I'm guessing APR could be based on one's credit score?
I got those checks in the mail for $25k, as I recall before shredding it was 15.99%. My Penfed EQ Fico9 is 739, maybe when my score hits 800 they'll send me checks for only 14.99%?
The thing is the only credit account I have with Penfed is a Home Equity LOC for $25k at Prime +0%, currently 5%, so I kinda think if I needed a cash infusion I'd tap that first . . .
I suspect that these Lenders are getting their info via CK or other monitering sites through 3rd party sharing, because I get checks from places like SoFi, Prosper, etc. etc. despite not having any accounts with them. Yet they're able give me an APR?
Getting these offers with a fixed rate from BofA, Chase, Citi etc. I can understand as I have accounts with them.
However, no matter how many $25K-30K checks I get at 14%. I'm not about accept those rates on that kind of Money!
I got another check in the mail today, and the interest rate is HIGHER -- 17.99%! I anticipate that the next time they send me one, they're going to say that I owe *them* money!
That happened to me too!
I have 0 balance on my card.
They also sent me 0% for 12 months and .99% for 18 months blank checks for my credit card though!
I will take 1% apr on $15k for 18 months any day of the week.
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