Vanquis - 5th Month Limit Increase

Options
2456

Comments

  • Matty17
    Matty17 Posts: 16 Forumite
    Options
    I had an increase from £500 to £1500 in December. Had the card 7 months.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    Are they still issuing the "gold cards" when you reach a £1500+ limit?
  • Hoogle
    Hoogle Posts: 214 Forumite
    First Anniversary First Post
    Options
    To be fair I think they try and push the limit increases on people they feel they can make money on. I am 35 with hardly any credit history at all in fact my score (which means absolutely nothing) had me in very poor or poor credit so I decided to go for some of these sub prime cards to build some history up I max my cards out weekly and pretty much pay them off weekly as well probably not the best method but I do not like credit and certainly do not want to rely on it 1st 2 months my utilization was over 75% and my credit scores which yet again mean nothing went even lower however this month on experian and equifax they are now higher than when i first started, sure it has taken 4 months but I expect them to climb each month, as for utilization go to someone like littlewoods/Very online catalogue places open an account you will probably get a £250 - £1000 limit and just dont bother using it, that counts as available credit bringing down your utilization on the cards which you do use. check your credit files and you will soon find which days different cards report the balances to agencies so make sure you clear it 3 days before so they will report a £0 balance yet keep using your card to between dates so they are likely to increase your limit.
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    T-G-C wrote: »
    The main issue is that each time Vanquis report to the CRA, my balance is maxed out, not because I’m carrying a balance, but because I pay my balance off in full before the due date and then max it out again by the statement date, rinse and repeat which makes it look like I’m recurring the debt when technically it is fresh debt every month :beer:

    Your credit report will show a limit of £250 with a monthly balance of nearly that and payments of, say, £500. I'm sure the sophisticated algorithms used by lenders would deduce you're paying off the balance every month and could handle extra credit.
    T-G-C wrote: »
    In addition to that, I have Capital One and Aqua maxed out, on a 0% offer...

    These accounts will be marked on your credit files as having a promotional rate. Lenders will know these are at 0%.

    My advice is to not try to second guess what lenders what to see.
  • Matty17
    Matty17 Posts: 16 Forumite
    Options
    Yes I have a Gold card. And been offered a 9.9% balance transfer.
  • tastyhog
    tastyhog Posts: 847 Forumite
    First Anniversary Name Dropper First Post
    Options
    T-G-C wrote: »
    That is the figure provided on their official calendar, £250 would normally increase to £500 - that would be a nice increase as I could handle the amount in full each month.

    The credit agreement is designed to such that I can’t ask them, I have to wait until they decide to tell me I’m going to be increased. If I phone up, it’ll be a canned response about how their increase system works and that I need to wait.

    are you saying you usually use your credit card up to the limit monthly? because that would send red flags to them that you are struggling with money and make them unlikely to increase your limit
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    tastyhog wrote: »
    are you saying you usually use your credit card up to the limit monthly? because that would send red flags to them that you are struggling with money and make them unlikely to increase your limit

    Why would spending up to a £250 credit limit and paying it off every month raise red flags?

    I think that's one of those nonsensical pieces advice often regurgitated here.

    In my experience, nudging a credit limit leads to it being upped.
  • Grumpy_Shunter
    Grumpy_Shunter Posts: 227 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Pfft. I've had my Vanquis card for nearly 5 years. I'm still on a £250 limit.

    I use to use it religiously to show them, Vanquis, that I was able to control and manage my card - but never did get the limit increase offer!
    Advertising has us chasing cars and clothes, working jobs we hate so we can buy crap we dont need!:think:
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    Depends on what other debts or CC's you have
  • Grumpy_Shunter
    Grumpy_Shunter Posts: 227 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Are you answering me, Gary?

    If so, I was AD 5 years ago - I have no debt, but obviously, my bankruptcy and defaults will on my record.
    Advertising has us chasing cars and clothes, working jobs we hate so we can buy crap we dont need!:think:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.7K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards