App spree

[spengbab]

I had one objective with this app spree: lower interest rates
A lot of my cards have been with me when I first graduated from college.  Terrible APRs and low limits.  Tried calling them and they all said their hands were tied. Well let's do something about it!

The APR reaper is here.

1. Barclaycard Ring... Approved 13.74% ($4000 limit, increased to $6100 after rolling over limit from my worthles Apple Financing card)
2. AMEX Everyday... Approved 25.74% ($2000 limit, OUCH!)
3. US Bank Cash+... Approved 19.74% ($12,500 limit)
4. Added- decided why not Chase Sapphire Preferred... Approved 21.74% ($9,800 limit)

Unfortunately a lot of CCs I have are in the 22% to 24% range so this is a big improvement ... aside from the AMEX.
I'm really not sure what I'm going to do about the AMEX card.  It's practically worthless for me.  Any advice on giving old CCs the axe?  They've been with me for 6 years... wonder how bad it will hurt if I cancelled them.

[Anonymous]

Congrats on your app spree approvals , very nice limits also !!!!

[simplynoir]

If you objective was getting cards with a low APR why not see what local credit unions in your area had to offer. They typically offer low APRs assuming your credit is in good standing. Or at the very least you should have applied for non-reward cards since I'm under the assumption you want the lowest rate to carry balances unless this is one of those "because I have better credit I deserve better rates" situations here.

[chhull00]

Congradulations mate

[Anonymous]

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@spengbab wrote:

... I'm really not sure what I'm going to do about the AMEX card.  It's practically worthless for me.  Any advice on giving old CCs the axe?  

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Why not app for a different Amex card, one you find more compatible? As I understand it, all Amex apps and CLI will be Soft Pull. I wouldn't want to give that up. 

And Congrats! sb on your APR reaping. How grim for the lenders!

[Anonymous]

I concur with @simplynoir.

Congrats on the approval. Any data points you can provide—Scores, Utilization, AAoA, AAoOA?

[spengbab]

Good question! I didn't want to join my local CU to get a CC. Although the stupid low interest rates make me drool.

My story is that I messed up, racked up a huge cc debt, and just took out a personal loan. I'm starting to see credit cards as a financing instrument and I dont see myself responsible enough to PIF.
The instant payoffs has made my score jump almost 100 points. These cards will be sock drawered. But in that case, if they are used for financing, might as well get some that have lower interest rates.

[simplynoir]

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@spengbab wrote:
Good question! I didn't want to join my local CU to get a CC. Although the stupid low interest rates make me drool.

My story is that I messed up, racked up a huge cc debt, and just took out a personal loan. I'm starting to see credit cards as a financing instrument and I dont see myself responsible enough to PIF.
The instant payoffs has made my score jump almost 100 points. These cards will be sock drawered. But in that case, if they are used for financing, might as well get some that have lower interest rates.

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Forget to say congrats earlier with my first post my bad. And fair enough on the reasoning. IMO if you're looking to carry balances I still say credit unions is the way to go. They traditionally offer better APRs for cards as mentioned earlier and more often than not their earnings on other products such as checking, savings, CDs, etc. have better rates as well than most big banks. Just need to shop around to see what CU (s) fits best.

[Pikaboo-icu]

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@simplynoir wrote:

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Forget to say congrats earlier with my first post my bad. And fair enough on the reasoning. IMO if you're looking to carry balances I still say credit unions is the way to go. They traditionally offer better APRs for cards as mentioned earlier and more often than not their earnings on other products such as checking, savings, CDs, etc. have better rates as well than most big banks. Just need to shop around to see what CU (s) fits best.

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THIS^^

I never wanted to join a CU either but after reading here, even for a short time, I changed my mind.

There are some fantastic CU's out there...

I have an 11% visa and although I've yet to have a need to carry a balance on it, it's nice to know it's there.

OP, you really should at least investigate the option..

Congrats!!!

[AverageJoesCredit]

Congrats Op, again, Credit Unions are a great option. I scored my best rate card of 8.75% apr from a Credit Union.