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?

  • 2
    We don't have enough information to answer this question. The answer will probably be on your credit report. If you can figure out why you have 967/999 then you can figure out why you got a great rate. Commented Feb 7, 2018 at 17:14
  • I would be surprised too, in your shoes. Who made the offer - was it your current account provider / existing bank, or somebody new trying to get your business? Also, is there a membership fee on the card? Commented Feb 7, 2018 at 17:38
  • @marktristan No membership fee and it is from my current bank (Bank of Scotland)
    – KNejad
    Commented Feb 7, 2018 at 18:28
  • 2
    Wouldn't the answers to this question be the same as the one you asked an hour previously? There are already 3 answers to that.
    – TTT
    Commented Feb 7, 2018 at 19:06
  • 2
    @TTT No this is a completely different question. This question is asking why did I (somebody with no credit history) get such a good deal. The other question is asking why do banks in general give such good deals when they could make more money (and safer) by putting the money they would lend me in the stock market.
    – KNejad
    Commented Feb 7, 2018 at 21:22

1 Answer 1


The magical credit scores that the credit reference agencies love to quote are largely meaningless, and are based on formulae that they will not reveal. Actual lenders are more interested in practical stuff like whether you pay bills on time and whether you have more debt than you can afford.

You got a preferential deal because you're a student. Banks love students. They may not have much money now, but in a few years, they will be degree-qualified employees, many of whom will be earning higher than average salary.

If they get you as a customer now, then you will most likely stay with them for many years, and they will make a lot of money in transaction fees once you are earning proper money.

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