Could I have been Mis-Sold my Credit card?

djott

Hi all, Back in June I applied for a Capital One Credit card with 0% on new purchases until 1st September 2009 (15 Months 0%). I checked my credit rating with Experian and it came back 999 out of 1000 which is pretty darn good if I do say so. Anyway, it appeared that Capital one had accepted me and they sent me my new card.

Unfortunately I recently bought some big items and noticed the following month that interest was being charged. I contacted Capital One via telephone and they claimed that my account did not have any special deals on it. So i followed this up with an email and again was told that although I was sent a card, it was not the offer I originally applied for as I had not met their standards.

What I want to know is, because I never received a letter saying you have been declined for the 0% card but we can offer you an alternative, can I claim that i've been mis-sold the credit card and get the interest back that I've been charged at the very least? I'm currently in the process of transferring savings to pay the card off and close the account as I don't like feeling that I've been played for a fool, but if I can get the interest they've charged me for then I will at least feel I can walk away with my head held high!

Thanks in advance for any advice! :money:

_Andy_

You would have been sent a credit agreement and terms and conditions - what did these state?

By the way the score Experian claim you have is pretty much irrelevant as every lender scores using their own scoring method.

Moon_Boi

djott wrote: »

Hi all, Back in June I applied for a Capital One Credit card with 0% on new purchases until 1st September 2009 (15 Months 0%).

The T&C for your card will be sent out with your new card. Doesn't matter what you applied for, the T&C sent with your card are the ones that apply. As soon as you receive your card, you agree to these T&C's...if you don't like them, cut your card in half and ask CapOne to cancel your agreement.

exel1966

You would have had to answer a few basic questions prior to application. If found that you do not fulfil the requirements of those answered questions through a credit search Capital One reserve the right to refuse or offer an alternative product which is what they have done. You are not obliged to accept the alternative given.

The full details of terms relating to the card offered would have been sent to you to acknowledge prior to account opening. If you forgot/failed to read those terms then Capital One can hardly be held responsible.

If you do not wish to continue with this card I'd advise applying for a card with an alternative company and transferring the balance, but making sure you fully appreciate and understand the terms that apply.

Ditto as above for your 'so called' meaningless score of 999.

djott

_Andy_ wrote: »

By the way the score Experian claim you have is pretty much irrelevant as every lender scores using their own scoring method.

Originally I read on MoneySavingExpert that to get the above credit card you'd need a good credit rating to get it, so i checked mine with Experian and it came out great. But by your comment I would ask why are we constantly told to check what out credit rating is then if as you say a lender scores with their own rating? Surely they are still using the criteria credit check companies use?

cifpower

djott wrote: »

Surely they are still using the criteria credit check companies use?

Nope. Each company has its own credit scoring system unique to them

matt83uk

It is adviseable to montior your credit file for identity theft and for any other issues, but no one tells you to monitor your credit score which costs each time, there is no such thing as a universal credit score. CC companies will score you based on risk/profit e.g. do you have any other cards, are you likely to incur charges etc.. rather than Equifax/Experian faux credit score that will use mainly mispayments, ccj the stuff that we instinctively think are "bad"... The algorithms that a long standing CC company use will be more advanced and obviously commercially sensitivie.

djott

matt83uk wrote: »

It is adviseable to montior your credit file for identity theft and for any other issues, but no one tells you to monitor your credit score which costs each time, there is no such thing as a universal credit score. CC companies will score you based on risk/profit e.g. do you have any other cards, are you likely to incur charges etc.. rather than Equifax/Experian faux credit score that will use mainly mispayments, ccj the stuff that we instinctively think are "bad"... The algorithms that a long standing CC company use will be more advanced and obviously commercially sensitivie.

Great reply Matt83uk, Thanks!!