Reply
New Visitor
sasysuz
Posts: 1
Registered: ‎10-31-2007

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?
Mega Contributor
Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

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 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Moderator Emeritus
fused
Posts: 16,243
Registered: ‎03-12-2007

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.
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007

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
smallfry
Posts: 4,831
Registered: ‎04-20-2007

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+