Posted: 5/16/2009 7:14:31 AM EDT
| If I have a credit card with a very high intrest rate(20.4% compared to my other card which is only 7.9%), does it look bad on the credit report? I never use this card and if I do the balance always gets paid in full at the end of the cycle. |
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Quoted:
interest rates arent taken into consideration on credit reports/scores. try calling the card issuer and ask if you qualify for a lower rate I did. Sears said no, so I'm about to say fuck em. But if the intrest rate isn't considered on credit reporting then I'm not worried about it. Seriously 20%, prime is what 0.50% 
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Quoted:
Quoted:
interest rates arent taken into consideration on credit reports/scores. try calling the card issuer and ask if you qualify for a lower rate I did. Sears said no, so I'm about to say fuck em. But if the intrest rate isn't considered on credit reporting then I'm not worried about it. Seriously 20%, prime is what 0.50% Sears charge cards are a joke, most store CCs charge far higher rates then a comparable MC/Visa from a local CU or banking institution. |
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Quoted:
Quoted:
interest rates arent taken into consideration on credit reports/scores. try calling the card issuer and ask if you qualify for a lower rate I did. Sears said no, so I'm about to say fuck em. But if the intrest rate isn't considered on credit reporting then I'm not worried about it. Seriously 20%, prime is what 0.50% It doesnt matter what prime is. The net rate is a calculation of their operating costs, the rate of defaults, and calculated fusture risk. You dont like it? Dont borrow money to buy things you cannot yet afford. Or - pay it off each month, use it as a convenience, and who gives a damn what the rate it? I could not tell you what my CC rate is, nor do I care. I wont finance my daily life. |
| The ratio of balance compared to limit will affect your credit the most along with our payment history. Interest rates do not affect credit. However, certain types of credit can negatively affect credit. Finance companies such as those used by furniture and electronics stores can have a negative affect. |