(BassBoy) Regarding Hooters 25.20% int. rate...!!!???

[moneytree]

I just took this snippet from another post: (you wrote) I'm guessing the APR will be somewhere in that range (which is much better than the 25.20% Hooters gave me.....cancelled Hooters before activation).

My question is...I applied to the Hooters card last week. I assumed the int. rate would be about 14.9%. You said you cancelled before the activation. If they offer me the same rate and if I also cancel, does their inquiry on the credit report drag down my score? Or perhaps it would encourage them to try to get me back and offer a lower int. rate later?

I am just surprised to read that's what they offered you.

Not feeling too optimistic since my score was in the high 500's. Darn, should have put it in my husbands name. His mid score was 618 a few mos. ago. Mine was lower due to not paying on student loans prior to filing (stupid on my part).

thanks.

[BassBoy]

Frist off, my scores are above 650, I have a First Premier CC, an auto loan and haven't been late on any of them, so I was hopeful to receive a good interest rate. I was completely shocked to see that outrageous interest rate.

The inquiry should not drag down your score. A few inquiries here and there should not effect your score at all.

My guess would be that Hooter's may send me (and you) mail solicitations with offers of credit. Just remember to ask questions first, read the disclosures first, and then "sign on the dotted line" if you can agree to the terms.

Do not let my dissatisfaction make you feel not so optimistic. You might be surprised when the card comes and you see that Hooters gave you a decent interest rate. I just refuse to pay that high of interest rate.

[moneytree]

thanks...

Thanks for the reply. We received our 2nd piece of paper from another creditor seeking more info (copy of utility bill or our drivers license) in order to process our application. I guess our recent move is throwing them off. They want to be sure we are in one place and legit! It's Target and Hooter's and well, CCCU has been calling, so I guess it's them too. I didn't expect this, but I'll send the info in and go from there. Orchard Bank drafted our $200 so they must be the only ones trusting us at this point!