V A N Q U I S

CocoPopsLover

izools wrote: »

You're choosing to pay their astronomical interest rates!?!?

Please do yourself a favour and start clearing it in full each month. You'll save a bomb on interest, and be more likely to be given a card with a higher limit elsewhere if Vanquis increase your limit

I shall do! I wasnt working for that period but now im back to work, ill be clearing it off SHARPISH!!

BankReclaimRebel

I was accepted for one of these cards 28th Oct 09 with an APR of 39.9% but this won't bother me as I will pay the card in full every month anyway....I am only doing this to build my credit rating back up (past problems) then I want to move onto a mainstream lender.

The lady on the phone had told me that I have been accepted and my credit limit is £250 quid, when do you have to send in your ID etc, is this when the welcome pack arrives?

In everyone's experience, in using Vanquis, how long do people run their credit card before trying a main stream lender?

izools

Congratulations!

You may not need to send in ID if you are on the electoral role and have other credit info at your address, I didn't.

It will take a week or two between being accepted and the card / pin arriving.

How long before you can go to a mainstream lender? That varies GREATLY depending on the lender you apply to, but as a rule of thumb once you've satisfied the following points you should be OK>

1. No missed payments or arrears for a period of three years
2. No outstanding defaults
3. No defaults under three years old (settled)
4. No outstanding CCJs
5. No CCJs under five years old (settled)
6. Fewer than three applications for credit in the last six months
7. No new accounts opened in the last year
8. Having been with your bank for around three years or so
9. Having been with your employer for around three years or so
10. Having lived at your current address for around three years or so

Only once you've satisfied all of the above points can you apply for mainstream credit with great confidence - all ten points have an impact on your credit score.

So for example, if you fail on point 1, in so much as you missed a few payments two years ago, but you excel at point 3 in so much as there are no defaults, settled or otherwise, on your report, you might still be fine for a high street credit card.

Whatever happens, good luck, and keep us posted!

BankReclaimRebel

Thanks izools....

I am always on the electoral role/register and they didn't ask me for any further ID over the phone, so i'm guessing that everything was ok on that part of the application? My current mortgage is also visable on my credit file which may have helped?

All they said to me was you should get your Welcome Pack within 10 days if not ring the 0870 or 1 no... roll on 11th Nov 09 :money:

izools

Mortgage account + electoral role should be sufficient for them not to have to ID you manually.

What averse credit do you have? Defaults? Arrears? CCJs? Arrangements to Pay?

If you can paint a picture of why you needed to resort to Vanquis it may help us suggests what else you may need to to to get back to "Prime" credit

BankReclaimRebel

izools wrote: »

Mortgage account + electoral role should be sufficient for them not to have to ID you manually.

What averse credit do you have? Defaults? Arrears? CCJs? Arrangements to Pay?

If you can paint a picture of why you needed to resort to Vanquis it may help us suggests what else you may need to to to get back to "Prime" credit

I've got 3 outstanding defaults of which I have an arrangement setup on all of them and I have not missed any payments for nearly 3 years...They probably did have missed payments on there in the past, because of being unemployed etc...

I also have settled defaults on my file from Capital One and a few others that I cannot remember, without digging my file out...

Other than that, I've had 2 cars on HP both of which I gave up after 2yrs as part of the agreements, both of them say they are settled, my current mortgage is on there, my current bank account and now hopefully the Vanquis Credit Card will be there too....Also there maybe some foot prints for credit card applications only 2 Aqua and Vanquis and I do believe that when you get a quote for car insurance they also leave foot prints on your file?

izools

Ah Ok it's probably going to be a while yet.

It doesn't matter whether or not you've paid your arrangements on time for the defaulted accounts - they are marked as default on the date you default and thats the end of that. The default marker remains in place for six years, only the balance goes down, the payment status is not updated.

Defaults are removed from your credit file six years after the default date irrespective of whether you have paid them off or not.

So no CCJs, but a lot of defaults with outstanding balances.

I wouldn't bother applying for any "Prime" credit cards until the defaults are either a) three years old or more AND paid off in full, or b) over six years old.

Also any missed payments on your mortgage will have an adverse effect, so if you've fallen behind in the last three years that'll count against you.

You are certainly heading in the right direction! And the Vanquis card will help you to strengthen your credit standing ready to qualify for something much better when those defaults drop off or are paid off

dawnie1972

I've recently got a vanquis card, had my statement through and it says balance is £76 - i think its about £120 now - if i want to pay the full amount do they class that as £76 as per the statement or whatever my balance is when i ring up?

never-in-doubt

You can pay the statement or the full balance - just tell them what you want to pay when you call them! Its up to you...

dawnie1972

But will i be charged interest if i don't pay the balance at the time i ring up ie if i only pay the £76 despite that being the balance on my statement.