Vanqius Card for starting Credit History

benbread

Hey All,

Being the student type, starting in September, I have absolutely no credit history.

Now, i was looking into the Vanquis Visa card - It has an absolutely insane interest rate (39.9%), but will accept everyone and helps build credit history. My thought was to get it, keep it in the hands of my mother (without the PIN of course!) and use it to buy items i know i have money for then pay the balance off at the end of the month taking advantage of the 59 day interest-free offer.

Sounds good, but i have a couple of questions i'm hoping people can answer:

1. The interest free period starts after "2 months of payments on time", does this mean i can simply not use the card of Satan for 2 months then start, or means i'll have to make purchases and pay them off incurring interest?

2. With a card like this will instantly paying the debt back after spending it still increase my rating or will i have to set up a direct debit to clear it at the end of the month?

Thanks for any help anyone can give

Benbread

melancholly

it may be easier to just get a student credit card associated with your student current account. that's how i started and even though the APR seemed stupidly high (19.9%), it's a lot better than 39.9%.

for practical reasons, whatever you do, it's often easier to just pay monthly for the bill anyway. a direct debit is the ideal way to do this.

Masomnia

I wouldn't worry too much about your credit rating, you can improve it more ways than you think. Using your 0% overdraft, being on the electoral role, having a contract for your mobile phone, things like that can all improve your credit rating.

iNFLUENCE_2

benbread wrote: »

Hey All,

Being the student type, starting in September, I have absolutely no credit history.

Now, i was looking into the Vanquis Visa card - It has an absolutely insane interest rate (39.9%), but will accept everyone and helps build credit history. My thought was to get it, keep it in the hands of my mother (without the PIN of course!) and use it to buy items i know i have money for then pay the balance off at the end of the month taking advantage of the 59 day interest-free offer.

Sounds good, but i have a couple of questions i'm hoping people can answer:

1. The interest free period starts after "2 months of payments on time", does this mean i can simply not use the card of Satan for 2 months then start, or means i'll have to make purchases and pay them off incurring interest?

2. With a card like this will instantly paying the debt back after spending it still increase my rating or will i have to set up a direct debit to clear it at the end of the month?

Thanks for any help anyone can give

Benbread

Terrible idea.

Better idea: If you really must get a credit card with your student account and sort out online banking. If you buy something with it, wait untill it appears in your online banking and pay it off stright away (or use a direct debit).

That will build up your history. But really dont be worrying about it, your a student you dont need brillint credit anyway, just get your 0% overdraft. Being a graduate (and thus hopefully getting a decent graudate job) will be good enough for your credit rating.