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  • FIRST POST
    • stuart30
    • By stuart30 20th Apr 17, 10:18 PM
    • 495Posts
    • 211Thanks
    stuart30
    Reduce limit or leave as it is.
    • #1
    • 20th Apr 17, 10:18 PM
    Reduce limit or leave as it is. 20th Apr 17 at 10:18 PM
    Guys ive got a few high APR cards Aqua/Cap 1 and Vanquish.

    All are very much similar APR around 30%.

    Vanquish has 500 limit and has a zero balance.

    Cap 1 has 3200 limit and 2400 balance soon to be 1000.

    Aqua has just increased Limit to 3100 (from 1500) and has 1000 balance,they offered i didnt ask.

    I've applied about a week ago for Tesco Balance transfer card 0% for 22 months and have applied for 1400 balance transfer (limit on card is 1500) from Cap1.

    Question is i was hoping to wait a few weeks and apply for a second Tesco balance transfer card and get as much on 0% card from balance transfer from high APR card and get get the High APR card(s) paid off ASAP.

    But with only taking out the tesco card and now Aqua upping the limit from 1500 straight to 3100 i'm wondering how negative the limit increase would have on credit file.

    Is it worth closing Vanquish...had it about 18 months ish,don't need it thinking one less card might look better on credit file.??

    Ideally id like to get all balances transferred to 0% balance cards and pay off in bigger chunks each month as possible.

    Credit file is quite poor..but managed to get the Tesco card all be it at quite high APR @ 22% after deal.

    Any thoughts on the above...and yes i know you should never run up a balance on high APR cards,but its hapopend.
Page 1
    • venison
    • By venison 20th Apr 17, 11:05 PM
    • 838 Posts
    • 789 Thanks
    venison
    • #2
    • 20th Apr 17, 11:05 PM
    • #2
    • 20th Apr 17, 11:05 PM
    Whats your credit history like n.b not your credit score as that means nothing.?
    #WeStandTogether
    • stuart30
    • By stuart30 20th Apr 17, 11:19 PM
    • 495 Posts
    • 211 Thanks
    stuart30
    • #3
    • 20th Apr 17, 11:19 PM
    • #3
    • 20th Apr 17, 11:19 PM
    Whats your credit history like n.b not your credit score as that means nothing.?
    Originally posted by venison

    History is pretty poor...but as said above been approved for Tesco balance transfer card last week (first time ever).

    Just checked and applied for Barclay Transfer card as have 80% approval chance (done the pre-credit check on there site) and said 8/10 chance of approval.

    However that has been referd to futher checks...so doubt that will go through.
    • stuart30
    • By stuart30 21st Apr 17, 9:26 PM
    • 495 Posts
    • 211 Thanks
    stuart30
    • #4
    • 21st Apr 17, 9:26 PM
    • #4
    • 21st Apr 17, 9:26 PM
    wow what a difference 24 hours makes...ive just been approved with Barclay card platinum with 3500 limit.

    Gob smacked is major under statement.

    Assuming card arrives (have online account already) then all the high APR debt will be transferd and old cards cut up and accounts closed.
    • alfred64
    • By alfred64 22nd Apr 17, 1:45 AM
    • 3,548 Posts
    • 3,423 Thanks
    alfred64
    • #5
    • 22nd Apr 17, 1:45 AM
    • #5
    • 22nd Apr 17, 1:45 AM
    Make sure you do that.


    Well done.
    • planteria
    • By planteria 22nd Apr 17, 8:31 AM
    • 4,815 Posts
    • 1,051 Thanks
    planteria
    • #6
    • 22nd Apr 17, 8:31 AM
    • #6
    • 22nd Apr 17, 8:31 AM
    agreed.. make sure you actually do it, keeping it all neat & in one place.
    • phillw
    • By phillw 23rd Apr 17, 9:20 AM
    • 519 Posts
    • 218 Thanks
    phillw
    • #7
    • 23rd Apr 17, 9:20 AM
    • #7
    • 23rd Apr 17, 9:20 AM
    Whats your credit history like n.b not your credit score as that means nothing.?
    Originally posted by venison
    Whenever I see someone saying that you should ignore your credit score, I always laugh.

    "Yeah my credit history looks ok, but I can't get a loan and people tell me it has nothing to do with my credit score of 0"

    The credit score gives a rough impression. Lenders may ignore the part of your credit history that causes your credit score to be low, but if that is the argument for ignoring the credit score then you may as well ignore your credit history as that means nothing too.
    Last edited by phillw; 23-04-2017 at 9:24 AM.
    • stuart30
    • By stuart30 23rd Apr 17, 1:07 PM
    • 495 Posts
    • 211 Thanks
    stuart30
    • #8
    • 23rd Apr 17, 1:07 PM
    • #8
    • 23rd Apr 17, 1:07 PM
    Whenever I see someone saying that you should ignore your credit score, I always laugh.

    "Yeah my credit history looks ok, but I can't get a loan and people tell me it has nothing to do with my credit score of 0"

    The credit score gives a rough impression. Lenders may ignore the part of your credit history that causes your credit score to be low, but if that is the argument for ignoring the credit score then you may as well ignore your credit history as that means nothing too.
    Originally posted by phillw

    Dont say that the credit score might mean something or have possibly have some meaning as you will be stoned and then burnt to death at the stake...how very dare you...lol

    Ive said for a while it has meaning and whilst its only a very general guide,its still shows an indication of what state your credit file is in.

    Ive had Bankruptcy...defaults...ccjs and over time and slowly slowly replacing all that with green ticks and payments being paid and CCJ's being satisfied,ive seen my score creep up little by little.

    Odd how my score is improving the offers and acceptance is improving..yes as my credit file is slowly improving and now ive been accepted by Both Tesco credit card and Barclays credit (assuming they actually arrive).

    Id say the score is a very basic snapshot of your credit file...as for those who reckon people who show bankrupt can show a 999 score,hmm when i went bankrupt it was nearly as low as it can go...couldn't even get fresh air on credit it was so bad..lol

    Everyone says that companies don't see the score..and we can guarantee this how.?

    Any of us work in the credit scoring dept and can stated that as gospel.
    Last edited by stuart30; 23-04-2017 at 1:09 PM.
    • rjwr
    • By rjwr 23rd Apr 17, 9:20 PM
    • 200 Posts
    • 124 Thanks
    rjwr
    • #9
    • 23rd Apr 17, 9:20 PM
    • #9
    • 23rd Apr 17, 9:20 PM
    With a 3500 Barclaycard, 3100 Aqua, 3200 Capital one, 1500 Tesco and 500 Vanquish thats 11,800 of credit with 2400 of debt.
    Thats a unsecured credit utilisation figure of roughly 20%. Before the Barclaycard and Tesco it was more like 35%, so in effect your percentage of available credit has gone up, so im sure thats positive and will impact your file in a good way. The couple of checks in recent succession would negatively effect it, not sure how much
    • stuart30
    • By stuart30 23rd Apr 17, 10:28 PM
    • 495 Posts
    • 211 Thanks
    stuart30
    With a 3500 Barclaycard, 3100 Aqua, 3200 Capital one, 1500 Tesco and 500 Vanquish thats 11,800 of credit with 2400 of debt.
    Thats a unsecured credit utilisation figure of roughly 20%. Before the Barclaycard and Tesco it was more like 35%, so in effect your percentage of available credit has gone up, so im sure thats positive and will impact your file in a good way. The couple of checks in recent succession would negatively effect it, not sure how much
    Originally posted by rjwr

    Its took me by suprise as the Aqua limit jumped (for me) a huge amount in one go.

    Then to be accepted by Tesco was a suprise and Barclay card im toaly gob smacked.

    Tesco card recieved pin number but no card yet and Barclay Card shows a live account as in can log in online,but no card or pin yet.

    Wont believe im approved until card is in hand and activated.
    • rjwr
    • By rjwr 25th Apr 17, 9:17 PM
    • 200 Posts
    • 124 Thanks
    rjwr
    if you can login thats a good sign.

    Let us know if it does change your credit score
    • stuart30
    • By stuart30 26th Apr 17, 10:19 AM
    • 495 Posts
    • 211 Thanks
    stuart30
    if you can login thats a good sign.

    Let us know if it does change your credit score
    Originally posted by rjwr
    Score has gone down but both cards have been despatched.


    Some what suprised ive been approved..
    • Heng Leng
    • By Heng Leng 26th Apr 17, 12:14 PM
    • 3,813 Posts
    • 1,158 Thanks
    Heng Leng
    Does Vanquish exist or is it Vanquis?

    I can never tell as these sub-prime issuers keep copying each other names e.g. Aqua and Aquis
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