03-12-2009 02:04 PM - edited 03-12-2009 02:06 PM
Ouch! That's a default rate. What's your utilization on the card? What about overall? Have you had any lates with it in the last two years? What kind of card is it, and who is the issuer?
Store cards tend to have high APRs (unless you've got a promo rate). Sometimes the "standard" APR on them is downright criminal, and is not a score penalty. Being maxed out on any card will inspire ratejacking. Same with new/recent derogs, or (in the current climate) almost any decline in credit score for any reason.
So, to answer your question, it sort of depends. Your numerical score isn't the only determining factor. You can have a 699, or even 700+ score and be maxed out, for example. That means that some people with similar scores would have much better APRs, and some others might be ratejacked too, and everything in between. Proceed with caution relative to your specific circumstances and the reason that the APR is what it is. If you're ratejacked because you're maxed out be very careful in how you word your request so that you don't end up with an account closure (if that's not your aim) with payoff at a lower rate.
I just recently crossed the 700 threshold, after hovering around the high 600s for months (no revolving balances). I've got APRs ranging from 8% to 19.99% (on a GEMB store card...and they consider that to be a "low" rate apparently).
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"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
03-12-2009 02:29 PM
I have a FICO of 699 but my ARP on one card is 29.99%. I'm going to request they drop it to a lower rate. What should I ask for? What rate do others have with a similar FICO?
if you missed a payment your interest rate is going to be high regardless of your fico score and the process to get that rate back down will be a lot different. That sounds like a default rate, you ever been late or over limit?