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FICO Credit Score = What typical Credit Card APR% ?

New Visitor

FICO Credit Score = What typical Credit Card APR% ?

I am planning on requesting an APR reduction for my credit card, but was wondering what is a typical APR for different FICO scores. I'd like to know what rates I should realistically expect to shoot for. I have a score of around 740

Message 1 of 12
11 REPLIES
Established Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

The possible APR varries by specific card.  With a 740 FICO score you will likely qualify for the lower end of the APR scale on each card.  Look at the card's website and see what the range is.  For example, the AMEX Everyday card APR range is 13.24% to 23.24%.  The AMEX Starwood card is 15.49% to 19.49%.   Whereas the AMEX Blue SKy is listed as 17.49, 20.49 or 22.49%.    With a 740 score I would ask for the best rate they have.

 

Message 2 of 12
Frequent Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

I concur.  I would look at the range the creditor has listed either on their web site or on the statement, and with that knowledge in hand along with my payment history to them, as well as my score, and request a lower APR.  They might request a hard pull on your credit to check it, but best case scenario is a soft pull as it will not cost a slight ding of your score.

 

Be sure to post back here and let us know how things turn out for you, ok?


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Message 3 of 12
Valued Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

Score is not the only thing that a lender count for APR. I have 770-790 scores and my new Chase SR was approved with 20.24%. Cap1 pre-qual offer me 13.24% and that's what my Venture has.

 

I started with Discover with no score 2.5 years ago promo 3.99% APR for 6 months, then 22.99%. I asked several times for offers to lower the APR and now it is 13.49% with the latest reduction a couple of days ago.

 

Message 4 of 12
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Member

Re: FICO Credit Score = What typical Credit Card APR% ?

I just received an approval for a Capitalone Quicksilver card yesterday with a 10k limit, my scores are EQI 694, Tru 699, EXP 702.  My APR is 18.24%, hope this helps you.

Message 5 of 12
Senior Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

You will want to ensure that your overall profile looks solid in terms of low utilization, not having increasing debt on your report, not having too many cards with balances,(and other factors) prior to asking for an APR reduction. Request for APR reduction will result in a review of your entire profile, so be certain that you are aware of that and review everything prior to requesting an APR reduction.

 

Also, be aware that different lenders have different criteria for APR reduction, including internal criteria, age of accounts, and other factors from your profile, so there is no one single answer to your question. Certain lenders, as you may know, (i.e., Chase) don't like to do APR reduction no matter how outstanding of a profile you present. Good luck with your request! Smiley Happy



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Message 6 of 12
Super Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

This is from my experience and data points from my moms approvals.

For me- my scores fluctuate from low 700s to 730's across the cra's.

A FICO of 745 would get me a 15.25% apr with US bank
A FICO of 700 would get 15.9% at capitalone

My mom- FICO scores are 820 to 840 and she always gets the best terms. Even a 780+ should do it.

With synch bank I applied for marvel with a 720 TU and 25% apr.

Mom has same MC at their lowest apr but her TU FICO was 844 lol.
Message 7 of 12
Valued Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

For Chase even my DW gets like 23% APR with 770-780 scores... Even with the SL of 30k..

Cabelas gave me 15.48% with a 732 EQ, NFCU gave me 14.54% on my card with a 685 at the time.. BofA gave me a 11.24% on Bankamericard with a 740 EX
Message 8 of 12
Valued Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

Bbva gave me my lowest 11.xx apr, limit only 1500. I remember high scores getting great limits but hit with high apr. I didn't mind mine. I just slam all my bills in the NBA all star and finals week and pay it back off. I was just over 700 at the time.
Open one, close three. Open one, close three.
Message 9 of 12
Valued Contributor

Re: FICO Credit Score = What typical Credit Card APR% ?

On my Western/Unify FCU card, I originally received an initial APR of 12.5% F (Unify uses FICO Score 2 so I am not sure what my corresponding score was at the time I received the card).  As my credit scores started to go up over time, I was able to get the APR reduced to 11.5% F and most recently, again to 9.99% F once my EX Score 2 hit 729, also with a FICO Score 8 of 753.  CL has also gone from a SL of $2k to $7.5k.  The lowest APR they offer on this card is 8.99% F, so I may try for another rate reduction once my EX Score 2 hits 750+.  To get approved for the lowest-rate APR, I will also need a CLI, since they said the 8.99% F rate is only permitted for their Platinum-tier card, and has a minimum CL requirement of $11k.

 

I do remember that when I got my then-BOA Platinum Plus MC/now-BoA Cash Rewards MC in 2007, my score was either very close to or slightly over 800 (somewhere between 798-804 I think), so that could explain why they provided the up-front low rate of 9.99% F, which has remained the same ever since.

 

I don't remember my exact scores at the time I was approved for my other open cards, tbh.

Message 10 of 12