Interesting Datapoint.. the escalating APR on sequential apps

[joltdude]

I apped for two cards recently... and had the thin file FICO dip... talking 40 pts.... its already rebounded but not to where it originally was.. That said....

Im still getting prequalified offers...

3/19/2016 Chase Freedom 5400 at 14.24% after the 15month 0% offer
5/2/2016 Discover 2500 15.24% after 12month 0% offer

Now I got a cap 1 prequalify on 6/18/2016 on a venture or quicksilver for 18.24 (17.24 for V One with AF)

Plus the worst one for the Citi DC.. 23.24% apr....

Chase offered me the FU preapproval for 19.24%....

Another reason for some gardening time...

-J

[kdm31091]

The more new accounts you open, generally the riskier you appear, so the APRs are apt to go up over time until you give it a rest for awhile.

[Anonymous]

along with what kdm said, keep in mind that each lender and product they offer has totally varying rates and criteria.

My April-June apps this year did not have higher APR each application, but they all had different ranges of possible APR. 

However, I am with kdm of course - if you take a chill on the applications for at least 6-12 months, overall APRs will be lower than if you kept applying right now.

[RonM21]

Also, you mentioned the scores rebounded a bit, but in combination with the new apps and scores taking their toll, the offers may.be pulling from reports that are a month or so outdated, potentially showing the initial hits you took.

[joltdude]

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@kdm31091 wrote:

The more new accounts you open, generally the riskier you appear, so the APRs are apt to go up over time until you give it a rest for awhile.

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Knew that was going to happen but surprised at how fast the offers went downhill.. thought it would be interesting to note.. 

Not planning on any apps for at least 6-12 months.. Need something else but want to let things marinate in the garden for a bit...

-J