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New Member
Posts: 5
Registered: ‎02-06-2009
0

APR

Hello everyone.

 

I was trying to find some information to what my interest rate on my card should be, based on FICO score at Experian of 702.  Anyone have any idea where I can find this information, or does someone know it by chance?   I'd love to lower my APR if possible :smileyvery-happy:

 

Thanks!

 

 

Josh 

Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
0

Re: APR

it depends on a lot more than just your credit score.  it depends on what is in your credit profile as well.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
Posts: 5
Registered: ‎02-06-2009
0

Re: APR

Clean credit profile.  I've held this card for a year with no late payments.  No late payments on any cards.  My total credit combined is about $6400.  I have a student loan for $2600.  My credit to debt is around 50%.  It will drop once I get paid because I'll be paying my other card off.  No checks in over a year.

 

Hope this helps. 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007

Re: APR

It also depends on the cc. Try calling to ask if they can lower it.
New Member
Posts: 5
Registered: ‎02-06-2009
0

Re: APR

Somewhere on the site it said there would be information to what you should be paying so when I couldn't find it I was hoping someone had some ballpark numbers, like those for mortgages, ect.
Super Contributor
Posts: 8,193
Registered: ‎03-25-2007

Re: APR

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=143835&jump=true

 

here are the national averages  :smileyhappy:

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New Member
Posts: 5
Registered: ‎02-06-2009
0

Re: APR

That will probably work, considering my APR is like... 21%...
Senior Contributor
Posts: 3,696
Registered: ‎01-10-2008
0

Re: APR

also, the suze orman fico kit available for purchase at myfico offers an evaluation of your APR's based on your current scores, etc.  i was happy to find that according to the suze kit, i am currenty receiving fair rates from all lenders.  apparently if it is determined that you are not receiving fair rates, advice for lowering aprs is offered.

 

in general i'd say explore with your lender if there is a lower rate available by calling cs or back doors, lower rates always seem more fair :smileyhappy: though you can try to determine what it is fair even while you request reductions.

 

for me,  reductions have been granted incrementally, like cli's so be patient but persistent and check back with lenders periodically (about every 6 months or so) if you feel strongly that your rates are too high and you may carry balances.  otherwise, with the recession underfoot, you may not want to ruffle feathers if you aren't paying interest anyway, at least until things cool down a bit.

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