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    • sam791
    • By sam791 15th Jul 17, 4:27 PM
    • 24Posts
    • 1Thanks
    sam791
    Transferring balance from vanquis to cap one . Advice needed.
    • #1
    • 15th Jul 17, 4:27 PM
    Transferring balance from vanquis to cap one . Advice needed. 15th Jul 17 at 4:27 PM
    I have a vanquis card with a £1000 limit which im struggling to clear. I pay £70 a month . My interest is usually £30 each month. Its ruining my credit score which isnt great already due to a settled default back in 2014.
    I have been offered a 0% balance trans with capital 1 for six months. It has a limit of £750.
    What would be the best way to do this? If i transfer £750 over to my new card, then i would be 99% to my limit thus ruining my credit score still.
Page 1
    • zx81
    • By zx81 15th Jul 17, 4:44 PM
    • 13,192 Posts
    • 13,509 Thanks
    zx81
    • #2
    • 15th Jul 17, 4:44 PM
    • #2
    • 15th Jul 17, 4:44 PM
    No you wouldn't. You would have the additional limit from cap one, as wel as the Vanquis limit. That will look better.

    Ignore the credit score itself.
    • SnowTiger
    • By SnowTiger 15th Jul 17, 4:45 PM
    • 3,036 Posts
    • 2,000 Thanks
    SnowTiger
    • #3
    • 15th Jul 17, 4:45 PM
    • #3
    • 15th Jul 17, 4:45 PM
    I have a vanquis card with a £1000 limit which im struggling to clear. I pay £70 a month . My interest is usually £30 each month. Its ruining my credit score which isnt great already due to a settled default back in 2014.
    I have been offered a 0% balance trans with capital 1 for six months. It has a limit of £750.
    What would be the best way to do this? If i transfer £750 over to my new card, then i would be 99% to my limit thus ruining my credit score still.
    Originally posted by sam791
    Forget about credit scores and concentrate on clearing the balance.

    Capital One seems to allow customers to balance transfer the whole of their remaining credit, but do mention this:

    The minimum balance transfer amount is £50. Please leave £100 of available credit after your balance transfer fee has been charged
    What's the fee? If I were you I'd balance transfer as much as I could, taking in to account the balance transfer fee (if any) and interest on any balance (if any) I already have on the card.

    Some folks here have previously mentioned having problems balance transferring from a Vanquis card.
    • sam791
    • By sam791 15th Jul 17, 4:51 PM
    • 24 Posts
    • 1 Thanks
    sam791
    • #4
    • 15th Jul 17, 4:51 PM
    • #4
    • 15th Jul 17, 4:51 PM
    It's 3% fee. Can Vanquis stop the transfer ?
    • SnowTiger
    • By SnowTiger 15th Jul 17, 6:35 PM
    • 3,036 Posts
    • 2,000 Thanks
    SnowTiger
    • #5
    • 15th Jul 17, 6:35 PM
    • #5
    • 15th Jul 17, 6:35 PM
    It's 3% fee. Can Vanquis stop the transfer ?
    Originally posted by sam791
    Bear the fee in mind when doing a transfer.

    There have been a few messages posted here about problems transferring a balance from Vanquis, however most of them were a few years ago.

    http://forums.moneysavingexpert.com/showthread.php?t=4608515 from 2013 for example.

    A more recent example is http://forums.moneysavingexpert.com/showthread.php?t=5560912.

    Suck it and see.
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