Cedit Card advertising come ons

rokkojohn

Sainsburys bank is currently advertising 15.9% apr I just applied for their card and have been offered one at 18.9%. Wheni questioned it I was told it depends on how your credit rating shows up. I have a credit rating with Experian of 1000 the highest possible score !!!!!!!!!!!!!!!!!!!!!!! Sainsburys cant tell me why I have been offered a higher rate of APR than advertised. Has anyone been offered this advertised rate of 15.9% ??????

Niksan

how do you get a rating of 1000 ? I always thought 999 was the real top number ?

_Andy_

rokkojohn wrote: »

Sainsburys bank is currently advertising 15.9% apr I just applied for their card and have been offered one at 18.9%. Wheni questioned it I was told it depends on how your credit rating shows up. I have a credit rating with Experian of 1000 the highest possible score !!!!!!!!!!!!!!!!!!!!!!! Sainsburys cant tell me why I have been offered a higher rate of APR than advertised. Has anyone been offered this advertised rate of 15.9% ??????

There is really no such thing as one credit score. Every lender will score differently so it's perfectly feasible that SBs have scored you slightly lower thus offering the higher APR.

rokkojohn

OK I lied my rating is 999 but whats in a point. so how do you get this magical 15.9% thats advertised if your credit rating cant be any higher I would like to hear if anyone has been offered that rate. As far as i can see its just a sprat to try and catch a mackerel. Oh and has i have a perfect credit record with Sainsburys bank already !!!!!!!!!!!!!!!!!!!!!!!

YorkshireBoy

Sainsbury's (and any other lender for that matter) MUST give the advertised 'typical' rate to 66% of successful applicants. You may argue that your 'credit score' (as determined/guessed/estimated/pulled from thin air by Experian) may be good, but sadly it looks like it's not as good as others who have applied for the card.

For what it's worth, I've never NOT received a lenders typical rate.

One final thing, as I'm sure you now realise, the score you've purchased isn't worth the paper it's written on...unless, of course, Experian start to issue credit cards. In which case, it looks like you would get their typical rate.

_Andy_

rokkojohn wrote: »

OK I lied my rating is 999 but whats in a point. so how do you get this magical 15.9% thats advertised if your credit rating cant be any higher I would like to hear if anyone has been offered that rate. As far as i can see its just a sprat to try and catch a mackerel. Oh and has i have a perfect credit record with Sainsburys bank already !!!!!!!!!!!!!!!!!!!!!!!

As per my other post, you don't 'have' any credit rating as such. There is no such 'score' because each lender will credit score you in different ways using different criteria.

King_Weasel

Even 15.9% is expensive. If you need to borrow, have you looked for a better rate?

rokkojohn

well seems like you are stuck with whatever your offered However one small point worth noting about 0% balance transfers. In this case for 6 months. I asked the question "suppose i have £1000 balance transferred to this new card and over the 6 months period I spend another £1000 with Sainsburys and during that 6 months I pay off £1000. Which amount gets paid off. The balance transfer or the shopping. The answer was 50 50 so at the end of the 6 months you will start to pay interest on £500 ie the remanider of the balance transfer But as the shopping is 0% for 12 months only on that amount. The only way i see of avoiding any interest charges is to take the card. Transfer the balance. Dont use the card and pay off the £1000 over the six months. Thereby losing the benefit of 6 months interest free shopping. As the object of the exercise is to use the interest free period to save the shopping amounts in a high interest account and pay it off at the end of the 0% period it defeats the object somewhat !!! So in my case i wont take advantage of the balance transfer Just take the card and use it as Martin advises. Thanks for all the feedback

Niksan

As I've posted in another thread about a similar thing with capital one, I didn't get the typical rate and wrote asking why, they then re-evaluated and then gave me the typical rate, I put it down to paying off quickly rather than rolling on the minimum payment stuff, me paying off with a low apr card wouldn't be better for them offering it to someone who doesn't quickly clear the card, then again if you have debt to clear I would have thought stoozing or getting a loan would be better.