- Centurion Member
- Posts: 179
- Joined: Fri Apr 12, 2013 4:47 pm
- Location: Indianapolis, IN
I'm working on reducing my debt and planning for the future. Part of that is improving my credit, ditching or sock drawer-ing the low limit cards, increasing limits, and lowering APRs. Knowing how to reduce APR (as well as what lenders are giving the lowest APR) will go a long way toward my financial sanity.
I know there's the "Prime Rate" stuff, but how is everything determined? Store cards don't count--those are almost always a set rate and you're either approved or not. Credit cards are different...you can be approved with a 22.9% APR with a low limit like my Amazon card, or you can be approved with a 14.74% APR with a high limit on a Visa Signature card, but it's still an Amazon card.
Does anyone actually know what they look at to determine what APR they give you? Does it have any relation to the APR on your other cards?
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680