Have you applied for a credit card and NOT ended up with the advertised APR?

[Deleted User]

Deleted_User said:

MSE_Laura_F said:

Hello @Ebe_Scrooge,

Information about the campaign can be found here.

Thanks.

This is 100% going to go the same way as your campaign for "unfair" OD charges when it went from people paying a fixed fee to paying a % - the banks inevitably all bumped up their OD % so loads of people paid more. If you are trying to force banks to give 66% of the applicants the rate, they will simply increase their lowest rate across the board to cover for the inevitable failures to repay

There is no reason for this if they provided more info and only marked the credit files when the person actually signs the credit agreement. 

Ebe_Scrooge

Deleted_User said:

Deleted_User said:

MSE_Laura_F said:

Hello @Ebe_Scrooge,

Information about the campaign can be found here.

Thanks.

This is 100% going to go the same way as your campaign for "unfair" OD charges when it went from people paying a fixed fee to paying a % - the banks inevitably all bumped up their OD % so loads of people paid more. If you are trying to force banks to give 66% of the applicants the rate, they will simply increase their lowest rate across the board to cover for the inevitable failures to repay

There is no reason for this if they provided more info and only marked the credit files when the person actually signs the credit agreement. 

How do you propose that would work?

"Provide more info" - do you mean they should publicise their acceptance criteria and internal scoring algorithms?  That ain't gonna happen, otherwise people would just fill out application forms with information that they know will mean a guaranteed acceptance.  Quite apart from the fact that the scoring algorithms are highly sensitive from a commercial/competitive point of view.

"Only mark the credit files when the person signs the agreement" - what, let a person make an application, take it on trust that they've told the truth, then perform a search after they've agreed to give the applicant a loan/credit card/whatever ?