The title may be a bit harsh, but I feel like my fiancée got shafted by Discover.
She received about 18 mail offers over the last 10 months from them all offering an APR of 13.74-16% she applied via my refferal link expecting to get that apr, and today the card came in the mail, showing 21.99% APR!!!!
That's insane, her FICO is 720 which it shows is what they pulled. She has no credit card debt, the only debt she has is a mortgage loan with a little over 100k balance with no late or missed payments.
I just don't see why they would offer her 13.74-16% then approve her for 21.99% I mean that's a really high APR for someone with a 720 FICO
What are your thoughts on this? They approved her with a nice SL (5k) so it's not like she barely got in, and she received mail offers for the last 10 months.
She received about 18 mail offers over the last 10 months from them all offering an APR of 13.74-16% she applied via my refferal link expecting to get that apr, and today the card came in the mail, showing 21.99% APR!!!!
That's insane, her FICO is 720 which it shows is what they pulled. She has no credit card debt, the only debt she has is a mortgage loan with a little over 100k balance with no late or missed payments.
I just don't see why they would offer her 13.74-16% then approve her for 21.99% I mean that's a really high APR for someone with a 720 FICO
What are your thoughts on this? They approved her with a nice SL (5k) so it's not like she barely got in, and she received mail offers for the last 10 months.
Two quick things... she should have a year of 0% and once the year is up she can hit up chat and ask what APR offers are available for her. They will offer her another 0% and/or a permanent APR reduction.
Rant time. Assigned APRs make no sense to me sometimes. My Discover was about 15% on my approval with similar scores around 720 but a really low SL for me of $2500. NASA FCU gave me a $15k line with like 12% APR then gave my wife a $1k line with like 9.9% APR on the same card and same income with her scores like 50 points higher than mine at the time. Really wish I knew what was in the underwriters or computers' minds.
Rant time. Assigned APRs make no sense to me sometimes. My Discover was about 15% on my approval with similar scores around 720 but a really low SL for me of $2500. NASA FCU gave me a $15k line with like 12% APR then gave my wife a $1k line with like 9.9% APR on the same card and same income with her scores like 50 points higher than mine at the time. Really wish I knew what was in the underwriters or computers' minds.
18.99 would be on the higher end, but every 6 months that could come down another 3%, or she could just perpetually be in a state of 0% for 12 months offers, which is even better! Trust me, I feel your frustration. BOA trusts me with very high limits, but my APRs are in the 17-20% range. Chase and Citi give me the lowest 12-16% offered for their cards but conservative limits. Again, not trying to minimize your dissatisfaction with the APR, but Discover is not the card you typically get for low APRs (although it certainly can become a very low APR card over time by being consistent with asking for reductions every 6 months).
Also, we know credit score alone isn't what determines APRs. Wish we could all figure out the magic formulas for each lender! At the same time I got my Citi card at 12.24% there were lots of people here being approved with higher APRs whose credit scores were 50-100 points higher than mine.
