When to ask for a lower APR

[Anonymous]

When is a reasonable time to ask your lender for a reduced APR?  Ive had a Wells Fargo card for 19 months, Cap1 for 7, Discover for 3, and AMEX for 1.  When would a realistic time be to ask them? Im sure that the newer accounts would be a no go. How much longer should I wait?

[Themanwhocan]

For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.

[Anonymous]

This may be a silly question and I don't mean to hijack, but does requesting a lower APR use a HP?

[B335is]

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@Anonymous wrote:

This may be a silly question and I don't mean to hijack, but does requesting a lower APR use a HP?

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No it won't.

I'm a big advocate of proactively requesting APR reductions.  Quite a few lenders are more than willing to cut interest rates.

[score_building]

Generally it doesn't, including the issuers mentioned in OP but as with many things credit related YEMV.

Alliant CU for e.g. typically has a strict score requirement and typically does HP for APRD requests.

[Anonymous]

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@Themanwhocan wrote:

For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.

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Not necessarily. Discover offered me 0% APR for 12 months and I took it.

[score_building]

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@Anonymous wrote:

When is a reasonable time to ask your lender for a reduced APR?  Ive had a Wells Fargo card for 19 months, Cap1 for 7, Discover for 3, and AMEX for 1.  When would a realistic time be to ask them? Im sure that the newer accounts would be a no go. How much longer should I wait?

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Sooner than 6 months may be too early to improve profile sufficiently to qualify in general so is probably a good rule of thumb, since it can't hurt to ask, place request before revolving any balance even if that's earlier.

[Anonymous]

Asking for an APR reduction can be a HP depending on lender. Chase is one.

Cap1 won't permanently reduce your APR. you'll get a promo for like 6 months or something.

Discover told me to wait a year (that's ymmv though)

AmEx is good if you're not in a 0% period.

[score_building]

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@Anonymous wrote:
Asking for an APR reduction can be a HP depending on lender. Chase is one.

Cap1 won't permanently reduce your APR. you'll get a promo for like 6 months or something.

Discover told me to wait a year (that's ymmv though)

AmEx is good if you're not in a 0% period.

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Chase doesn't really entertain APRD requests, would be hard pressed to find a card holder who received one on request with or without HP.

[Themanwhocan]

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@Anonymous wrote:

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@Themanwhocan wrote:

For Discover, currently you have to wait 6 months between requests. Just use the live chat and ask if your Permanent Purchase APR can be reduced. Ignore any ofers for temporary reductions.

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Not necessarily. Discover offered me 0% APR for 12 months and I took it.

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If that is what you are interested in, then thats fine. But you are not likely to get any permanent APR reductions while that temporary reduction is in effect. So if your goal is permanent reduction, it can be best to keep your eye on the prize and don't allow them to distract you with other offers if you aren't going to use those offers.