Credit interest rate in today's economy.

[Paul 55,116]

I have a question.

 

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

 

[TorJay 845]

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

[smokey 22,069]

for asia its good 

[USMC-Retired 11,011]

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.

[cebubird 5,393]

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.

[Nangulo 1,124]

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.

[Paul 55,116]

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.