realisic apr expectations

Anonymous · ‎01-10-2015

Today I checked my credit score on credit karma, and it was posted as a 620. It also says I have a very good chance or obatain a capitol 1 quicksilver card. The intro apr is 0% but jumps to 22.9% in sept 2015. What should I expect as a run of the mill apr and what are the best I could hope for?

Anonymous · ‎01-10-2015

Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

Anonymous · ‎01-10-2015

@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

There should be a huge sticky on each sub forum: IGNORE CREDIT KARMA

NRB525 · ‎01-10-2015

@Anonymous wrote:
Today I checked my credit score on credit karma, and it was posted as a 620. It also says I have a very good chance or obatain a capitol 1 quicksilver card. The intro apr is 0% but jumps to 22.9% in sept 2015. What should I expect as a run of the mill apr and what are the best I could hope for?

In the proposed app/offer, was that the only APR proposed after the 0% expires? If so, that's your APR forever (except it is variable, prime plus a million, so could increase).

My Citi Diamond Preferred, from 2012, I tried to get an APR decrease recently, and they said, no, this card it already at its lowest APR. I checked back to the original paperwork / offer and, yep, 17.99% was the only offered rate. I will never get below 17.99% with this card.

So you could go with the Cap1 at 22.9% and PIF to avoid interest, then work on improving your scores by using that card, and then later see if another card might offer a lower APR.

Most likely that interest rate is in the ballpark for what you can expect right now.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Closingracer99 · ‎01-10-2015

@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)

CK has my score around 650 . My TU score is 730 and CK score is based off TU. So listen to them with a grain of salt

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

kdm31091 · ‎01-10-2015

Also, I don't know how good Capital One is with APR reductions, but you could go for the card, use it well until September and then see if maybe they'll lower your APR since your score will have increased.

I believe the next bracket for APR for the QS is 17.9, but could be wrong. You could try and at least get them to give you that.

JoshuaHolySpirit · ‎01-10-2015

Go for the card. :-)

Capital One QS1, Capital One Journey, Williams-Sonoma Visa, Amex Travelocity, Chase Slate, Amex SPG, Amex Blue Sky, Bank of America Travel Rewards, JCPenney...and more ( Holy Spirit rocks-!! ) TU-Fico-777

Anonymous · ‎01-11-2015

Does fico make reccomendatiosn and are they market driven?

CreditMagic7 · ‎01-11-2015

@Anonymous wrote:
@Anonymous wrote:
Don't use CK's scores, lenders don't use them. And NEVER trust CKs recommendations, they are marketing driven.

I would get a true FICO score (from here for example) and then see. If it is close to 620, if you get approved you will get high APRs. But your real score could be much higher (or lower or the same!)
There should be a huge sticky on each sub forum: IGNORE CREDIT KARMA

Only SCORES & CREDIT CARD RECOMMENDATIONS.

The credit reports are VALID as is the monitoring to a point, the point being they sometimes lag big time. On another Credit Karma note, not that it matters to most, but they used to have a fairly accurate calendar that displays when your credit cards are due to report to the bureaus that i found kinda handy. I guess they didn't think so. Well for free it is what is but agree 100% IGNORE CREDIT KARMA SCORES! They are FAKE! as in FAKO

Anonymous · ‎01-11-2015

@Anonymous wrote:
Does fico make reccomendatiosn and are they market driven?

The Top cards in the myFICO credit center seem to be marketing driven (why is Barclays Rewards better than Double Cash for example).

To do a really good job, you would need access to all your accounts (which you can do with CK, but probably shouldn't) and analyse the spend by MCC etc. Don't kow of sites that do that.