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  • FIRST POST
    • T-G-C
    • By T-G-C 3rd Jan 18, 2:45 PM
    • 80Posts
    • 11Thanks
    T-G-C
    Vanquis - 5th Month Limit Increase
    • #1
    • 3rd Jan 18, 2:45 PM
    Vanquis - 5th Month Limit Increase 3rd Jan 18 at 2:45 PM
    Hi,

    I’ve had Vanquis since 2nd August 2017 - which means that I’ve now officially had the card for 5 months.

    For each month, I have never been overlimit; missed a payment or been charged interest, as I have successfully cleared my balance in full without dragging it along.

    Vanquis themselves promote that the 5th month is when they review your credit limit.

    Are Provident generous when it comes to increasing limits or will they refuse me? The only negative I can think of is that I’ve taken on two other credit cards besides vanquis which are both maxed out - on 0% offers, so I’m not drowning in interest.

    It would be good to know whether they hand increases out like chocolate or only when every box is ticked

    My statement was issued on 2nd Jan, there’s no mention of any limit increase on the online statement and my credit limit is still showing as £250. If they do decide to increase, will I only be notified in the post with a letter - with the new limit taking effect next month or do eligible people find out online as well?

    Thanks
Page 3
    • A4445
    • By A4445 4th Jan 18, 3:30 PM
    • 680 Posts
    • 307 Thanks
    A4445
    Alright, donít rub it in!

    Originally posted by T-G-C

    Sorry lol

    It's a normal Cap One card not credit builder card so I think the limits work differently. They won't increase anymore tho I must have reached the limit of what they think I can afford. I hardly ever use the card anymore.
    • T-G-C
    • By T-G-C 4th Jan 18, 3:34 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    Sorry lol

    It's a normal Cap One card not credit builder card so I think the limits work differently. They won't increase anymore tho I must have reached the limit of what they think I can afford. I hardly ever use the card anymore.
    Originally posted by A4445
    In good news, I was accepted this morning for an Addison Lee - Personal Account, where you take rides and then pay the invoice a month later. It is still considered credit as you're borrowing the service charges until the invoice date.

    When she said on the phone "I am going to conduct a quick credit check" I thought, oh gosh it will be so embarrassing if I am declined over the phone

    Luckily, she said it was completely fine and the account was opened immediately. It is weird how they said everything was perfect for their credit check, but everyone else like Capital One says otherwise.
    • T-G-C
    • By T-G-C 4th Jan 18, 3:43 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    Does having between 12 and 15 hard searches on your credit file, between August and January, hinder your chances of receiving credit?

    As time goes on, does the negative impact of multiple hard searches fade or do you have to wait the full 12 months for them to be hidden and no longer a burden?
    • Gary_Dexter
    • By Gary_Dexter 4th Jan 18, 4:11 PM
    • 369 Posts
    • 200 Thanks
    Gary_Dexter
    Hard searches yes as it makes you look desperate (and potentially failing to get credit) to other lenders
    • T-G-C
    • By T-G-C 4th Jan 18, 4:15 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    Hard searches yes as it makes you look desperate (and potentially failing to get credit) to other lenders
    Originally posted by Gary_Dexter
    Not all of them was intentional.

    Addison Lee performed three hard searches over the course of 3 days, despite the women performing one over the phone - I didn't consent to a credit check until our phone call this morning.

    Wonga I have tried 5 times to receive a loan since October and each time declined. I should have stopped attempting after the second time, but "once bitten twice shy" is something I am bad at.

    Satsuma Loans approved both applications for a loan over the course of 2 months, so those two hard searches were not wasted.

    All other hard searches would be Capital One, which was successful, Vanquis which was successful and Aqua which was successful.

    Not all hard searches were wasted, only Wonga primarily.
    • Gary_Dexter
    • By Gary_Dexter 4th Jan 18, 5:22 PM
    • 369 Posts
    • 200 Thanks
    Gary_Dexter
    I would give it a rest now - especially if you're looking at payday/short term loans

    These are viewed more negatively than normal
    • A4445
    • By A4445 4th Jan 18, 5:31 PM
    • 680 Posts
    • 307 Thanks
    A4445
    Payday loans are really bad to have on your credit report, lenders view them negatively. You've had a large amount of credit searches, leave it at least 6 months before any more applications!
    • T-G-C
    • By T-G-C 4th Jan 18, 5:34 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    Payday loans are really bad to have on your credit report, lenders view them negatively. You've had a large amount of credit searches, leave it at least 6 months before any more applications!
    Originally posted by A4445
    The loan shows as "Provident" rather than "Satsuma Loans" and is a loan spread over 12 months, so it would be malpractice for a lender to consider it a short-term cash / payday loan.

    I will stop adding hard searches now, unless I am pre-approved and guaranteed to be accepted for something, in which case it would outweigh the extra search record negativity.
    • SnowTiger
    • By SnowTiger 4th Jan 18, 5:40 PM
    • 3,135 Posts
    • 2,113 Thanks
    SnowTiger
    Wonga I have tried 5 times to receive a loan since October and each time declined. I should have stopped attempting after the second time, but "once bitten twice shy" is something I am bad at.

    Satsuma Loans approved both applications for a loan over the course of 2 months, so those two hard searches were not wasted.

    All other hard searches would be Capital One, which was successful, Vanquis which was successful and Aqua which was successful.

    Not all hard searches were wasted, only Wonga primarily.
    Originally posted by T-G-C
    This might explain why Vanquis hasn't offered to up your limit yet.

    If I were you I'd stop applying for credit and find a new hobby to keep me occupied for the next year or so.
    • T-G-C
    • By T-G-C 4th Jan 18, 5:51 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    This might explain why Vanquis hasn't offered to up your limit yet.

    If I were you I'd stop applying for credit and find a new hobby to keep me occupied for the next year or so.
    Originally posted by SnowTiger
    In your opinion, do you think the amount of hard searches recorded between July - January has wrecked my chances of receiving credit for the next 24 months?

    Experian hold the data for 12 months and Callcredit for 24 months. A lot can happen in 2 years, do searches really burden your chances for that long?
    • A4445
    • By A4445 4th Jan 18, 5:56 PM
    • 680 Posts
    • 307 Thanks
    A4445
    I believe they are most damaging for the first 6 months and decrease after that. It will affect you in the short term but not for 24 months. That loan you have is very expensive the APR on their website is showing 990%. If you can't try and pay that back ASAP.
    • T-G-C
    • By T-G-C 8th Jan 18, 11:20 AM
    • 80 Posts
    • 11 Thanks
    T-G-C
    I started with a £200 limit on Cap one in May last year. Now on 600 as I opened a new account and consilidated it. That seems the only way to get a increase with them. Im hoping soon my Aqua and Barclaycard will get limit increases as they are both now just over three months old.
    Originally posted by Matty17
    If you successfully apply for a new Capital One credit card and you’ve already got one, do you ring them up instantly to consolidate the credit limit? If so, do they accept the request every time or is it a decision based request?

    Do they still send the plastic card out if you phone them up straight away or do they simply consolidate and leave it at that? Does it take a month for the new limit to consolidate?
    Last edited by T-G-C; 08-01-2018 at 11:25 AM.
    • Gary_Dexter
    • By Gary_Dexter 8th Jan 18, 11:34 AM
    • 369 Posts
    • 200 Thanks
    Gary_Dexter
    If you successfully apply for a new Capital One credit card and youíve already got one, do you ring them up instantly to consolidate the credit limit? If so, do they accept the request every time or is it a decision based request?

    Do they still send the plastic card out if you phone them up straight away or do they simply consolidate and leave it at that? Does it take a month for the new limit to consolidate?
    Originally posted by T-G-C
    I sent them a "secure message" via my online account of my existing card and they carried out the consolidation.

    They still send out a PIN and Card for the new card.

    It depends which way yo consolidate as well - old onto new or vice versa - so you may need the new card and PIN
    • GM1880
    • By GM1880 8th Jan 18, 5:11 PM
    • 54 Posts
    • 20 Thanks
    GM1880
    In my experience, Vanquis like you to use the card close to the limit then pay it off each month in full, then they seem to give out increases.

    Sure it varies a lot though depending on your individual circumstances, but you certainly seem to need to use a reasonable % of your limit then pay it off I think for them to take note if you have a low limit and want it increased.
    • Dandytf
    • By Dandytf 8th Jan 18, 5:38 PM
    • 998 Posts
    • 373 Thanks
    Dandytf
    In my experience, Vanquis like you to use the card close to the limit then pay it off each month in full, then they seem to give out increases.

    Sure it varies a lot though depending on your individual circumstances, but you certainly seem to need to use a reasonable % of your limit then pay it off I think for them to take note if you have a low limit and want it increased.
    Originally posted by GM1880
    I don’t n;t want to disagree with the often excellent advice of clear balance in full for limit increases.
    As I’m not in a pay off in full status for a while yet.

    I have had limit increase successes with Vanquis Chrome +2 Aqua cards.
    Making payments on time and often staying below 50% is used credit works well for me.
    And I’ve used 1 or 2 small cash withdrawals which hasn’t affected recent increase at all.
    Pay on time every time -maybe a few quid above minimum if unable to clear in full.
    sc dmp 2012 13k
    Jan 2018 8840 paid. 60% approx.
    • GM1880
    • By GM1880 8th Jan 18, 7:21 PM
    • 54 Posts
    • 20 Thanks
    GM1880
    I donít n;t want to disagree with the often excellent advice of clear balance in full for limit increases.
    As Iím not in a pay off in full status for a while yet.

    I have had limit increase successes with Vanquis Chrome +2 Aqua cards.
    Making payments on time and often staying below 50% is used credit works well for me.
    And Iíve used 1 or 2 small cash withdrawals which hasnít affected recent increase at all.
    Pay on time every time -maybe a few quid above minimum if unable to clear in full.
    Originally posted by Dandytf
    Certainly wouldn't say that's an unreasonable tactic either, but they certainly want you to have a reasonable balance on the monthly statement. Whether you pay off in full or in part is something I'm not sure about, but having a sizable statement balance seems important.
    • T-G-C
    • By T-G-C 8th Jan 18, 8:55 PM
    • 80 Posts
    • 11 Thanks
    T-G-C
    In my experience, Vanquis like you to use the card close to the limit then pay it off each month in full, then they seem to give out increases.

    Sure it varies a lot though depending on your individual circumstances, but you certainly seem to need to use a reasonable % of your limit then pay it off I think for them to take note if you have a low limit and want it increased.
    Originally posted by GM1880
    I have done exactly that - use the balance (as close to 30p off my £250 limit) and then paid the balance in full. Iíve done every month since I got the card in August - theyíve never made interest out of me and maximise my usage of the credit limit to its absolute full.
    • A4445
    • By A4445 8th Jan 18, 9:47 PM
    • 680 Posts
    • 307 Thanks
    A4445
    I have done exactly that - use the balance (as close to 30p off my £250 limit) and then paid the balance in full. Iíve done every month since I got the card in August - theyíve never made interest out of me and maximise my usage of the credit limit to its absolute full.
    Originally posted by T-G-C
    I don't think there is a magic formula to get an increase, just spend and pay back on time.

    Give it time some time and increases or better cards will become available
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