Jump to content

Credit interest rate in today's economy.


Recommended Posts

Paul

I have a question.

 

Would a credit line at 9.50% be considered good in today's economy?

 

Link to post
Share on other sites

Depends where you are getting it.  That would be considered high in Canada.  My LoC is prime + 2% = 5%.

Link to post
Share on other sites
USMC-Retired

I just got a credit line in the US for that exact amount.  It could have been much lower except my credit history in the US has absolutely nothing on it. In 7 years here with no credit I became a credit ghost.  It was impossible or very close to even get someone to give me some credit.  Let alone a credit line.

Link to post
Share on other sites
cebubird

Paul, I think it would depend on if it's a credit card or an ACTUAL line of credit at a bank. and/or is it a fixed rate or "fixed" rate plus prime. For instance one of my cards is 6.25FIXED, while another is 8,25 PLUS prime.

Link to post
Share on other sites
Nangulo

A lot has to do with your credit history, as mentioned, above.

 

Yes, it would depend on "the line."  Mortgages are at near record lows.  Home equity loans or lines of credit differ and some are prime plus, but none should be that high.  9.5% probably isn't a credit card rate.  For an auto...? Steep.  If it's a personal line of credit, uncollateralized, it's not a bad rate.

Link to post
Share on other sites
Paul

My credit score is currently over 700. A fair amount over 700, in fact. This would be out of the USA. Sorry for not being clearer in my OP.

 

That is why I was wondering.

 

Thanks, guys.

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..