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Scores Average Greater than or Equal for the "best" rate on a card.

tommybluez
Established Member

Scores Average Greater than or Equal for the "best" rate on a card.

When card companies show you a card that has an APR range... generally speaking, what score gets you that lowest rate? 

EX 789, TU 811, EQ 772
Amex BCE 2k, BofA CR 12.5k, Barclays Financing 1.7k, Best Buy Store Card 2.9k, Cap One Plat 3.5k, Cap One GM .5k, Citi Simplicity (AU) 10.8k, Citi DC 5.35k, Citi Simp (AU) 11k, Comenity IKEA 9k, Comenity Overstock 3.5k, Discover It 4.8k, JPMCB Amazon (AU) .5k, JPMCB Slate (AU) 2.1k, Kohls 1k, Sync Amazon 2.8k, Sync Lowes (AU) 9k, Paypal Credit 4k, Sync TJX (AU) 2k, CBNA Home Depot (AU) 9k, CBNA Home Depot .5k, Auto Loan (Credit Union) 12k bal 27% paid, Citizens One Home 196k Bal 1% Paid (refi, previous was M&T 100% OT for 6 years)
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5 REPLIES 5
Ficoproblems247
Valued Contributor

Re: Scores Average Greater than or Equal for the "best" rate on a card.

There is no set score that will ensure you end up with the lowest possible APR. Each lender has their own proprietary algorithms that calculate a vast number of factors, one of them being your score. Although your score plays a large role in what you may be approved for, as well as APR, there are many, many other parts of your overall credit profile that will play a role in determining what your APR would be, and these will all vary wildly by lender. The general consensus is that a 760 or higher score will yield you with the best results, however this is still just your score number, and does not take into account other factors in your overall profile. There may be someone with a 760 score that would be approved for a card with a $30,000 limit with the lowest APR, another person with that score approved for the exact same card, but with a $5,000 limit with middle tier APR, and yet another that would be denied all together. There are so many factors that play into such decisions, and they are also very much lender specific. Unfortunately a high score will never "guarantee" you the lowest possible APR, however conversely not having an incredibly high score will not count you out either. 


FICO 8 May '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 2 of 6
M_Smart007
Epic Contributor

Re: Scores Average Greater than or Equal for the "best" rate on a card.

Well Said ^^^^^^^^^^^^^^^^^^^

Message 3 of 6
AllZero
Super Contributor

Re: Scores Average Greater than or Equal for the "best" rate on a card.


@M_Smart007 wrote:

Well Said ^^^^^^^^^^^^^^^^^^^


+3

Message 4 of 6
angelwingz
Valued Contributor

Re: Scores Average Greater than or Equal for the "best" rate on a card.


@Ficoproblems247 wrote:

There is no set score that will ensure you end up with the lowest possible APR. Each lender has their own proprietary algorithms that calculate a vast number of factors, one of them being your score. Although your score plays a large role in what you may be approved for, as well as APR, there are many, many other parts of your overall credit profile that will play a role in determining what your APR would be, and these will all vary wildly by lender. The general consensus is that a 760 or higher score will yield you with the best results, however this is still just your score number, and does not take into account other factors in your overall profile. There may be someone with a 760 score that would be approved for a card with a $30,000 limit with the lowest APR, another person with that score approved for the exact same card, but with a $5,000 limit with middle tier APR, and yet another that would be denied all together. There are so many factors that play into such decisions, and they are also very much lender specific. Unfortunately a high score will never "guarantee" you the lowest possible APR, however conversely not having an incredibly high score will not count you out either. 


Agreed. It's very lender/profile specific.




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 5 of 6
donkort
Valued Contributor

Re: Scores Average Greater than or Equal for the "best" rate on a card.

Most of my FICOs are in the 800s.  I am never offered prime terms for credit cards. I don't get any offers in the mail, period.

 

My wife gets offers all the time.

FICO 8: EQ 800; EX 797; TU 793
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