Question about my apr

Anonymous · ‎07-31-2008

I have recently checked my FICO scores and they have been pretty high at 761 and 768 (didn't want to buy the third)... My question is, if my scores are that high, should my limit be higher than 5000? and should my apr be lower than 14.99%? I have 3 major credit cards 2 of which are at 14-17 and one is at 12.99% Do i need to physically request them to lower my apr and increase my credit line? or should it just happen naturally and if I do request will it affect my FICO scores (trying to buy a townhome in November). Thank you for the help

Anonymous · ‎07-31-2008

Hi mortgage! Great FICO scores.

APRs and CLs depend on a number of things. A lot of CCCs take you income into account when determining your CL in addition to your FICO scores. A lot also look at your current utilization and your debt to income ratio also.

APRs also tend to be higher on rewards cards than on plain jane CCs with no rewards. You can always try calling and asking for a lower interest rate. I just did this last week on my Chase Freedom Visa and went from 14.99 to 11.99. Not bad at all.

If you pay your balances in full, interest rates don't apply though, which makes it a moot point. Like if you get a 5 percent back gas card with a 19.99 APR. You can still rack up the 5 percent without paying a dime of interest.

Anonymous · ‎07-31-2008

Thank you. that does clear some of it up, but if I do request a CL increase or a lower apr, will that affect my FICO score or would it still be considered a soft hit.