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New Visitor
d1234
Posts: 2
Registered: ‎03-12-2009
0

high APR

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?
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: high APR

You can get a better card with your scores.
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: high APR

[ Edited ]

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).

Message Edited by LilMirth on 03-12-2009 05:06 PM

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Established Contributor
Donks3369
Posts: 514
Registered: ‎07-01-2008
0

Re: high APR

Wow,  that is a crazy interest rate.

 

My scores are 674/675/720 and my rates are between 6.99% and 14%.

 

You can do much better.

Mega Contributor
Creditaddict
Posts: 19,444
Registered: ‎10-23-2007
0

Re: high APR


d1234 wrote:
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?

 

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
New Visitor
d1234
Posts: 2
Registered: ‎03-12-2009
0

Re: high APR

Late payment more than a year ago but nothing more than a week since.  They moved my due date without letting me know or maybe I didn't notice, not sure.
Mega Contributor
Creditaddict
Posts: 19,444
Registered: ‎10-23-2007
0

Re: high APR

might be easier to get a new credit card then trying to get this apr reduced.
Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:

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