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New Contributor
Posts: 51
Registered: ‎12-30-2007
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6.99% APR offer

I just received a pre-approval letter from RBS with 6.99% APR for purchases and BT forever as long as I don't miss the minimum payment. I used to have an account of $3,600 CL with RBS, and one year later I closed. I have credit scores +/- 750 (before paying off), and recently I paid off more than 5k of credit card balances. As a result, my UTIL is down to 7% from ~13%.
 
If I am not looking a house now, I would apply for this car right away. What do you think about this offer?
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: 6.99% APR offer

The purchase APR is great, as long as it's not an intro rate.  If that's a non-promo fixed rate, that's about as good as it gets.
 
For BTs, it's not that terrific.  You can find 0% BT offers all over the place.
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
New Contributor
Posts: 51
Registered: ‎12-30-2007
0

Re: 6.99% APR offer

That 6.99% is NOT an introductory rate. As long as I make on-time payments, I get that rate. Yeah, I am not thriled with 6.99% BT, but don't have much to transfer anyway. I agree that 6.99% APR would be hard to get, and that's why I am considering.
Established Contributor
Posts: 853
Registered: ‎03-21-2008
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Re: 6.99% APR offer

That's a good card to have. RBS is Prime-Time Bank.  Good to just have an account with them boys. And you don't have to BT with it...6.99 is awesome if it is forever.
07/26/2007 TU-688
EQ-656
EX-649
Established Contributor
Posts: 971
Registered: ‎01-13-2008
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Re: 6.99% APR offer



jsk wrote:
That 6.99% is NOT an introductory rate. As long as I make on-time payments, I get that rate. Yeah, I am not thriled with 6.99% BT, but don't have much to transfer anyway. I agree that 6.99% APR would be hard to get, and that's why I am considering.


If I'm reading this right, the only advantage to this card's BT is if you plan to take forever to pay off the little balance you have as most BT offers are only good for 6 months to a year. Does the 6.99% have anything to do with new transactions? If so, I'd gobble this card up.
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Established Contributor
Posts: 844
Registered: ‎09-23-2007
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Re: 6.99% APR offer

Sorry to TJ, but this thread has me thinking...would it hurt your FICO more to have 80% util on on card and all other cards at 10%? Or would it be better to have, let's say, 45% util on two cards and the rest below 10 %? Hmmmm.....
__________________________________________________
Time to clean house and get rid of CCs from bad CCCs. Opt'd Out and Paying off the Balance: BofA. Closed: Chase Freedom. Keeping: Amex Blue, Amex Costco Cash back, Citi Forward, USAA MC, USAA Amex, and PenFed Platinum Cash Back. Next up for review: Chase Sapphire...
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: 6.99% APR offer

[ Edited ]


Pj1369 wrote:
Sorry to TJ, but this thread has me thinking...would it hurt your FICO more to have 80% util on on card and all other cards at 10%? Or would it be better to have, let's say, 45% util on two cards and the rest below 10 %? Hmmmm.....

Yes, one card at 80% will hurt your FICO.
 
You are scored on overall utilization as well as individual utilization.

Also, don't forget that you need $0 on more than half your open accounts and at least one revolving account at 1-9%  for max FICO points.  "All other cards at 10%" is neither of those.


Message Edited by cheddar on 04-01-2008 11:00 PM
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Established Contributor
Posts: 844
Registered: ‎09-23-2007
0

Re: 6.99% APR offer



cheddar wrote:







Pj1369 wrote:
Sorry to TJ, but this thread has me thinking...would it hurt your FICO more to have 80% util on on card and all other cards at 10%? Or would it be better to have, let's say, 45% util on two cards and the rest below 10 %? Hmmmm.....




Yes, one card at 80% will hurt your FICO.


You are scored on overall utilization as well as individual utilization.








but, which scenario do you think would be better re: the indiv util perspective...seeing that overall util would stay the same?
__________________________________________________
Time to clean house and get rid of CCs from bad CCCs. Opt'd Out and Paying off the Balance: BofA. Closed: Chase Freedom. Keeping: Amex Blue, Amex Costco Cash back, Citi Forward, USAA MC, USAA Amex, and PenFed Platinum Cash Back. Next up for review: Chase Sapphire...
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
0

Re: 6.99% APR offer



Pj1369 wrote:


but, which scenario do you think would be better re: the indiv util perspective...seeing that overall util would stay the same?

45% on two is better than 80% on one.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: 6.99% APR offer

[ Edited ]
I think you saw the results of the one-card-with-80% when you lost that gi-normous 60-80 points with the SL BT on to one card. But I do think that you can get away with a high balance on just one card, as long as it is not maxed out, and the others are PIF'd or negligible. However, this might be only applicable to certain situations, I dunno. I've just read enough anecdotal evidence that I think that there's something to it.


edited to say that the high util card shouldn't be maxed-out high

Message Edited by haulingthescoreup on 04-02-2008 04:18 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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