topic realisic apr expectations in Credit Cards

realisic apr expectations

Anonymous — Sat, 10 Jan 2015 22:29:20 GMT

Today I checked my credit score on credit karma, and it was posted as a 620. It also says I have a very good chance or obatain a capitol 1 quicksilver card. The intro apr is 0% but jumps to 22.9% in sept 2015. What should I expect as a run of the mill apr and what are the best I could hope for?

Re: realisic apr expectations

Anonymous — Sat, 10 Jan 2015 22:32:07 GMT

Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

Re: realisic apr expectations

Anonymous — Sat, 10 Jan 2015 22:34:57 GMT

@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

There should be a huge sticky on each sub forum: IGNORE CREDIT KARMA

Re: realisic apr expectations

NRB525 — Sat, 10 Jan 2015 23:02:49 GMT

@Anonymous wrote:
Today I checked my credit score on credit karma, and it was posted as a 620. It also says I have a very good chance or obatain a capitol 1 quicksilver card. The intro apr is 0% but jumps to 22.9% in sept 2015. What should I expect as a run of the mill apr and what are the best I could hope for?

In the proposed app/offer, was that the only APR proposed after the 0% expires? If so, that's your APR forever (except it is variable, prime plus a million, so could increase).

My Citi Diamond Preferred, from 2012, I tried to get an APR decrease recently, and they said, no, this card it already at its lowest APR. I checked back to the original paperwork / offer and, yep, 17.99% was the only offered rate. I will never get below 17.99% with this card.

So you could go with the Cap1 at 22.9% and PIF to avoid interest, then work on improving your scores by using that card, and then later see if another card might offer a lower APR.

Most likely that interest rate is in the ballpark for what you can expect right now.

Re: realisic apr expectations

Closingracer99 — Sat, 10 Jan 2015 23:21:36 GMT

@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

CK has my score around 650 . My TU score is 730 and CK score is based off TU. So listen to them with a grain of salt

Re: realisic apr expectations

kdm31091 — Sat, 10 Jan 2015 23:51:20 GMT

Also, I don't know how good Capital One is with APR reductions, but you could go for the card, use it well until September and then see if maybe they'll lower your APR since your score will have increased.

I believe the next bracket for APR for the QS is 17.9, but could be wrong. You could try and at least get them to give you that.

Re: realisic apr expectations

Anonymous — Sun, 11 Jan 2015 07:53:51 GMT

Go for the card. :-)

Re: realisic apr expectations

Anonymous — Sun, 11 Jan 2015 22:31:53 GMT

Does fico make reccomendatiosn and are they market driven?

Re: realisic apr expectations

CreditMagic7 — Sun, 11 Jan 2015 22:37:21 GMT

@Anonymous wrote:
@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)
There should be a huge sticky on each sub forum: IGNORE CREDIT KARMA

Only SCORES & CREDIT CARD RECOMMENDATIONS.

The credit reports are VALID as is the monitoring to a point, the point being they sometimes lag big time. On another Credit Karma note, not that it matters to most, but they used to have a fairly accurate calendar that displays when your credit cards are due to report to the bureaus that i found kinda handy. I guess they didn't think so. Well for free it is what is but agree 100% IGNORE CREDIT KARMA SCORES! They are FAKE! as in FAKO

Re: realisic apr expectations

Anonymous — Sun, 11 Jan 2015 22:44:59 GMT

@Anonymous wrote:
Does fico make reccomendatiosn and are they market driven?

The Top cards in the myFICO credit center seem to be marketing driven (why is Barclays Rewards better than Double Cash for example).

To do a really good job, you would need access to all your accounts (which you can do with CK, but probably shouldn't) and analyse the spend by MCC etc. Don't kow of sites that do that.

Re: realisic apr expectations

kdm31091 — Sun, 11 Jan 2015 23:42:13 GMT

I think most sites "recommendations" are marketing driven. Nerdwallet is one example, and I believe credit karma does the same thing. Unfortunately, you have to kind of figure out for yourself what the best card is. Base it on your individual spend and needs. Not anyone else's or a website's recommendations because they are often biased.

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 02:26:32 GMT

OP, How about some FICO's and a little more background into your credit?

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 16:03:29 GMT

I went through with getting my fico scores and they cam back 618,619 and 629. Now I am going to apply for a credit card from the fico list. I am thinking of going for the teir below my scores, because I am an underacheiver. TTYL

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 17:06:52 GMT

Scratch that last post, I decided that I want to test the 600-659 range. I am thinking that I like the Barclay and QS1 card. Woud it be in my best interest to apply for both at once. My thinking here is I need to get a card to raise my scores and if I apply for 1 and get denied it will make applying for my second harder. This way if I apply at the same time, both cards will see my credit where it is at now and that will be 1 less inquiry if I get denied on the first attempt. On the flip side if I get approved it may heighten my chances of getting a second card. Should I even concern my self with a second card right now. I have lived with out credit cards for 12 years now so it's not like Im in dire need, but I want to make the biggest impact on my credit score asap.

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 17:50:55 GMT

Forget the QS1.

Journey is a better card w No AF and typically gets similar limits to QS1. Both are Thin file/Rebuilders.

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 17:58:04 GMT

@Anonymous wrote:
Scratch that last post, I decided that I want to test the 600-659 range. I am thinking that I like the Barclay and QS1 card. Woud it be in my best interest to apply for both at once. My thinking here is I need to get a card to raise my scores and if I apply for 1 and get denied it will make applying for my second harder. This way if I apply at the same time, both cards will see my credit where it is at now and that will be 1 less inquiry if I get denied on the first attempt. On the flip side if I get approved it may heighten my chances of getting a second card. Should I even concern my self with a second card right now. I have lived with out credit cards for 12 years now so it's not like Im in dire need, but I want to make the biggest impact on my credit score asap.

Not sure what this means. If you apply for both, the second lender will see the inqs from the first (if the pull the same CRA)

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 18:55:53 GMT

I think I my mind may be moving faster than my creit report. If you look over my posts since Ive joined you will see that I don't have much for negative accounts mostly piss poor payment history, which I have been good with over the last year or so. I was relying on freecreditreport.com for most of my info and I was dinged for a 57 point loss (via freecreditreport) on nov 19. Then after I DV'ed some stuff it returned back to 658. I thought this score would be high enough for a credit card, I also thought the inquiries would not show up until next month so if I applied to both at once they wouldnt know about the other, especially if I did it simultaneously. I have now just learned how the credit scores really work. Like I thought my freecreditreport number was a "real" experian number, when in fact it is nothing more than a calculated guess of what lenders might see. Anyhow during the time my score was reported as a 601 via freecreditreport, I applied for a home depot card and sequentially denied. Moving forward when I was notified my score returned back to the original number of 658 (via freecreditreport) I figured I would be in the clear for an unsecured card. But after chatting with a Capitol One rep, I was told that if I have been denied a credit card in the last 3 months then I am consider "credit rebuilding" and probably not going to get an unsecured card. Just for fyi I payed for the fico service yesterday and no longer use freecreditreport and my scores are 618 619 629. Any comments on my situation will more than likely help, or at least keep my brain churning on the issue. Have fun and be critical if need be.

Re: realisic apr expectations

Anonymous — Mon, 12 Jan 2015 21:01:49 GMT

Focus on taking care of negatives before applying for anything.

Re: realisic apr expectations

MarineVietVet — Tue, 13 Jan 2015 00:34:34 GMT

@Anonymous wrote:
Focus on taking care of negatives before applying for anything.

Wait!! What did you do with the REAL Nixon???

Re: realisic apr expectations

Anonymous — Tue, 13 Jan 2015 01:41:18 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Focus on taking care of negatives before applying for anything.
Wait!! What did you do with the REAL Nixon???

The real Nixon took care of immediate (Not ancient) negatives before his app-o-rama.

I preach what I followed.