Hey everyone!
Here's something that I'm curious about. I've seen where people have said that you're more likely to have success if the APR is an actual number instead of a range. My question is that if you have an actual number, does a lower APR quoted have a better chance of approval than a higher quoted one?
Thanks!
(ACHIEVED!)
@pipeguy wrote:Generally, if a specific APR is offered it means you are good to go and generally a lower APR means not just an approval, but a higher starting limit.
As an example say "My wanted Visa" offers 15.95% to 23.95% depending on your credit report (they usually offer a range like that in the offer) if you get a specific pre-approval that states 23.95% you qualify but certainly not at the best terms, whereas one that states 15.95% not only qualifies you but gives you the best terms and most probably a higher limit. Nothing is set in stone, last year a got a good card with a $23.5k starting limit but a 15.75% APR from a range of 11.95% to 18.95%.
That's very good information to know. Thank you for replying. I keep looking at the Discover pre-qual and they keep me around 22%, which is around the highest of their range. Then Citi offers me 14.74% which is the lowest of their range. By that, I'm guessing that Citi would probably start me off a little bit better (though conservative) whereas Discover may give it to me and make me prove myself.