I decided to get my first credit card last week so that I can increase my credit rating. I was kinda surprised to find out that for some reason they offered me a permanent rate of 6.45% APR.
Here is a little relevant information about me:
- I am a university student
- I am 20 years old
- I am at my first full time job
- I have no history at all with credit (no credit card, no loans)
- For some reason my Experian score is 967/999
- I put most of my money in the stock market
- I have a very unique name so the chances of me being confused with somebody else is virtually non existent. (In fact if you include my middle name I am the only person in the world with this name)
As far as I can tell there is no good reason why I should have such a low APR (and such a high Experian score). I was expecting at least 16%. Is this normal?