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How to Lower Your Credit Card Interest Rate with Navy Federal - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video talking to you guys
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today about something that could be very
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beneficial for those of you with a
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credit card with navy federal or if
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you're looking at getting a credit card
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with navyfedo we're going to be talking
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about how to
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lower that apr right all that damn that
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damn interest rate huh that uh you know
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comes along with all the credit cards
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that you have so hey but interest though
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you know if you're uh
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if you're paying interest it's not
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necessarily that fun but if you're
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collecting interest the interest can be
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great right so guys if you're new to the
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channel please subscribe if you're
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returning i'm very happy to have you so
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many of you have been so awesome down in
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the comment section below because this
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channel has been growing like freaking
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crazy i was doing one video a day and
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i'm like you know what i'm gonna kick it
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up to two videos a day so i've been
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doing two videos a day now for a while
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i'm enjoying it i'm liking it i'm
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learning a lot i'm sharing a lot with
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you guys i learned a lot from you down
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in the comments section so if any of you
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have experience please share it down in
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the comment section to help out all the
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new people joining the channel because
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man
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in the world of credit uh sometimes
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things are not always consistent to put
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it lightly right some of you know
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exactly what the hell i'm talking about
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so hey subscribe to channel let's go
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ahead and talk about this today
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rate when it comes to your navy federal
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credit card now you can do this um on
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any card so that's a big thing to
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remember on any navy federal credit card
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um or at least on all their um
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unsecured cards right the end rewards
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card has a you know 18 percent even look
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on their website says 18 that's the
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interest rate on it and like that's all
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it is okay that's a secured card not
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really part of the discussion for this
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video we're talking about the unsecured
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cards so we're talking about the cash
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rewards we're talking about the platinum
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the go rewards
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the flagship and the more rewards okay
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those are the cards we're talking about
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for navy federer when it comes to
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getting a lower interest rate on these
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now navy federal obviously if you're
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gonna get one of these cards you do have
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to be a member first all right so if
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you're not a member you have to be able
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to be eligible to join i've talked about
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that
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a whole bunch of other videos not
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talking about today but you can it is
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very possible to join navy federal
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without actually being in the military
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okay
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now like i said this is the same with
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any card you can do this um the big
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thing to know with this is you must have
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the credit card for at least one year
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that's one thing that
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one rep
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didn't she didn't tell me that okay she
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actually tried to give me a um
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an interest rate decrease on my card
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over the phone i didn't even ask her to
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do it she just we were talking about she
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just went ahead and tried it and it got
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declined okay so uh fortunately when you
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do this guys understand too this is not
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a hard pull it's not a soft pull um
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there's no impact on like your credit
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score that's going to go to the credit
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bureaus or anything like that so it
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doesn't matter to equifax experian or
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trans union if you do this with navy
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federal so she tried it and it got
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declined and it didn't she didn't tell
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me why i got to climb i spoke to another
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rep because yeah it was it got declined
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because you haven't had the card for a
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year yet so you need to have the credit
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card for at least one year
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also uh you need to call them you need
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to call navy federal and you know see
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whenever you got your credit card um you
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need to call them you know call them on
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the one-year anniversary and ask them
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hey can i have a lower apr on my credit
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card so you can do this for any of them
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now when you do that they're either
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going to say
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no which is a possibility they'll say
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yes and if they do say yes um you know
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how much is it going to go down okay
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well that really just depends right and
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i'll give you some more details on that
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towards the end of the video
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one of the reps gave me some actually
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some really good pointers uh from her
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experience what she's seen and she gave
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me some of her own personal experience
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which i thought was pretty generous of
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her so how much it goes down is going to
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depend um now if they do decrease it um
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you know how long do you have to wait so
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say they decrease it even if it's just
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one percent all right if they decrease
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it and you choose to accept as the rep
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told me said if you accept the decrease
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because
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i guess they could maybe maybe they
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decrease it a certain amount and you're
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like nah i think i can get more so you
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know if you want to wait a little longer
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try again you can but um let's just say
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if you choose to accept the decrease
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then you have to wait one more calendar
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year so it's once every calendar year
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from whenever you get that decrease
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that you can
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you request another decrease now if you
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are denied if they deny you the decrease
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on your card
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then you can try again immediately if
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you want i mean you could even i guess
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on the same phone call try again with
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the same rep
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that probably wouldn't be very
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beneficial so uh at that point if you do
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get denied i mean you know even though
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the last rep she goes she said you can
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call as many times as you want so you
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could call the right after that you
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could call the next day i mean maybe
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it's better to wait a month or so right
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i mean because um because of some of the
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factors that actually play into it when
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they decide whether you're going to get
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a credit limit decrease so if they say
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no you can just call back whenever the
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heck you want and try it again okay
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again that doesn't hurt anything as far
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as your credit score or anything like
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that has no impact on any of that now
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when it comes to federalist credit cards
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one of the big reasons people like them
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already is because their interest rates
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are typically pretty low that apr
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the maximum they have on all of their
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cards is 18
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um so they all go up to 18
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the lowest they can go i'll give you
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guys the order right now the lowest they
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can go
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is the cash awards goes to 9.65
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the platinum goes to 5.99 that's the
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balance transfer card the gory awards
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goes 8.99 the um
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flagship is 9.99 and the more awards are
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9.65 so more rewards and the cash flows
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are both 9.65 the flagship is 9.99 go
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rewards 8.99 and that platinum the
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balance transfer is 5.99 that's the
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lowest now right now in my card i have a
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flagship card with maybe federal um
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my purchase apr my balance transfer
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slash convenience check apr 17.49 it's
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almost 18
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your purchase apr and your balance
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transfer slash convenience check one
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there's always going to be the same
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now if you have um
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in the cash advance apr mine is 18
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now that cash advance apr is going to be
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uh 2 percent higher than your purchase
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apr
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up to eighteen percent so that's why
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right now since my
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uh purchase apr seventeen point four
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nine they can't do nineteen point four
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nine they won't go that high they go up
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to eighteen percent now say after i get
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a decrease
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you know they decrease my apr my
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purchases to
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15. i say they decrease to 15 well then
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my cash advance api is going to be 17.
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so you want to keep that in mind also
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when you do your decrease say they
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approve you for the credit limit
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decrease on your apr they'll decrease
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your purchase apr so that means the
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balance transfer and convenience check
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one is going to follow that and then
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your cash advance apr typically follows
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that as well so you're requesting the
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decrease in the purchase apr but the
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balance transfer and the cash advance
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pretty much follow that one so that's
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something to keep in mind you're not you
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don't have to do like separate requests
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to decrease each of those three
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categories you don't have to do it that
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way now
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what are they looking at when you do
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this okay um it's an internal check that
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they're going to be doing so two of the
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biggest factors one rep it told me this
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definitely makes sense is your debt to
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income ratio and your credit score those
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are two big things you're going to be
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looking at so you know what is your
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income like you know do you have a good
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enough income and um
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you know how much debt are you carrying
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with that income and then your overall
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credit score those are two big things
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that they're going to be looking at
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another factor is your membership
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longevity so how long you've been a
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member with them so
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um you know maybe you've been a member
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for several years before you got a card
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so if you're with him for three years
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and you got a card it's been you know
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now what four years you've been with
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them that's something that could factor
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into well a certain amount of your
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loyalty and building up your
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relationship with navy federal but the
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debt to income ratio
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and the credit score going to be two uh
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big factors obviously things like paying
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you know making your payments on time
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right not having not having late
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payments um things like that so showing
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that you've been responsible with the
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money they've trusted with you so that's
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more likely to allow them to also gives
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you credit limit increase you can have
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more money to use and then you can also
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have a lower interest rate on it because
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you know you've shown that you can be
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responsible with that money so they
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trust you with spending that money then
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you know there's going to be a better
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chance that they're going to lower that
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interest rate for you where if they see
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you as a higher risk for money for
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giving you money then they're going to
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say okay we'll lend you money we'll give
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you a credit card or give you a loan or
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whatever it is but you know we're going
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to we're going to charge a higher
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interest rate because we think there's a
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better risk the risk is higher that
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you're not going to handle that money
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well that's just
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like you know i guess finance 101
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the more risk the more risk a lender
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thinks you are the higher the interest
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rate they're going to charge you it's
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just how it goes so
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understand that is how it works if you
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want to get your apr reduced navy fed
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you got to wait a year you have to call
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them they're not going to do it for you
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and then from there if they say yes you
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accept it cool another year you can do
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it again if they say no then you know
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you can call back as many times as you
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want and do it that way the rep i spoke
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with she actually shared her personal
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experience and said uh the first time
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she did it
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she got it reduced just a little bit she
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didn't say how much because i thought
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initially it was only going to go down
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like one percent if they approve you
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nope it can go it can go down all the
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way to the lowest amount so the rep i
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spoke she actually for her the first
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year she did it it went down a little
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bit
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which i guess probably means a few
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percent then she said the second year
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she did it on her card it went all the
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way down to the lowest interest rate so
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if she had the cash rewards that means
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it went all the way down to 9.65 if she
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had the go rewards and went all the way
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down to eight point nine nine percent so
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that brought her you know that brought
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her interest rate way down on her credit
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cards so that's the long and short of
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how it works you guys have other
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experience anything you wanna throw in
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the comments section please do so down
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below i hope this information was a
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pretty good rundown and breakdown of
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everything you need to know to get your
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apr lowered with your credit cards with
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navy federal thanks for watching thanks
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for being so awesome and until next time
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keep growing your money
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