Reducing Nordstrom APR Issues?

[grigorexxxcore]

Thanks for visiting!

I've had my Nordstrom Store card for over 1 year and 8 months. I started at $500 CL and now I am at $3,000. My UTL rate is about 25% with them, I've NEVER missed a payment with them OR any of my other cards. My entire UTL is less than 20%. I only have a balance on my Nordstrom account.

I am currently "Tier IV (4)", which is high! My APR is at 22.90%. 

I asked for a lower APR about 6 months ago and was denied. I asked if I can please see if I qualify for a lower APR a few days ago and they shot me down again and said, "due to what is present on your credit report"?

I have only about 8 or 9 INQs that date back to Feburary of 2011. My UTL is no more than 20% and I have never missed any payments.

Am I not approaching this situation the right way? I want to upgrade my card to the Nordstron VISA once I hit the $5,000 CL. Should I just wait till then or try and lower it now until I hit that mark?

Has anyone had experience lowering their APR?

Also, my other cards APR rates are an average of about 14%-16%. And I would totally take those percentages over what Nordstrom currently has me in.

Thanks again!

[barbaralee]

I work at a bank and I can tell you how it is in my department (I work in cc) when it comes to APR decreases: it ain't happening. Ever since the new cc laws the bank really tightened down on when and how they can lower apr. It use to be someone would call in, we would go to a manager, they would review and decreases were possible. Now there is an understanding that APRs are not getting decreased for any reason, maybe if they are closing the account for retention purposes. Since the new laws I saw one time where it was decreased, and that was by 1%. But that is my experience, and being that I don't carry a balance I don't sweat the APR on my own cards, so I have never personally called in with the request. Plus your asking for an APR decrease on a store card, which seems like a longshot. But YMMV.

[Anonymous]

Have you been shopping a lot with your card. That will win you points with Nordstrom and yes they will lower your rate. Nordstrom is very different from other banks!

[Creditaddict]

Many years ago I had Nordstrom Visa and Signature Visa... I just called and asked and they took me to tier 1 with no issues. CLI also came very easy... but we are in a bit of a different market now so who knows, but they use to be like Amex to talk to... so nice and accomidating

[grigorexxxcore]

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@Anonymous wrote:

Have you been shopping a lot with your card. That will win you points with Nordstrom and yes they will lower your rate. Nordstrom is very different from other banks!

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Oh yes! I shop A LOT with Nordstrom, In just a year, I've spent a good portion of my paycheck at their store. I don't always carry a balance but since they are different from other banks, I sometimes will carry a balance for them to earn interest off me so it seems "fair"?

But I REALLY hope they lower my APR before my 21st Birthday in April! And I hope to get my Nordstrom Visa then! A nice shopping spree in Vegas would do me good! 

[grigorexxxcore]

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@Creditaddict wrote:

Many years ago I had Nordstrom Visa and Signature Visa... I just called and asked and they took me to tier 1 with no issues. CLI also came very easy... but we are in a bit of a different market now so who knows, but they use to be like Amex to talk to... so nice and accomidating

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Luckkkkyyy!! Do you still have your Nordstrom Visa? I've noticed their minimum payments vary a lot from other lenders! Which can be good, but sometimes it's weird how much they ask for minimum payment, like I had a balance of about $250 once and the minimum payment was $185 for that month. 

[score_building]

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@grigorexxxcore wrote:

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@Anonymous wrote:

Have you been shopping a lot with your card. That will win you points with Nordstrom and yes they will lower your rate. Nordstrom is very different from other banks!

---

Oh yes! I shop A LOT with Nordstrom, In just a year, I've spent a good portion of my paycheck at their store. I don't always carry a balance but since they are different from other banks, I sometimes will carry a balance for them to earn interest off me so it seems "fair"?

But I REALLY hope they lower my APR before my 21st Birthday in April! And I hope to get my Nordstrom Visa then! A nice shopping spree in Vegas would do me good! 

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Don't typically need to carry a balance to be in their good graces, I PIF my acct and usually have a 0 balance when requesting a CLI from Nordies and have gone from a 2k store card to17k Visa siggie in approximately 24 months.