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Default APR

Discussion in 'Credit Talk' started by eriqnoodle, Nov 20, 2003.

  1. Nov 20, 2003 #1
    eriqnoodle

    eriqnoodle Well-Known Member

    My buddy has a Discover Card. In July 03 his APR was jacked to the default APR because

    1) in May 03 he went over his limit, for one month
    2) in June 03 his payment posted to his account late by 1 day, this only happened once.

    Other than that his history for the last 2-3 years is clean. Nothing derog was posted on his credit.

    I told him that in January 04, he should call them up, say that he wants his old APR back because he has a positive 6 month history. If they won't adjust off APR, I suggested he cancel the account, but not to threaten that until after he gets the "no" from the rep.

    Think this is correct advice? Will the adjust APR back to old after 6 months of payment history?
     
  3. Nov 20, 2003 #2
    Hedwig

    Hedwig Well-Known Member

    I don't know about Discover, but I think most of the banks adjust back after 6 months to a year of on-time payments. They will often tell you on the statement (or they used to, several years ago) "Make xx more on-time payments and your APR will be restored to premium pricing" or something like that.
     
  4. Nov 21, 2003 #3
    lbrown59

    lbrown59 Well-Known Member

    2) in June 03 his payment posted to his account late by 1 day, this only happened once.
    eriqnoodle
    ==========
    2*Posted date isn't when it was paid .
    When was it received?
     
  5. Nov 21, 2003 #4
    eriqnoodle

    eriqnoodle Well-Known Member

    he pays all of his bills online. so he placed his payment on the actual day it was due, for sake of arguement on 7/15/03, but if you don't have it in the system by 1:00pm it credits the next business day, so it posted to his account on 7/16/03.

    It is a Titanium Discover Card. He never did call when it went up, but I did convince him to call once his 6 monhs of good payments occured, which will be in Jan 04.

    Is a Titanium Discover good? His rate was very low, and fixed. Can't recall what the APR was.
     
  6. Nov 22, 2003 #5
    lbrown59

    lbrown59 Well-Known Member

    he pays all of his bills online. so he placed his payment on the actual day it was due, for sake of arguement on 7/15/03, but if you don't have it in the system by 1:00pm it credits the next business day, so it posted to his account on 7/16/03.
    eriqnoodle

    ===============
    The law says a bill is legally paid on the date received not the date posted.




    THE END ** *** ** LB 59
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