What credit card APR should be expected with a credit score of 692?

Question

Chase refuses to lower my husband's credit card APR below 29.99%, even with a credit score of 692. He's never been late on a payment. We're hesitant to just transfer to a new card, since his score will take a hit for it. Does anyone know why Chase would be so difficult or have suggestions on how we should approach this? Thanks!

Answer 1

Don't worry about the hit! You should NEVER EVER, EVER have to pay an APR of 29.99% with that kind of credit.

692 is respectable, and they are giving you a totally disrespectable rate.

The hit will only be a few points (unless you've had tons of inquiries in the past 90 days or so.)

Get a better card. Try a credit union. That is robbery and it makes me sick to hear that they are doing that to you. Call and cancel, cut it up and never do business with them again.

Answer 2

Depending upon what credit limit they give you, your score will most likely stay the same or go up. The more credit you have that you don't use the better the score. If your balances on your credit cards tend to be less than 25% of your credit limit it should not lower your score at all. For those people that think if you open too much credit at a time it lowers your score it may if you have no credit or low credit but it is only for a month or two then goes back up to what it was or even a little higher. Never close credit card accounts as this can cause your credit to go down. As long as you are not paying a monthly fee for them just cut up the card and don't use them. The length of time you have a credit card really effects your credit.

Answer 3

650 is considered reasonably good, but some lenders will be reluctant as to terms and amounts of credit lines, as the consumer would be considered a possible risk. Any score below 650 is considered a definite risk, which does not mean the consumer cannot obtain credit, but it can be difficult. The terms of any agreement will not be "borrower friendly" mening high interest and penalties. and a very limited credit amount.
Typically, a credit score will go DOWN a little when you get a loan or have any inquiries on your personal credit information. The credit score usually goes up after there are reports that you have made timely payments on a loan and after you have some assets that are of real value. Read more from:http://www.credit-card-forums.com/thread/2371

Answer 4

Getting a new card will only be a temporary hit of about 5 points at best, transferring the debt will also not help, but will not hit you too bad. but keep the card open (just do not use it or if you do pay it off completely) because it will help your FICO score by giving you a better debt to available credit ratio example you have the Chase card with 1000 limit and your balance is at 800 you have an 80% debt to credit ratio. Now you have two 1000 credit limits but only one is at 800 your ration is now 40%. A word of caution stay away from Capital one they do not report actual limit of your card just what you have on it, so it actually ruins your FICO score

Answer 5

First of all, how long has he had this credit card and what percentage of his line of credit is he carrying as a balance and for how long? His FICO is above average (national average is 687) but probably not good enough apparently in Chase's view of credit risks. If he has had this card a short time (less than 2 years) and is carrying over 30 percent of his line of credit as a running balance, it's understandable why Chase will not budge.

Keep the running balance below 30 percent of the line of credit. Pay on time and pay more than the minimum required. Once it has been paid to a zero balance, keep it open and only use it for small purchases and pay those off each month for a while. Once you have done all of this, then call and negoiate.

Answer 6

I had the same issue with Chase... When I called the only lowered my rate but 2% ... so I called back telling them that they only reduced my rate by 2% and that if there is anything else they could do and the account manager switched me to a Chase Freedom card at 14.25% which is lower than I was paying and the account manager said I can call back in few months to see if they can offer me a lower rate. Give it a shot ...

Answer 7

692 is an average score and not all that great...you need to work on getting the score higher and then you'll have better bargaining power..my score between the 3 bureaus averages out to about 790 and i have a rate of 6.9%

Answer 8

29.99% !!!!????!??? You need to apply for another card fast. that rate is ridiculous !! i had a bankruptcy 4 years ago and current;y have 7 cards with APRs as low as 9.99%. u can try calling the company and ask them to lower that rate. why would anyone want to use a card with that high interest ? your just throwing your money away !

Answer 9

try capital one no hassle card. they will negotiate the rate. my card started at 9.9% fixed and i negotiated it to 5.9% fixed...and that's what it has been for 6 years. now if i miss a payment, it will go to 21.99%. not sure if credit score has any effect on the rate once the account has been established...think its based on revolving balance and payment history. call them and threaten to cancel the card because you got a better deal, i do it with all 3 of my credit cards. the highest rate i have is 8.9% fixed.

Answer 10

that is about right. 692 is good, but not great. If you want a better credit card APR then I suguest fixing your credit score first. Then start looking at credit cards.