topic Re: Higher interest rates in Credit Cards

Higher Interest rates

Anonymous — Mon, 08 Aug 2011 03:27:17 GMT

I received two preapproval letters. One from Chase Sapphire for 15.24%

and one from Citi Simplicity at 14.99%

I had been receiving preapprovals at 11.99% mostly but then a month ago my score dropped about 40 points from what seems like rebucketing.

Is this the reason for the higher interest rates on the pre approvals.

Which is a better card and or harder to qualify for?

Thanks,

Re: Higher Interest rates

Creditaddict — Mon, 08 Aug 2011 04:00:34 GMT

@Anonymous wrote:
I received two preapproval letters. One from Chase Sapphire for 15.24%
and one from Citi Simplicity at 14.99%

I had been receiving preapprovals at 11.99% mostly but then a month ago my score dropped about 40 points from what seems like rebucketing.

Is this the reason for the higher interest rates on the pre approvals.

Which is a better card and or harder to qualify for?

Thanks,

I feel like since Banks can't really increase old card members interest rates that easy anymore, they are making sure new cardholders start out considerably higher... I mean in 2006 would you have dreamed of paying over 15% unless it was a store card... I would not have, almost everything I had was 0% or 3.9 for life of BT... those for life offers are gone!

I think Citi would be easier and they will grow SO much faster with CLI every 3-4 months and almost always a soft pull for it.

Re: Higher interest rates

Anonymous — Mon, 08 Aug 2011 19:47:51 GMT

A lot of times the preapprovals say interest rate "as low as". So you probably just didn't qualify for the lowest rate. I'd also say if you got those rates on those two cards, you will probably not get a lower rate on another card (unless it's a credit union card).

Re: Higher interest rates

haulingthescoreup — Mon, 08 Aug 2011 18:03:31 GMT

@Anonymous wrote:
A lot of times the preapprovals say interest rate "as low as". So you probably just didn't qualify for the lowest rate. I'd also say if you got those rates on those two cards, you will probably not get a lower rate on another card (unless it's a credit union card).

Replying to your post simply to re-instate the original thread title. It's really confusing when subsequent posters change the title. Presumably the OP picked it for a reason.

Re: Higher interest rates

Anonymous — Mon, 08 Aug 2011 18:05:39 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
A lot of times the preapprovals say interest rate "as low as". So you probably just didn't qualify for the lowest rate. I'd also say if you got those rates on those two cards, you will probably not get a lower rate on another card (unless it's a credit union card).
Replying to your post simply to re-instate the original thread title. It's really confusing when subsequent posters change the title. Presumably the OP picked it for a reason.

I didn't mean to change the title...it must have been an accident.

Re: Higher interest rates

haulingthescoreup — Mon, 08 Aug 2011 18:13:30 GMT

I've found weird things happening recently --a copy/ paste from somewhere else suddenly appearing when I start to reply and so forth. Don't know what's up with that. Sorry, I didn't mean to sound snappish.