topic Re: APR yikes!!! ... is something off? in Credit Cards

APR yikes!!! ... is something off?

Anonymous — Fri, 14 Mar 2014 23:21:36 GMT

I applied for a Huntington Voice card yesterday and was immediately approved online. I was finally able to get through today and get my starting CL and APR. HNB has two options for their Voice (no rewards advertising a lower APR between 9.99 to 20.99 and a 3X rewards option with a higher APR between 12.99 to 23.99). I opted for the 3X rewards.

First, I'll say I never go into a CC app with a sense of entitlement. I'm happy about the opportunity of creating a relationship with a financial institution. That said, I've been gardening for a long time and have worked hard to get over 800 (it took years). I went into the app with the following:

809 EQ (what they pulled), AAoA 6 years, no derogs at all, income 47K, 1% util, 0 inquiries in the past year, DTI 17%. I have three other CC's reporting and a student loan and Chase auto loan.

I was expecting my first 5K limit with an APR closer to the low end of the range (12.99'ish). They gave me a starting CL of $2.1K and an APR of 20.99%

Does the APR seem high? I've never gone into a CC app with a decent score so my 24.99 CapOne cards is all I know. I think the CL is horrible and the APR seems really high. I mean, don't they say your APR is "based on credit worthiness"? Is that what an 800+ gets you? I'm seriously confused and honestly regret this app. I feel like the low CL and APR tells me they really didn't even want me as a customer and honestly, I'm considering just closing the card as soon as I get it.

Am I expecting too much? Any insight would be greatly appreciated.

** Here's what I think it is but not totally sure. I had an auto loan with them back a few years ago when my credit was not as good (630'ish). Could that be it? I was never late and even paid extra every month but I guess they could have an old report on file.

Re: APR yikes!!! ... is something off?

Shock — Fri, 14 Mar 2014 23:28:50 GMT

IMO the APR is high relative to your scores. Limit depends on the lender as well, and also your other limits..

Re: APR yikes!!! ... is something off?

gdale6 — Fri, 14 Mar 2014 23:32:01 GMT

The APR decision is made based on the info in the pull for the card, to me it is high for your profile but if you PIF who cares, use it and in 1 year request 12.99% Huntington Bank has just come back into the CC issuing business and they very well may be gun shy in giving out high limits with low APR. You can always call them and make noise too.

Re: APR yikes!!! ... is something off?

Anonymous — Fri, 14 Mar 2014 23:35:27 GMT

@gdale6 wrote:
The APR decision is made based on the info in the pull for the card, to me it is high for your profile but if you PIF who cares, use it and in 1 year request 12.99% Huntington Bank has just come back into the CC issuing business and they very well may be gun shy in giving out high limits with low APR. You can always call them and make noise too.

Thanks shock and gdale. How might one approach that? Ask them what it takes to get a 12.99? I'm interested to see "the price you pay for credit" when it comes.

Re: APR yikes!!! ... is something off?

Anonymous — Fri, 14 Mar 2014 23:44:45 GMT

Like I mentioned, I'm curious to see their "price you pay for credit" and see what's listed as affecting their decision and pricing. When I got approved for AMEX, they sent me a mirror copy of what I purchased on myFico with the exact same score. I just wonder if the negative items affecting your score shows anything. It don't on here. Thanks for everyone's responses thus far.

Re: APR yikes!!! ... is something off?

lg8302ch — Fri, 14 Mar 2014 23:58:00 GMT

@Anonymous wrote:
Like I mentioned, I'm curious to see their "price you pay for credit" and see what's listed as affecting their decision and pricing. When I got approved for AMEX, they sent me a mirror copy of what I purchased on myFico with the exact same score. I just wonder if the negative items affecting your score shows anything. It don't on here. Thanks for everyone's responses thus far.

if you find out I would love to know it too. Chase accepted me with EQ Fico of 793 but with an internal score of 681 and got me 22,99% APR..their worst terms for the Freedom ...it's my first card from Chase ...Does Huntinton also use internal scores?

Re: APR yikes!!! ... is something off?

Anonymous — Sat, 15 Mar 2014 00:02:02 GMT

@lg8302ch wrote:
@Anonymous wrote:
Like I mentioned, I'm curious to see their "price you pay for credit" and see what's listed as affecting their decision and pricing. When I got approved for AMEX, they sent me a mirror copy of what I purchased on myFico with the exact same score. I just wonder if the negative items affecting your score shows anything. It don't on here. Thanks for everyone's responses thus far.

if you find out I would love to know it too. Chase accepted me with EQ Fico of 793 but with an internal score of 681 and got me 22,99% APR..their worst terms for the Freedom ...it's my first card from Chase ...Does Huntinton also use internal scores?

lg- Wow. With my lowest score (EX), Chase's prequal link offered me 18.99 on the Freedom but I opted out for other cards. For a 793, you would think you qualify for the best terms they offer. HNB must have some type of internal scoring system or they are holding an old report/score against me unannounced. Have you called Chase to ask about it?

Re: APR yikes!!! ... is something off?

Shock — Sat, 15 Mar 2014 00:04:31 GMT

After a year I would talk with Huntington. They aren't a major major lender, so I assume they are more customer oriented and also more flexible when it comes to increases, APR reduction and things like that. Much like how a credit union is more flexible I guess. I hope I'm using that logic correctly.

If I were in your given situation, I would put lots of spend on it for 6 months. Then call them, go in branch or whatever it takes and just give them the low down. Nothing too fancy, but the real problem. "I appreciate the opportunity have enjoyed establishing a relationship with you. Although I have no problem with the card itself, I do feel that it doesn't fit my credit profile/doesn't suit my needs...etc etc"

The reason I say spend heavily is because they are more likely to help you if you are a profitable customer. Praise them and tell them they are good. Stroking a few ego's won't hurt. And then just take it from there.

If they require a hard pull for CLI, it's up to you. If they don't give you what you want, you can axe them if you choose to do so.

Re: APR yikes!!! ... is something off?

Anonymous — Sat, 15 Mar 2014 00:14:53 GMT

@Shock wrote:
After a year I would talk with Huntington. They aren't a major major lender, so I assume they are more customer oriented and also more flexible when it comes to increases, APR reduction and things like that. Much like how a credit union is more flexible I guess. I hope I'm using that logic correctly.

If I were in your given situation, I would put lots of spend on it for 6 months. Then call them, go in branch or whatever it takes and just give them the low down. Nothing too fancy, but the real problem. "I appreciate the opportunity have enjoyed establishing a relationship with you. Although I have no problem with the card itself, I do feel that it doesn't fit my credit profile/doesn't suit my needs...etc etc"

The reason I say spend heavily is because they are more likely to help you if you are a profitable customer. Praise them and tell them they are good. Stroking a few ego's won't hurt. And then just take it from there.

If they require a hard pull for CLI, it's up to you. If they don't give you what you want, you can axe them if you choose to do so.

I think this is great advice and I appreciate your response, shock. I have a small issue with large spend on the card, though. I have minimums to meet with both AMEX and Citi over the next three months, Citi AAdvantage being first. Unless I go on a shopping spree (which won't happen), the Voice likely going to see utility bill use only for a while. I may just give it some time. I don't know why but I feel like the APR is just a punch in the gut. Maybe I'm taking it too personal.... maybe not. I think there is a fine line between protecting yourself as a lender and insulting potential good customers. Being brand new to the prime world, I'll probably lay down and take it but I'd like to see what someone older than myself with an 800+ and much higher AAoA with long term experience with prime cards would say about that APR.

Re: APR yikes!!! ... is something off?

indiolatino61 — Sat, 15 Mar 2014 00:29:14 GMT

@Anonymous wrote:
I applied for a Huntington Voice card yesterday and was immediately approved online. I was finally able to get through today and get my starting CL and APR. HNB has two options for their Voice (no rewards advertising a lower APR between 9.99 to 20.99 and a 3X rewards option with a higher APR between 12.99 to 23.99). I opted for the 3X rewards.

First, I'll say I never go into a CC app with a sense of entitlement. I'm happy about the opportunity of creating a relationship with a financial institution. That said, I've been gardening for a long time and have worked hard to get over 800 (it took years). I went into the app with the following:

809 EQ (what they pulled), AAoA 6 years, no derogs at all, income 47K, 1% util, 0 inquiries in the past year, DTI 17%. I have three other CC's reporting and a student loan and Chase auto loan.

I was expecting my first 5K limit with an APR closer to the low end of the range (12.99'ish). They gave me a starting CL of $2.1K and an APR of 20.99%

Does the APR seem high? I've never gone into a CC app with a decent score so my 24.99 CapOne cards is all I know. I think the CL is horrible and the APR seems really high. I mean, don't they say your APR is "based on credit worthiness"? Is that what an 800+ gets you? I'm seriously confused and honestly regret this app. I feel like the low CL and APR tells me they really didn't even want me as a customer and honestly, I'm considering just closing the card as soon as I get it.

Am I expecting too much? Any insight would be greatly appreciated.

** Here's what I think it is but not totally sure. I had an auto loan with them back a few years ago when my credit was not as good (630'ish). Could that be it? I was never late and even paid extra every month but I guess they could have an old report on file.

IMO, it seems high for your profile. My Discover It card is at 22.99% and they won't budge, even with my 800 TU score, which is presumably what they pull. I PIF, so I don't care, but it is the "principle" of the matter...lol.

Re: APR yikes!!! ... is something off?

Anonymous — Sat, 15 Mar 2014 00:32:25 GMT

@indiolatino61 wrote:
@Anonymous wrote:
I applied for a Huntington Voice card yesterday and was immediately approved online. I was finally able to get through today and get my starting CL and APR. HNB has two options for their Voice (no rewards advertising a lower APR between 9.99 to 20.99 and a 3X rewards option with a higher APR between 12.99 to 23.99). I opted for the 3X rewards.

First, I'll say I never go into a CC app with a sense of entitlement. I'm happy about the opportunity of creating a relationship with a financial institution. That said, I've been gardening for a long time and have worked hard to get over 800 (it took years). I went into the app with the following:

809 EQ (what they pulled), AAoA 6 years, no derogs at all, income 47K, 1% util, 0 inquiries in the past year, DTI 17%. I have three other CC's reporting and a student loan and Chase auto loan.

I was expecting my first 5K limit with an APR closer to the low end of the range (12.99'ish). They gave me a starting CL of $2.1K and an APR of 20.99%

Does the APR seem high? I've never gone into a CC app with a decent score so my 24.99 CapOne cards is all I know. I think the CL is horrible and the APR seems really high. I mean, don't they say your APR is "based on credit worthiness"? Is that what an 800+ gets you? I'm seriously confused and honestly regret this app. I feel like the low CL and APR tells me they really didn't even want me as a customer and honestly, I'm considering just closing the card as soon as I get it.

Am I expecting too much? Any insight would be greatly appreciated.

** Here's what I think it is but not totally sure. I had an auto loan with them back a few years ago when my credit was not as good (630'ish). Could that be it? I was never late and even paid extra every month but I guess they could have an old report on file.

IMO, it seems high for your profile. My Discover It card is at 22.99% and they won't budge, even with my 800 TU score, which is presumably what they pull. I PIF, so I don't care, but it is the "principle" of the matter...lol.

100% agree Indio. I plan to PIF, as well. It's like "Is this 22.99% the thanks I get?"

Re: APR yikes!!! ... is something off?

Shock — Sat, 15 Mar 2014 00:39:54 GMT

Well if you have to for your other cards first, go for it. No worries there. It doesn't matter when you start, but I would do it for 6 months. In a year, you can probably make even more of a case for a CLI.

Re: APR yikes!!! ... is something off?

Shock — Sat, 15 Mar 2014 00:41:27 GMT

High APR is definitely a punch in the gut, especially for those who have been to hell and back with their credit, and has rebuilt it from the ground up.

Re: APR yikes!!! ... is something off?

DaveSignal — Sat, 15 Mar 2014 00:43:33 GMT

Its a high APR, but carrying balances on a rewards card negates the value of the rewards anyway. I don't pay interest on any of my cards, not even SDFCU, which is at 6.99%. If I wanted to finance something and carry the balance, I would use a 0% promotion.

After 6 months to a year of good payment history, you could call to see if they will lower the APR on your new card.

Re: APR yikes!!! ... is something off?

lg8302ch — Sat, 15 Mar 2014 00:46:12 GMT

@Anonymous wrote:
@lg8302ch wrote:
@Anonymous wrote:
Like I mentioned, I'm curious to see their "price you pay for credit" and see what's listed as affecting their decision and pricing. When I got approved for AMEX, they sent me a mirror copy of what I purchased on myFico with the exact same score. I just wonder if the negative items affecting your score shows anything. It don't on here. Thanks for everyone's responses thus far.

if you find out I would love to know it too. Chase accepted me with EQ Fico of 793 but with an internal score of 681 and got me 22,99% APR..their worst terms for the Freedom ...it's my first card from Chase ...Does Huntinton also use internal scores?
lg- Wow. With my lowest score (EX), Chase's prequal link offered me 18.99 on the Freedom but I opted out for other cards. For a 793, you would think you qualify for the best terms they offer. HNB must have some type of internal scoring system or they are holding an old report/score against me unannounced. Have you called Chase to ask about it?

I have asked and was told that Chase does not change APRs...you are stuck with what you get for the card's life ....I am a PIF customer so APR does not matter but I do take it personal when Chase puts me in the drawer of their worst customers...Got best terms from all others but Chase and Discover.

At least with Huntington you have a chance to lower APR.....Chase is the only one that does not touch it. Who did not give me best terms changed it afterwards. Regarding the limit it could be your new accounts? Chase gave me this horrible APR because of my app spree..got 4 cards (spree once and never again - lesson learnt for me)

Re: APR yikes!!! ... is something off?

eagle2013 — Sat, 15 Mar 2014 00:48:31 GMT

@indiolatino61 wrote:
@Anonymous wrote:
I applied for a Huntington Voice card yesterday and was immediately approved online. I was finally able to get through today and get my starting CL and APR. HNB has two options for their Voice (no rewards advertising a lower APR between 9.99 to 20.99 and a 3X rewards option with a higher APR between 12.99 to 23.99). I opted for the 3X rewards.

First, I'll say I never go into a CC app with a sense of entitlement. I'm happy about the opportunity of creating a relationship with a financial institution. That said, I've been gardening for a long time and have worked hard to get over 800 (it took years). I went into the app with the following:

809 EQ (what they pulled), AAoA 6 years, no derogs at all, income 47K, 1% util, 0 inquiries in the past year, DTI 17%. I have three other CC's reporting and a student loan and Chase auto loan.

I was expecting my first 5K limit with an APR closer to the low end of the range (12.99'ish). They gave me a starting CL of $2.1K and an APR of 20.99%

Does the APR seem high? I've never gone into a CC app with a decent score so my 24.99 CapOne cards is all I know. I think the CL is horrible and the APR seems really high. I mean, don't they say your APR is "based on credit worthiness"? Is that what an 800+ gets you? I'm seriously confused and honestly regret this app. I feel like the low CL and APR tells me they really didn't even want me as a customer and honestly, I'm considering just closing the card as soon as I get it.

Am I expecting too much? Any insight would be greatly appreciated.

** Here's what I think it is but not totally sure. I had an auto loan with them back a few years ago when my credit was not as good (630'ish). Could that be it? I was never late and even paid extra every month but I guess they could have an old report on file.

IMO, it seems high for your profile. My Discover It card is at 22.99% and they won't budge, even with my 800 TU score, which is presumably what they pull. I PIF, so I don't care, but it is the "principle" of the matter...lol.

That's insane! My Discover it came today and I have $2,500 limit with a 14.99 rate after the 0% intro...which is the lowest of all of my interest rates. 696 EQ Fico they pulled. My Freedom came with the highest 22.99 apr

Re: APR yikes!!! ... is something off?

Shock — Sat, 15 Mar 2014 00:50:30 GMT

Funny how everyone here praises Chase with their non APR reductions and HP customer initiated CLI requests.

Cap1 will do temporary and permanent APR reductions, as well as SP customer initiated CLI's. Yet they are the resident puncing bag around here.

Re: APR yikes!!! ... is something off?

Leadberry — Sat, 15 Mar 2014 00:52:47 GMT

What's odd is I've seen posters who have had significantly worse credit profiles (mid-600's FICO) get much better starting limits (upwards of $10k) and APR's with the Voice card. I wonder if it has to do with having an established relationship with them.

Re: APR yikes!!! ... is something off?

Anonymous — Sat, 15 Mar 2014 00:53:05 GMT

@lg8302ch wrote:
@Anonymous wrote:
@lg8302ch wrote:
@Anonymous wrote:
Like I mentioned, I'm curious to see their "price you pay for credit" and see what's listed as affecting their decision and pricing. When I got approved for AMEX, they sent me a mirror copy of what I purchased on myFico with the exact same score. I just wonder if the negative items affecting your score shows anything. It don't on here. Thanks for everyone's responses thus far.

if you find out I would love to know it too. Chase accepted me with EQ Fico of 793 but with an internal score of 681 and got me 22,99% APR..their worst terms for the Freedom ...it's my first card from Chase ...Does Huntinton also use internal scores?
lg- Wow. With my lowest score (EX), Chase's prequal link offered me 18.99 on the Freedom but I opted out for other cards. For a 793, you would think you qualify for the best terms they offer. HNB must have some type of internal scoring system or they are holding an old report/score against me unannounced. Have you called Chase to ask about it?
I have asked and was told that Chase does not change APRs...you are stuck with what you get for the card's life ....I am a PIF customer so APR does not matter but I do take it personal when Chase puts me in the drawer of their worst customers...Got best terms from all others but Chase and Discover.
At least with Huntington you have a chance to lower APR.....Chase is the only one that does not touch it. Who did not give me best terms changed it afterwards. Regarding the limit it could be your new accounts? Chase gave me this horrible APR because of my app spree..got 4 cards (spree once and never again - lesson learnt for me)

For life, huh? Goodness. I agree with everything you said. Here's the kicker. I've never done an app spree before, ever. Yesterday, I app'ed for my first AMEX (EX pull) and Huntington (EQ pull). Neither one saw the other pull and on both bureaus, my last HP was well over a year old. Kicker #2, I decided to finish out my first and probably last spree ever with a Citi card about 3 hours ago (AAdvantage). What happened? 9.5K limit with 15.24% APR and they saw both recent pulls from yesterday. Go figure. LOL. That made it even worse, really.

Re: APR yikes!!! ... is something off?

Anonymous — Sat, 15 Mar 2014 00:55:44 GMT

@Leadberry wrote:
What's odd is I've seen posters who have had significantly worse credit profiles (mid-600's FICO) get much better starting limits (upwards of $10k) and APR's with the Voice card. I wonder if it has to do with having an established relationship with them.

Leadberry- I've been a HNB customer in the past on an auto loan. Perfect payment history, paid extra every month. Put $7K cash down on the deal at the time so they know I'm not broke. It's just insane.