What APR can I negotiate with my FICO score? Is there a chart somewhere?

[Anonymous]

I want to renogotiate my APR for my credit cards. Is there a chart somewhere that compares what APR you should expect based on your FICO score?

If not, anyone give me advice - my FICO is 611? What APR do you think I could get?

[unknown_entity]

I may be wrong, but I don't think a 611 gives you any ammunition to negotiate with. IMO

[Anonymous]

I don't know for you mine are 658/694/684 adn the Suze product says they should be lower than 12.9

[Anonymous]

Hi ace, there is no chart that will tell you that because as you can appreciate there are a bazillion credit cards out there. And the ccc's have different interest rates associated with the different cards they offer.

Any reward type card(cash, miles, gas,etc) will have a higher APR than a card with no rewards at all.

The bad credit/no credit/rebuilder cards have higher APR'S than prime cards.

Your best bet is to research each card that interests you...They'll give you the interest rates.

Sadly to say, with a 611 FICO score it may be difficult for you to negotiate successfully a lower interest rate.

Your best alternative is to pay off your credit cards completely, so as not to incur interest charges to begin with. Or carry a balance so low that the interest charge is negligible.

[Anonymous]

How high of a FICO score do I have to have before I should ask for a better rate?

I have no negatives on my credit record from this company, and have been paying more than the minimum. Does that matter at all, or is that FICO going to kill me?

[Anonymous]

I would like to add that my APR is 27.99%...I've been getting offers from 12.99% to 15.99% in the mail (along with the usual introductory rates, balance transfer offers, etc...)

It is the only credit card that I carry a balance on.

[Anonymous]

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ace9848 wrote:

How high of a FICO score do I have to have before I should ask for a better rate?

I have no negatives on my credit record from this company, and have been paying more than the minimum. Does that matter at all, or is that FICO going to kill me?

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How high your FICo score needs to be before you ask for a better rate depends on the issuer, the card, and what your rate is now.

The fact that yo uhave been paying more than minimum will help a little, but more importantly what that says to me is that you are carrying a balance from month to month to month.  You'll be MUCH more likely to get a lower APR by paying that bad boy off and THEN asking.

(Ask for stuff you need before you need it.  That way you'll have it when you need it, because they won't give you what you need when you actually need it.)

Edit: Hey, I kind of like that.  I sense a siggy update coming on.

Message Edited by cheddar on 03-31-2008 02:20 PM

[Anonymous]

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ace9848 wrote:

I would like to add that my APR is 27.99%...I've been getting offers from 12.99% to 15.99% in the mail (along with the usual introductory rates, balance transfer offers, etc...)

It is the only credit card that I carry a balance on.

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Who is the issuer and what is the card?

[Anonymous]

Discover Titanium

[Anonymous]

If you have other card(s) with a better rate, particularly if you have a very low rate BT offer for that card, I've found that playing CCCs against each other can work.  One of my favorite strategies:

"Golly, y'know, I really like your card, and I've been a good customer for years and years and years and never been late or bad in anyway, but my XYZ card has an interest rate that's 1/3 of what your card is charging me.  Isn't there anything you can please do to help???" (Insert puppy eyes here, they can't see it over the phone but they'll hear it in your voice)  Most of the time, I've found that they'll match the other company's rate.  You have a lot more leverage if you've got a good record with them.

If Rep #1 doesn't want to help, ask for a supervisor.  If they won't help, thank them, be super polite, and transfer everything you can on to the other card.  Wait until it posts, then rinse and repeat, adding how you really like this card and want to be able to use it, but it's just sooooo high you can't justify it, even though it's really your favorite card... and so on and so forth...

I've used this one (okay, not verbatim...) on both Discover and Chase.   Against each other.  Never had to actually use the BT non-bluff, but each company probably had a good idea what the other was offering.  I think my scores were in the upper 600s-lower 700s at the time; I wasn't monitoring my scores at that point.

-MsMS