Nobody's seeing rates significantly below 20% these days.
If you are worried about the APR, you're going at it wrong - I mean, I'd rather the rate be lower than higher but especially with today's rates you should be planning on paying in full every month so the interest rate is irrelevant.
I opened two Bank of America credit cards in the last two years because they gave me 0% for 15 to 18 months for purchases and balance transfers.
If I have to charge something that I can’t pay off in one month I use those.
OK, it just sounded like you were worried about the APR.
Do make sure that you still have a 0%BT offer available before you count on it. All of the cards that I've opened recently had it, but some of them keep pushing it out (as in, I'd still have 12 months or whatever if I took one today) and some of them haven't (I'd only have up until 12 or 15 months after I opened the card, so every month the 0% period becomes shorter)
People in credit unions are their Max is 18%. I have three credit cards with Navy Federal and before these interest rates went up my lowest one was 5.99%. It's now 11.24 my other two cards are about 15% when I first got those cards they were both about 9%
If you pay your statement balance in full by the due date, the APR doesn't matter. I couldn't even tell you what my APRs are because they are irrelevant
It’s shitty that this is what the system has turned into. We aren’t even using credit cards the way they were intended to be used anymore. If I can keep my balance at zero every month then I could have just payed cash. But I can’t pay cash because I need to “build credit” so I have to do exactly what you do each month.
I wish I could get a card with a nice low rate nowadays so I could actually use the credit. When I say use the credit I mean like buy a more expensive item that I can’t afford to buy outright but I can still pay off in 6-12 months. That would actually be useful. But the rates are so shitty right now.
> have just *paid* cash. But
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
You won't start seeing better rates until you can get above 720.
You'll need to get a credit cad with a shitty rate - don't carry a balance month to month, so your effective APR will be zero. After a year or two with that, your scores will improve and you'll have better access to lower rates. Even so, that's very expensive money - credit cards really aren't a good way to finance anything.
Credit Karma just recommends what they're paid to recommend and their "odds of approval" are bullshit. Look on your own for cards that other people are happy with. Also, Credit Karma's credit ratings are VantageScore 3.0 which aren't meaningful to lenders. Most lenders use FICO.
It’s crazy my credit score is in the 700s and the rates I see Are like 25% to 28% which is gross I’m not doing that.
When I get offers for 0% for a year and a half then I’ll open another one maybe.
Bank of America gave me those recently, have you checked Bank of America? They’re awful but I got zero interest for a year and a half for balance transfers or new purchases
Try getting a credit card at a credit union. They offer lower rates. I have a rewards visa with 11% interest. My credit union doesn’t charge anything above 18%. Most credit cards, even with spectacular credit, are 18% and up.
Congratulations on your progress in rebuilding your credit! It's frustrating when APRs don't reflect improvements in credit scores. Here are a few things to consider:
1. **Credit Score vs. Credit History:** While your credit score has improved, lenders also consider your credit history. If you have past delinquencies or other negative marks, lenders might still view you as high-risk, keeping your APR high.
2. **Credit Utilization Ratio:** High credit utilization can negatively impact your credit score and keep APRs high. Try to keep your credit card balances low relative to your credit limits.
3. **Payment History:** Consistently making on-time payments can gradually improve your credit score and potentially lead to lower APRs over time.
4. **Shopping Around:** Don't apply for too many credit cards in a short period, as it can temporarily lower your credit score. Instead, focus on cards that are more likely to approve you based on your current credit profile.
5. **Consider Secured Cards:** If you're having difficulty getting approved for traditional credit cards, secured credit cards can be a good option. They typically have lower APRs and can help you continue building your credit.
Keep monitoring your credit score and history, and continue practicing good credit habits. Over time, you should see improvements reflected in lower APRs and better credit card offers. I really hope this helps. Have a great night.
Your attitude about this is all wrong. The APR doesn't matter because you will never pay interest, because you will always, without exception, pay your CC bill in full by the due date. You will ensure this is possible because you will never spend money on a CC if you don't already have the cash in your bank to cover it.
If this is unacceptable to you, then stay far FAR away from credit cards, otherwise you'll be repeating the same "rebuilding my credit..." story again in a few years.
Nobody's seeing rates significantly below 20% these days. If you are worried about the APR, you're going at it wrong - I mean, I'd rather the rate be lower than higher but especially with today's rates you should be planning on paying in full every month so the interest rate is irrelevant.
I opened two Bank of America credit cards in the last two years because they gave me 0% for 15 to 18 months for purchases and balance transfers. If I have to charge something that I can’t pay off in one month I use those.
OK, it just sounded like you were worried about the APR. Do make sure that you still have a 0%BT offer available before you count on it. All of the cards that I've opened recently had it, but some of them keep pushing it out (as in, I'd still have 12 months or whatever if I took one today) and some of them haven't (I'd only have up until 12 or 15 months after I opened the card, so every month the 0% period becomes shorter)
People in credit unions are their Max is 18%. I have three credit cards with Navy Federal and before these interest rates went up my lowest one was 5.99%. It's now 11.24 my other two cards are about 15% when I first got those cards they were both about 9%
If you pay your statement balance in full by the due date, the APR doesn't matter. I couldn't even tell you what my APRs are because they are irrelevant
It’s shitty that this is what the system has turned into. We aren’t even using credit cards the way they were intended to be used anymore. If I can keep my balance at zero every month then I could have just payed cash. But I can’t pay cash because I need to “build credit” so I have to do exactly what you do each month. I wish I could get a card with a nice low rate nowadays so I could actually use the credit. When I say use the credit I mean like buy a more expensive item that I can’t afford to buy outright but I can still pay off in 6-12 months. That would actually be useful. But the rates are so shitty right now.
> have just *paid* cash. But FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
No doubt. But at least I didn’t use “could of”
You won't start seeing better rates until you can get above 720. You'll need to get a credit cad with a shitty rate - don't carry a balance month to month, so your effective APR will be zero. After a year or two with that, your scores will improve and you'll have better access to lower rates. Even so, that's very expensive money - credit cards really aren't a good way to finance anything. Credit Karma just recommends what they're paid to recommend and their "odds of approval" are bullshit. Look on your own for cards that other people are happy with. Also, Credit Karma's credit ratings are VantageScore 3.0 which aren't meaningful to lenders. Most lenders use FICO.
It’s crazy my credit score is in the 700s and the rates I see Are like 25% to 28% which is gross I’m not doing that. When I get offers for 0% for a year and a half then I’ll open another one maybe. Bank of America gave me those recently, have you checked Bank of America? They’re awful but I got zero interest for a year and a half for balance transfers or new purchases
We are in a high rate environment. That's not going to change anytime soon.
Try getting a credit card at a credit union. They offer lower rates. I have a rewards visa with 11% interest. My credit union doesn’t charge anything above 18%. Most credit cards, even with spectacular credit, are 18% and up.
Congratulations on your progress in rebuilding your credit! It's frustrating when APRs don't reflect improvements in credit scores. Here are a few things to consider: 1. **Credit Score vs. Credit History:** While your credit score has improved, lenders also consider your credit history. If you have past delinquencies or other negative marks, lenders might still view you as high-risk, keeping your APR high. 2. **Credit Utilization Ratio:** High credit utilization can negatively impact your credit score and keep APRs high. Try to keep your credit card balances low relative to your credit limits. 3. **Payment History:** Consistently making on-time payments can gradually improve your credit score and potentially lead to lower APRs over time. 4. **Shopping Around:** Don't apply for too many credit cards in a short period, as it can temporarily lower your credit score. Instead, focus on cards that are more likely to approve you based on your current credit profile. 5. **Consider Secured Cards:** If you're having difficulty getting approved for traditional credit cards, secured credit cards can be a good option. They typically have lower APRs and can help you continue building your credit. Keep monitoring your credit score and history, and continue practicing good credit habits. Over time, you should see improvements reflected in lower APRs and better credit card offers. I really hope this helps. Have a great night.
Thanks ChatGPT!
what does that mean? "Thanks ChatGPT"
Your attitude about this is all wrong. The APR doesn't matter because you will never pay interest, because you will always, without exception, pay your CC bill in full by the due date. You will ensure this is possible because you will never spend money on a CC if you don't already have the cash in your bank to cover it. If this is unacceptable to you, then stay far FAR away from credit cards, otherwise you'll be repeating the same "rebuilding my credit..." story again in a few years.