Experian Credit Card Application leading to false interest info

mrwing

Hi,

So I ran a credit card comparison eligibility check to see what is available to myself based on my criteria on EXPERIAN

I found one fitting my criteria which was specifically “9 months 0% purchase”

I had gone through the application now and applied for this credit card for the reason it being 9 months purchase 0% interest.

Card had arrived and I used it and I only checked recently that actually it is 6 months 0% interest! If I seen this from the beginning I would of avoided this as I needed 9 months 0% purchase.

I feel deceived by the website as it is false information and it didn’t state “up to 9 months” it only states 9
months

I need to call bank to see what can be done, but anybody else been in this situation. Any advice?

[Deleted User]

If you don't want the product and are still within the first 14 days, then withdraw from the application. You can repay the debt and all that will remain is the search.

However, it's probably worth keeping and clearing what you can in that time.

Ebe_Scrooge

mrwing said:

 I would of avoided this as I needed 9 months 0% purchase.

If you "need" 9 months of interest free credit then I'd hazard a guess that you can't really afford whatever it is you're buying.  It may be prudent, for the sake of your longer-term financial health, to re-assess whether you actually need whatever it is you're planning to buy.

mrwing

Ebe_Scrooge said:

mrwing said:

 I would of avoided this as I needed 9 months 0% purchase.

If you "need" 9 month of interest free credit then I'd hazard a guess that you can't really afford whatever it is you're buying.  It may be prudent, for the sake of your longer-term financial health, to re-assess whether you actually need whatever it is you're planning to buy.

I really don’t think your comment was useful to my scenario but thanks.

Ebe_Scrooge

mrwing said:

Ebe_Scrooge said:

mrwing said:

 I would of avoided this as I needed 9 months 0% purchase.

If you "need" 9 month of interest free credit then I'd hazard a guess that you can't really afford whatever it is you're buying.  It may be prudent, for the sake of your longer-term financial health, to re-assess whether you actually need whatever it is you're planning to buy.

I really don’t think your comment was useful to my scenario but thanks.

Sorry, I wasn't meaning to cause offence.  You asked for advice, I offered what I thought may be helpful advice.

If you want specific advice relating to promotional rates, then ZX81 has already given some helpful insight.  Bear in mind that the vast majority of credit card offers are advertised with a "representative" illustration, but the particular product offered to you will be tailored based upon the information contained within your credit file.  You could potentially try one more application elsewhere, but there's no guarantee that you'll be accepted.  Remember that when a lender assesses your application, they'll have a lot more, and more specific, criteria than the generic assessment given by Experian.

Sandtree

mrwing said:

Hi,

So I ran a credit card comparison eligibility check to see what is available to myself based on my criteria on EXPERIAN

I found one fitting my criteria which was specifically “9 months 0% purchase”

I had gone through the application now and applied for this credit card for the reason it being 9 months purchase 0% interest.

Whatever site you were using is just a best guess of what you may or may not be accepted for, if you aren't accepted for their top tier product they may decide to offer you an alternative promotion like lower duration or higher fees etc. 

What did it saw when you got to the end of the application of the banks own website? Often, though not always, it is here that it will tell you what they are offering you in terms of limit, promotion etc.

mrwing

Sandtree said:

mrwing said:

Hi,

So I ran a credit card comparison eligibility check to see what is available to myself based on my criteria on EXPERIAN

I found one fitting my criteria which was specifically “9 months 0% purchase”

I had gone through the application now and applied for this credit card for the reason it being 9 months purchase 0% interest.

Whatever site you were using is just a best guess of what you may or may not be accepted for, if you aren't accepted for their top tier product they may decide to offer you an alternative promotion like lower duration or higher fees etc. 

What did it saw when you got to the end of the application of the banks own website? Often, though not always, it is here that it will tell you what they are offering you in terms of limit, promotion etc.

Yeah I was using Experian website and yeah the customer advisor explained similar to what you have mentioned.

In all honesty its been some months now so I do not quite remember what it said at the end of the application, but I guess it is down to me to read the small print as well as reading the Ts and Cs carefully before I accept and not go by what Experian has stated.

cymruchris

It's the same with many cards. Yesterday I checked eligibility on a particular card that came up as 95% chance of approval - and highly likely on the provider's website - for a card at 20.9 percent APR with an 18 month 0 percent purchase rate. I clicked apply and it gave me the 'success' message - but on looking at the detail, it's 24.9 percent and a 14 month 0 percent. It's not of importance to me, as I don't use 0%, always paying off in full each month. I'm just slowly replacing my old high APR credit builder cards with regular lower APR cards, so that if ever I am in an emergency, I won't get stung with 39.9%'ers.

The headline figures you see are those offered to a portion of customers - alternative deals will be offered to those that don't qualify for the best rates, as for whatever reason, they'll see you as a slightly higher risk compared to their 'most desired' customers, but aren't a big enough risk to decline your application. It's all in the detail if we look for it - but many just blindly hit apply without really paying much attention to the small-print (and we can all be guilty of 'click here to accept terms and conditions' without reading the detail).

eskbanker

mrwing said:
I guess it is down to me to read the small print as well as reading the Ts and Cs carefully before I accept and not go by what Experian has stated.

This, in spades - it's been pointed out on here time and time again that it's unwise to rely on third party information, whether that's Experian, MSE, or any other such summariser, so reading the terms published by the actual provider is critical....

Sncjw

If it was months ago why are you complaining about it now? 

mrwing

Sncjw said:

If it was months ago why are you complaining about it now? 

If you felt the need to comment which is completely useless to the situation why do you feel the need to comment?