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@myscorerocks wrote:Actually, I'm seeing people with 700+ with higher interest rates (myself included). In fact, I saw someone post yesterday with scores around 820 with a interest rate around 17%. **bleep**?
With the increases in the prime rate over the past few years and lenders adding on to it (Chase for instance sending out those nice "we're increasing your APR to be in line with" [what new applicants are being given] letters), it's actually fairly rare for those of us with excellent credit to receive APRs lower than 17% unless they're no-frills cards, credit union cards, or both. Case in point, I'm happy to have "low" 17-18% APRs (lowest available) on my $400-550 annual fee cards like Sapphire Reserve, Altitude Reserve, Delta Reserve, Marriott Bonvoy Brilliant, and Amex Platinum (for Pay Over Time).
Due to banking interests, I don't forsee this ever passing, but perhaps by starting the conversation at 15%, there could be some middle ground reached where we can eliminate 30%+ credit card APRs and the predatory things like payday and title loans that can reach astronomical percentages.
@myscorerocks wrote:Actually, I'm seeing people with 700+ with higher interest rates (myself included).
Me, too... my scores are EQ 795, TU 794, EX 805, and I was just approved for 3 cards with rates above 20%. There's a lot more to calculating these rates than just scores, though.
Heck back in the 80's people with excellent credit were paying 15% on interest for their houses, imagine that..ouch.. Anyways agree it will never happen.
@CreditCuriosity wrote:Heck back in the 80's people with excellent credit were paying 15% on interest for their houses, imagine that..ouch.. Anyways agree it will never happen.
Well those high interest rates were one of the primary reasons leading to the S+L crisis back in the 80's so be careful what one wishes for regarding high interest depository rates too.
Did read a Vanity Fair article today that seemed offended that rates weren't higher, go go Baby Boomer searching for rates with their impending retirements I guess... never mind the implications to the rest of the economy that higher rates would be: so what if a bunch of accredited investors lose their collective ass on increasingly sketchy investment instruments, it's only the top of the economic food chain that would, not the mass affluent nor the middle classes nor anyone else, boohoo.
Your best weapon against high interest rates is your credit score and looking at alternative souces of money like PayPal, Bread and a local CU.
Just saw an articled about this on Fox New. LOL it is called the Loan Shark Prevention Act and if passes then the only loan shark left in the tank would be the non private sector one.
BYE BYE !
@marty56 wrote:Also watch happens to those 0% BT or check offers and 5 year store cards at 0% if they do this.