Barclay approval

[Anonymous]

Feb 2014  'MY FICO' my  780. applied for  Barclay's card they gave me  24% int rate! If I am such a credit risk why did they extend me $5000.00 credit on that card? If we as the public are to believe our credit score is so important and pay companies to monitor it, what use is it if credit card companies are arbitrarily choosing their  own scoring system totally unrelated to the real  FICO?

[myjourney]

Welcome to the forum 

1st post yay

More goes into a lenders risk factors than just scores

AAoA 

payment history 

Baddies

All these things together determind how a lender sees you and the rates they extend credit based on the above 

[DaveSignal]

There is a grace period on purchases.  If you pay the full amount owed by the due date, you will never pay interest charges.  Congrats on the approval!

[JediNeo]

Greetings and welcome to the forum. Congrats on your approval. If you PIF every month it shouldn't matter what your rate is since you will not be paying interest. Also after having the card for a year you can request an interest rate reduction. 

[coldnmn]

Congrats on your approval!

[Anonymous]

When I called on my Apple card a while back the CA took great pride in telling me they don't give a S*@t about the FICO score.

[Anonymous]

Congrats! Understand your question/comment. Makes me wonder?

[ficobgtx]

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@myjourney wrote:

Welcome to the forum 

1st post yay

More goes into a lenders risk factors than just scores

AAoA 

payment history 

Baddies

All these things together determind how a lender sees you and the rates they extend credit based on the above 

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I have to agree with the OP. Fico takes these into consideration in their models. Once companies start taking them into account again they are creating their own models that are essentially forked Fico models and the Fico scores become much less meaningful.  Companies have every right to do that, but it just means from a consumer perspective, you are almost just as we'll served looking at Fakos. 

[myjourney]

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@ficobgtx wrote:

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@myjourney wrote:

Welcome to the forum 

1st post yay

More goes into a lenders risk factors than just scores

AAoA 

payment history 

Baddies

All these things together determind how a lender sees you and the rates they extend credit based on the above 

---

I have to agree with the OP. Fico takes these into consideration in their models. Once companies start taking them into account again they are creating their own models that are essentially forked Fico models and the Fico scores become much less meaningful.  Companies have every right to do that, but it just means from a consumer perspective, you are almost just as we'll served looking at Fakos. 

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I agree as well however it's their money you seek and their rules and each and every lender has their own algorithm and scores are not the only factor in determining risk just a small part and all that leads to what APR you get....OP seems to be stuck on scores (no offense) and that's just not the case..

GE

Amex

Chase 

Citi

Discover

BofA

Even shopping cart trick cards

All take other factors into approvals besides scores They may start with a score but certainly not the only factor of APR's or approvals IMHO

The price we pay for playing the credit game ...it is what it is ....The longer your CR's the better the rates 

Just IMO but I'm willing to bet OP file is thin thus high APR

[lg8302ch]

Congrats on the approval.  Regarding the APR I know exactly how you feel... my "penalty card" is the Chase Freedom with 22,99% and my score was 790 at time of application.  Well Chase uses their internal score and since this was my first card with Chase I am now stuck with it for life. Oh well... just pay before the due date and do not carry a balance and you will be fine.  With Barclays you have at least a chance the APR will get lowered as for Chase it is pretty much a dead end.