worth it?

[09Lexie]

Welcome to the forum! Glad you found us and we can/have helped you. APRs as you know are based on 'creditworthiness' - do you mind sharing your credit profile?

[Anonymous]

My utl across my 4 other cards (CaponeCL:2,000, Macy'sCL:400, 2 comenitysCL:550,750) is extremely high but looking to bring it down within the next few months. I mainly applied because of nfcu's generous limits because by early February I'm looking to apply for CSP and AMEX delta so I wanted a high limit card in the mix. I dont really plan on using it at all until i get my utl down on my others. Any suggestions are welcome. First time posting so please fire away.

[Anonymous]

My apologies just saw that post.

EQ:597
EX:679
Trans:647

Overall utl is 46%
Capone: 107%
Macys: 83%
Comenity:under 40% on each

[Anonymous]

Average age of accounts is 1.3 years. I am currently 19 but was a AU on a AMEX Gold when I was 16. So that 3+ something years helps me out.

[09Lexie]

Your high util is hurting you chance for better terms. IMO, keep the card and as you said NFCU can be extremely generous with CL's . Once your util is below 20% you can look into addressing the APR.

[Anonymous]

Right but my main concern is since I started off at that high of an APR even with improving my credit is it practical to think it will get as low as 7.99%? I imagine I would have better chances if in a few months I canceled and reapplied.

[hot4u]

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@Anonymous wrote:
Right but my main concern is since I started off at that high of an APR even with improving my credit is it practical to think it will get as low as 7.99%? I imagine I would have better chances if in a few months I canceled and reapplied.

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Congrats on Joining NFCU

Don't close account first off taking a HP for nothing.

APR you can in future request a reduction and odds are you will get it.

Let it grow.

I got 9.4% plus Prime ---in 6 months gonna try to lower it myself.

[Brusilov]

FYI: Every year (by aniversary date) you can ask for an APR reduction on NFCU cards.

My CashRewards card started at 16.49%.  After a year I requested a reduction and it dropped to 15.49%.  I then recently PC'd to the Platinum card and my APR was reduced to 12.99%  I'm sure if my util was closer to 1-5% and my AAoA wasn't beaten down it'd be more succussful with them.

In any case I'm sure it will get to 8-10% with a stronger credit profile + time.

[Brusilov]

Also it's super easy to do.  Don't even need to call!  Just send a secure message asking if you're eligible for a APR reduction.  Then mark the calendar for next year.