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Registered: ‎10-31-2007
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Credit Card Interest Rates and Fico Score

I read on the Suze Website that your CC interest rates are based on your FICO Score.  So how do you determine what your CC rates should be and if your CC companies are overcharging you?
My FICO score has gone up up up and I'm still paying high rates even though I've asked the company's numerous times to lower them based on my good credit?
Epic Contributor
Posts: 25,538
Registered: ‎10-23-2007
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Re: Credit Card Interest Rates and Fico Score

If your scores are considerably higher now and you have old accounts that you got when you had bad credit... simply apply for new cards with better companies.  Graduate out of Orchard, household, first premier, etc.
 
Get Hooters, wamu, amex, capital one
 
Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
Moderator Emeritus
Posts: 16,379
Registered: ‎03-12-2007
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Re: Credit Card Interest Rates and Fico Score



sasysuz wrote:
I read on the Suze Website that your CC interest rates are based on your FICO Score.  So how do you determine what your CC rates should be and if your CC companies are overcharging you?
My FICO score has gone up up up and I'm still paying high rates even though I've asked the company's numerous times to lower them based on my good credit?


Not all CCCs are registered FICO lenders. Some CCCs such as FIA/BOA and Amex use FICO scores but it's just one part of the underwriting process. They use their own internal scoring models along with a whole host of other information: income, payment history, revolving history scoring and etc. The revolving history scoring is tantamount to saying how much can we make of this sucker.
 
What are your FICO scores? Which CCs do you have, CLs, Balances, APRs, and when were they opened? Maybe I can offer up some advice on how to get your way.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Valued Contributor
Posts: 2,010
Registered: ‎07-01-2007
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Re: Credit Card Interest Rates and Fico Score



sasysuz wrote:
I read on the Suze Website that your CC interest rates are based on your FICO Score.  So how do you determine what your CC rates should be and if your CC companies are overcharging you?
My FICO score has gone up up up and I'm still paying high rates even though I've asked the company's numerous times to lower them based on my good credit?


They don't respond well when asked for rewards.  They do respond to customer retention if they think you're going to leave them.
 
Try telling them that you are getting 0 balance transfer offers with better APR after the intro from other cards,  but before you close your card you'd like to see what they can do for you.
 
Don't close your card though.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: Credit Card Interest Rates and Fico Score



Creditaddict wrote:
If your scores are considerably higher now and you have old accounts that you got when you had bad credit... simply apply for new cards with better companies. Graduate out of Orchard, household, first premier, etc.
Get Hooters, wamu, amex, capital one



AMEX but the others are subprime with the exception of some Capital One cards.
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