V A N Q U I S

mattlfc79

Hello,

Just been accepted for a Vanquis Visa with a £250 limit but with whopping 59.9% APR!!!!! Do Vanquis review credit limit AND APR? What is the usual format for review and limit/ apr changes?

Thanks peeps

ElkyElky

mattlfc79 wrote: »

Hello,

Just been accepted for a Vanquis Visa with a £250 limit but with whopping 59.9% APR!!!!! Do Vanquis review credit limit AND APR? What is the usual format for review and limit/ apr changes?

Thanks peeps

It's very rare for Vanquis to lower interest rates but credit limits are frequently increased provided you run the account to their liking.

The cards sole purpose is to be used to build your rating and I don't think anyone would advise you to use it to splash out on luxury 5* holidays, use it for small amounts, repay each month and you'll be on your way to 0% purchases/transfers with low rates in no time.

mattlfc79

Thanks Elky,

Best contact them and make sure they change the direct debit to whole balance!!! I bet they want me to make the minimum payment every month to get maximum cash out of me then!!

How long do people keep a vanquis card before applying for more mainstream cards such as flybe etc?

Thanks again!

naijapower

mattlfc79 wrote: »

Thanks Elky,



How long do people keep a vanquis card before applying for more mainstream cards such as flybe etc?

Thanks again!

There is no definite time scale. It all depends on how bad your rating was at the start and how much it has now improved.
You would need to state more info as to your existing credit record, if you want an informed advise

izools

ElkyElky wrote: »

It's very rare for Vanquis to lower interest rates but credit limits are frequently increased provided you run the account to their liking.

The cards sole purpose is to be used to build your rating and I don't think anyone would advise you to use it to splash out on luxury 5* holidays, use it for small amounts, repay each month and you'll be on your way to 0% purchases/transfers with low rates in no time.

Quite right, too. Friend of mine had a vanquis card for nearly three years, started off with £250 limit, ended up with £2,500 limit.

APR has been 59.9% from beginning to end. He's never been over limit, been late, or missed a payment, used the card regularly, but they have no interest in reducing the limit.

He asked to close the account unless they reduced the APR and they were just "Yeah OK then. Bye!"

blue_mum

Just got my first increase in 15 months, £250 to £750.

Was begining to think it was never going to happen!!

kilasuit

Just got my 3rd increase from £1500 -> £2250 :eek:


Other increases have been £250 -> £750 -> £1500


Had card since april 09

DizzleUK

blue_mum wrote: »

Just got my first increase in 15 months, £250 to £750.

Was begining to think it was never going to happen!!

kilasuit wrote: »

Just got my 3rd increase from £1500 -> £2250 :eek:


Other increases have been £250 -> £750 -> £1500


Had card since april 09

Are these increases at the time of a statement or are they mid-month?

(Statement 14 due to be produced on Tuesday and still on £250 atm)

seeya23

DizzleUK wrote: »

Are these increases at the time of a statement or are they mid-month?

(Statement 14 due to be produced on Tuesday and still on £250 atm)

my wife got her increases a few days after her Statement

aneliese123

weird I have a really really bad credit rating cant even get a loan off provident yet got accepted by vanquis for 250 limit. its only worth having if you can pay the outstanding balance off in one go each time. The customer servise is rubbish aswell got told you could transfer money onto it immediately by going into barclays and paying so i put my last 200 on it. the next morning i put petrol in and and couldnt pay for it, then phoned them and they told me it takes five days to clear onto the card and the quickest way of putting money onto it is by transfering from one card to another and that still takes three days. I argued that i was not told it would take five days and needed my money as i had bills to pay and needed to live and they said it was nowhere just lost in the system and was hung up on. kept phoneing all day and got it cleared within 2 days. dont take there rubish! ive only had it about 3 weeks aswell