High FICO score still received high interest on credit card

[Anonymous]

My my Phico score is 830 I applied for a capital one credit card and they gave me the middle interest instead of the lowest interest. When I called them they said I have to call the credit reporting agencies. How can I find out why I got such a high internet rate

[Horseshoez]

@Anonymous, are you planning on carrying balances?  If not, then even a super high interest rate is irrelevant.

The above said, if you are planning on carrying balances beyond any initial low/no interest rate period, CapOne may not be the best card company to have a card from as their rates are typically fairly high.  In this case, I'd be looking at a card from a credit union, say PenFed or Navy Federal.

[Anonymous]

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@Anonymous wrote:

My my Phico score is 830 I applied for a capital one credit card and they gave me the middle interest instead of the lowest interest. When I called them they said I have to call the credit reporting agencies. How can I find out why I got such a high internet rate

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This is another example of why FICO scores are not the end all be all. Yes, they are important, but lenders consider your overall profile when approving you for credit accounts and defining the terms of those accounts. There may be something in your overall credit and financial profile that appears risky to the lender; be that age, income, housing situation, etc. I am not sure if you will have much luck in getting the lender to divulge information on their internal underwriting process and how they determine limits and rates.

[Anonymous]

Thank you for this information. It's interesting I have very little debt. I tend to pay my cards off at the end of the month.  if I don't pay them off completely I pay the statement balance. I am a senior citizen but.....I have been managing my finances well even throughout the pandemic. 

[Horseshoez]

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@Anonymous wrote:

Thank you for this information. It's interesting I have very little debt. I tend to pay my cards off at the end of the month.  if I don't pay them off completely I pay the statement balance. I am a senior citizen but.....I have been managing my finances well even throughout the pandemic. 

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Lots of us here, myself included, are Senior Citizens; some of us are retired, others are still working either for desire or need (my wife and I fall into the latter category). 

Regarding the question I asked you further up in this thread, it sounds like you run your cards with little or no balance; if that's the case, then why are you worried about a medium to high interest rate?

[Anonymous]

There's a fairness that I'm looking for. I worked really hard to pay off my credit card debt before I retired.  I manage my credit well so I deserve the best credit interest that's available. (Mod cut, not here please @Anonymous - please be mindful of the myFICO Forums TOS and the 5 Things We Don't Talk About). I don't plan on using the card afterwards because the interest rate is too high. I have a card with 10.9% interest. Is the principal for me!

[Horseshoez]

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@Anonymous wrote:

[It] Is the principal (sic) for me!

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Being older I think (hope?) you'll understand this; standing on principle is something I've learned (often the hard way) rarely, if ever, yields the intended results.

[Anonymous]

Can be true. Thanks so much for your insights