wjeep47 wrote:So I am new to the forum, mainly because of a recent interaction with discover card. I applied for a discover card last week, and was approved. Here is the odd part, I was approved for a 15k limit, with a 20.99% apr. This seems very contradicting and odd to me. Below are some facts regarding my credit and current portfolio of cards.
I have a 705 FICO score based on recent approval of car loan, long established credit and carry:
VISA through credit union: 8.49% apr 5,000 limit
Chase Slate VISA: 17.5% apr, 2100 limit
Best Buy Card: for 0% offer $5200 limit
Lowes Card: for 0% offer $6900 limit
Menards Card: for 0% offer $4500 limit
Does this APR offered combined with 15k CL make sense? I am happy to have an offer with a high limit credit card, but the apr seems to not correspond. I know my credit isn't off the chart amazing but didn't think I would qualify for nearly their highest rate yet also one of the highest starting limits.
lobbythis wrote:Seeing your credit profile, I'm incredibly surprised they even gave you that limit. I would not be complaining at all. Most people don't get sh*t from Discover even if they have a decent score.
You have mediocre limits at best with the profile you posted and a 705 is hardly a high score.
flan wrote:That includes people with a decent income and no cards with a high limit, even if scores aren't terribly high.
flan wrote:The 20% apr, and no intro rate suggests they want him to go spend a bunch of money and pay interest on it.
lobbythis wrote:This confuses me. Why would a lender, who is notoriously conservative, want to risk giving someone a limit almost 3x as high as any other card they currently have.
wjeep47 wrote:Does this APR offered combined with 15k CL make sense?
lobbythis wrote:This confuses me. Why would a lender, who is notoriously conservative