DISCOVER Bait & Switch

[Anonymous]

received an offer from Discover..."you are a superior Discover account holder...offer for a debt consolidation loan as low as 7.99%".  Applied & was offered a ridiculous 18.99% loan. My FICO score is 765!!  Only two hard inquiries in the last 6 months...one of them for a cell phone.  Never a late payment.  Anybody else screwed like this?

[Anonymous]

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@Anonymous wrote:

received an offer from Discover..."you are a superior Discover account holder...offer for a debt consolidation loan as low as 7.99%".  Applied & was offered a ridiculous 18.99% loan. My FICO score is 765!!  Only two hard inquiries in the last 6 months...one of them for a cell phone.  Never a late payment.  Anybody else screwed like this?

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Note that the offer specified that the APR would be 7.99% or higher. The rate determination could depend on utilization, total amount of debt, or other factors that were not score-related. Many people have high scores, but have underwater mortgages and HELOCs which force them to seek other sources for consolidation loans and may make them not the best risks ...

[Anonymous]

The key phrase is "as low as". That doesn't mean you'll get it. The APR for a Discover More card is "As low as" 11.99%, but I received 15.99% on mine. This isn't bait and switch, it's general fine print misdirection which is totally legal, and entirely your responsibility to be aware of.

[llecs]

OP, try a CU.