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Advice on Pre-Approval Offer?

Discussion in 'Credit Talk' started by caramon, Dec 6, 2002.

  1. Dec 6, 2002 #1
    caramon

    caramon Well-Known Member

    Hi guys,

    I recently received a pre-approved offer for a Wells Fargo Platinum VISA card. At first I was really excited b/c I heard they have great APR rates and since CardOffers.com gives them a highly-positive 5-star review.

    However, I was a little disappointed when I looked at the card terms and conditions, since they were offering me an APR of 18%. I thought that was pretty high considering that my EQ credit score is currently 717 and my current card rates in ascending order are 6.40%, 7.99%, 8.49%, 9.99%, and 11.99%.

    Do you think I should not bother with the application and wait for a future offer? Or does Wells Fargo only make their cc offers once? (The rep I talked to said I eould be eligible to request a rate reduction after 6 mos.) Thanks!

    [EDIT] P.S. Forgot to mention that I don't have any negative info or "baddies" with all 3 CRAs, if that makes any difference.
     
  3. Dec 7, 2002 #2
    Brad J

    Brad J Well-Known Member

    Generally speaking, preapproved offers will be somewhat higher than what you currently carry. Having said that, after 1 year, you'll be able to halve that wellsfargo APR for sure (you have to ask though). You could wait for another pre-approved offer from them, but I don't think it will change much. BTW, what cards do you carry that offer those nice single-digit APR's?
     
  4. Dec 7, 2002 #3
    GEORGE

    GEORGE Well-Known Member

    I would call and ask if they could offer you a MUCH lower rate...or just DON'T ACTIVATE THE CARD UNLESS THEY LOWER IT BELOW 12%.

    If I were you, I would NOT accept ANY OFFER above 12% unless it is like a CASH BACK or AIRLINE MILES and you always PAY IN FULL.
     
  5. Dec 7, 2002 #4
    caramon

    caramon Well-Known Member

    Thanks for your helpful advice Brad! :)

    (In response to your questions about the card APRs and issuers:)

    1. Chase MC - 6.40% (Prime+1.65% var)
    2. BankOne Platinum VISA - 7.99% (Prime+3.20% var)
    3. Mellon Platinum MC (Citi) - 8.74% (Prime+3.99% var)
    4. AMEX Blue - 9.99% (fixed)
    5. DMB Titanium MC - 11.99% (Prime+7.24% var)
     
  6. Dec 7, 2002 #5
    caramon

    caramon Well-Known Member

    Thanks for the suggestion George -- ordinarily I would not consider anything over 10%. However, I was thinking if I could get the rate lowered to a reasonable degree eventually, it might be good to get, since I heard WF has really good customer service.

    I guess I could use it for small purchases, and then ask for an APR reduction after 6 months like they said, since they would not lower it up-front... :(
     

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