apr with 766 credit score?

[ando35]

What can I exoect for a credit card apr with a 766 score?

I know score alone does not dictate, but ballpark?

Aldo, I have 8 cards with a 25k total limit. They are all high intetest rate based on my old scores. Should I apply for new cards and then close the old high interest rate cards or how should I handle it?

[Anonymous]

APRs on approvals I received today at the appx score you listed (DPs near the bottom of the post).

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/PP-2-MC-and-BCP-Approvals-in-One-Hour/td-p/56...

[Anonymous]

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@ando35 wrote:
What can I exoect for a credit card apr with a 766 score?

I know score alone does not dictate, but ballpark?

Aldo, I have 8 cards with a 25k total limit. They are all high intetest rate based on my old scores. Should I apply for new cards and then close the old high interest rate cards or how should I handle it?

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The APR on a card only matters if you plan on going into debt with that CC company and then only making partial payments.  If, by way of contrast, you pay your statement balances in full, you never pay even a penny of interest.

Some of us (me for example) have no idea what the APRs are on our cards.  I could have several cards with a 40% APR and I wouldn't know it, because I don't ever carry balances and pay interest.

So to address the question How should I handle it? -- my advice is to work hard on paying off all CC debt.  Don't try to open more cards.  Just pay off all the CC debt you have now.  Then moving forward pay all your cards in full each month (and begin building up a savings account with money for emergencies). 

If you do that you won't need to care what your APRs are.  Instead, you can think about credit cards based on other criteria -- things like how much money they can pay you for opening them (signup bonuses) or using them (rewards for buying the essential spending you'd need to do even if you only had debit cards).

You will have shifted from the paradigm of managing how much money you pay to the CC company (thus the focus on APRs) to the paradigm of the CC companies paying YOU. 

[M_Smart007]

OP,

I will add my opinion, and i certainly agree with paying off cards.

Having an Emergency fund is always a good idea, but for some that is not possible.

Credit Unions have some very Low APR's. I have also called or used Chat Feature to

get my APR's Reduced on High APR Cards (I thank @AJC for getting me onto that).

some lenders will lower APR's, it does not hurt to ASK!

Chase good luck, they don't seem to budge.

some posters, I thinks BBS, have been successful at getting the same card lowered more than once.

I alway's Like to have 1 or 2 0% introductory cards open for "Just in case"

I just oened The Discover it Card,

ZERO% Plus 5% Rotating Categories and Cash Back Match at the end of one year.

having the Lower APR's in Place really helps, just in case "Life Happens".

[Anonymous]

Two things.  First, I agree completely with CGID's post above.  You want to get to a point in your life where APR becomes irrelevant on all of your accounts, because never paying a penny of interest due to always paying in full on a 6.99% APR account is the same as doing it on a 26.99% APR account.

Second, in your original post you trying to correlate credit score and APR.  Unfortunately this doesn't work and there's no way to give you a ballpark guess.  There are people with "good" credit scores that have better APRs/offers than those with "excellent" credit scores.  It's all about how the lender views your profile. 

As an example, after reading a bunch of Citi Double Cash threads where members were able to reduce their APR through calling up and simply asking, I thought I'd play the game for S&Gs.  Prior to considering it, I had no idea what my APR was; I think it was around 25%.  I contacted them several times over the course of a few days asking for APR reductions.  They reduced it several times and it stopped at I believe 16.49%, where it sits now.  I've inquired more asking for further reductions and was told that's as low as it can go on my account (based on my profile, presumably).  My EQ FICO 8 score is 850 and my BCE 8 score (that Citi uses) is usually right around 880.  There are people with APRs on their Citi DC card that are lower than my 16.49%, but their credit scores are lower than mine.  This is just one example to show that good APR and credit scores do not have to be directly proportional.

[CreditInspired]

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1@ando35 wrote:
What can I exoect for a credit card apr with a 766 score?

I know score alone does not dictate, but ballpark?

Aldo, I have 8 cards with a 25k total limit. They are all high intetest rate based on my old scores. Should I apply for new cards and then close the old high interest rate cards or how should I handle it?

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Hi OP

As you stated, there are definitely other variables to be considered; but to answer your question, I wanted to provide my APR for a little comparison of what you may expect. Of course, your mileage will vary. My scores are high 700s and below is the APR for each card in my pocket, which I had to go to my spreadsheet to get because like others, I dont pay interest and did not readily know what APR was:

0% promo til 7/2019:

AmX ED, then 14.4%

0% promo til 3/2020:

Disco, then 21.24%

Amx Magnate, then 19.26%

NFCU cashRewards on BT, 12.9% purchases 

NFCU Plat on BT, 12.9% purchases

Citi DC 14.74%

Citi Costco 15.9%

Macys 24%

Honestly, some of the rates were an eyeopener and this is a very good reason why it’s good to know one’s APR, because life happens; and one day I may have to leave a balance and pay interest.

So now since I’m aware, when my promos expire, I will definitely not use Disco or AmX Magnate for super large purchases. Albeit, I will ask Disco for my third 0% APR when this one expires. Macys is really only for padding and they always have some type of 0% promo going on. And once I come out of the garden in 12/2020, I’ll apply for 1-2 additional 0% APR cards. I have absolutely no plan whatsoever to pay any interest. 😁

So thanks for the question and making me cognizant of what the APRs are for each of my cards. 

I dont advocate closing cards just because of a high APR. You can always call and ask for a reduction in APR.