Negotiating lower rates with 800 FICO

Anonymous · ‎02-25-2018

Hi all,

I currently have 3 Chase cards:

Reserve - 24.24%, $13k CL

Freedom - 20.24%, $6k CL

Freedom Unlimited - 24.24%, $6.5k CL

My FICO is currently 800 with all 3 bureaus, no negative marks (was ~740 when I originally applied for these cards). I have always paid in full each month so the interest rates aren't critical, but I called Chase today to ask for a lower rate just in case I run into an emergency for whatever reason (I'd like the security of the lower rate).

Even after speaking with a supervisor, they flat out refused and suggested that I 'do what I need to as a consumer' when I mentioned that other banks would offer a much more competitive rate based on my credit score. She seemed ready to close the accounts for me happily.

I don't understand why they would advertise a 16.24%-24.99% range for new applicants and I have the top end of that, despite the 800 score. What on earth does it take to get these better rates? Is it just that I'm not a new customer, so they don't feel the need to attempt to attract my business?

simplynoir · ‎02-25-2018

From reading on the forums Chase has never been one to lower rates for customers despite their credit profiles. Seems whatever you get when approved is the APR you get stuck with. In any case with reward cards like your three right there there's no real benefit in holding a balance that negate any rewards earned. If you want a card to hold a balance you're probably better off getting a CU card from NFCU or Penfed for example. They always offer very low rates and with your scores they'll be happy to give it to you.

Anonymous · ‎02-25-2018

It’s well known that Chase will not lower interest rates on existing cards so what happened with your call is normal for them. Chase has an internal scoring system so it’s possible that you received a higher starting rate due to that score despite a 800 FICO score. Many people even with higher scores do not receive their lowest advertised rates for cards like the Freedom(s). I would just accept it, PIF as you do, and for emergencies look for a different card such as one offered by a credit union that will give you a much lower rate than anything Chase offers for any of their cards.

Side note regarding your signature. Photobucket no longer will allow you to include images in 3rd party sites unless you pay for it which isn’t cheap. That’s why you are getting the black circles.

Anonymous · ‎02-25-2018

To follow on Irish80 ... some of us on this site have or had Chase Cards with rates way lower than their current market posted Aprs and received letters of increases to the current market Aprs for the product line. I was at 10.24%+ Apr and slowly the rate rose to the new 16.24% over eleven years. Not happy but in truth, I pay off all balances so the Apr is really more for my psyche than an actual affect in life. Wonder what the real ratio of people is who would actually pay the high interest rates?

joltdude · ‎02-25-2018

@Anonymouswrote:
Hi all,

I currently have 3 Chase cards:

Reserve - 24.24%, $13k CL
Freedom - 20.24%, $6k CL
Freedom Unlimited - 24.24%, $6.5k CL

My FICO is currently 800 with all 3 bureaus, no negative marks (was ~740 when I originally applied for these cards). I have always paid in full each month so the interest rates aren't critical, but I called Chase today to ask for a lower rate just in case I run into an emergency for whatever reason (I'd like the security of the lower rate).

Even after speaking with a supervisor, they flat out refused and suggested that I 'do what I need to as a consumer' when I mentioned that other banks would offer a much more competitive rate based on my credit score. She seemed ready to close the accounts for me happily.

I don't understand why they would advertise a 16.24%-24.99% range for new applicants and I have the top end of that, despite the 800 score. What on earth does it take to get these better rates? Is it just that I'm not a new customer, so they don't feel the need to attempt to attract my business?

Chase doesnt care about your buisness.. What you get is what you get and it seldom if at all changes..

AverageJoesCredit · ‎02-25-2018

Lol, the way the csr responded to you would not have played well with me. Sure we know with Chase, apr wont lower and they have their specific clients they prefer to use their cards. Chase will never lose sleep on losing a single client as they get paid either way .

What you need to do is diversify your cards and find cards that offer lower apr and they can be found. One of my favorite poster is a low apr guru, Galahad15

We see this pov here a couple of times where one feels your score should get you the best rates including apr. Hey, im with you on that . I recently got back in with Discover, they pulled my Ex at 758 and only gave me a 19% apr. It is what it is i guess

.

HeavenOhio · ‎02-25-2018

Chase won't lower APRs. Capital One may offer temporary reductions but not permanent ones. Barclays will lower them. Discover offers both temporary and permanent reductions. I believe Citi will lower APRs, but someone should confirm that.

joltdude · ‎02-25-2018

Citi will entertain APR Reductions as well ....

Anonymous · ‎02-25-2018

@joltdudewrote:
Citi will entertain APR Reductions as well ....

They are actually one of the easier ones to deal with regarding APR reductions. Add Amex to the list as well.

joltdude · ‎02-25-2018

@Anonymouswrote:
@joltdudewrote:
Citi will entertain APR Reductions as well ....
They are actually one of the easier ones to deal with regarding APR reductions. Add Amex to the list as well.

Iv heard of folks hitting CITI up multiple times in a short period and getting multiple reductions... =)