V A N Q U I S

ladynala

The whole credit deciding is messed up. One company says yes when one says no, and people who have ok credit get turned down while people with terrible or no credit get accepted. Pants! They could at least let you know.

izools

skylight wrote: »

Deep breath....

I have a GOLD card!!!! :j:T

My limit has been increased to £1750 and my new GOLD card will be with me in a few days.

A GOLD card. A GOLD one. For me!!


That's around 15 months after the initial £250 limit, increased to £500 then to £1250. I haven't paid interest yet (due to an unexpected event I will pay interest next month for the first time and I am REALLY miffed about the event that caused it).

But. A GOLD card. I hope it is a GOLD one when it gets here and not an off yellow colour...! :rotfl:

Skylight, please do be very careful with your Gold card and try to see it for what it is.

Not to rain on your parade, but the reason Vanquis have upgraded your account as they see you as a cash cow and now want to milk you. It is utterly meaningless.

My friend had a Vanquis card with a £250 limit and 39.9% APR from Christmas 2007.

He's never missed a payment, never been over limit, and used the card on a regular basis.

Over the last 2 1/2 years, they've increased his limit to £2,500, given him Gold, and raised his APR to...

69.9% Purchases 74.9% Cash

So for the love of god don't spend more than you can afford to repay in full each month, you'll get an APR increase along with the limit increase.

Not just that, but Vanquis will mislead you on your statement.

They don't quote the APR but the Simple Interest Rate. So if for example they quote 34% on your statement, the APR is in fact 39.9%

I had a Vanquis card for a year, always paid in full, always used, always kept in limit and always paid on time. Not a penny increase from the £250.

Why not? Because they'd rather lend the money to someone who doesn't clear their bill in full and their account conduct monitoring system is very clever in targeting people for limit increases that are more likely to not clear their bill in full should they get one.

.1xp

izools wrote: »

Why not? Because they'd rather lend the money to someone who doesn't clear their bill in full and their account conduct monitoring system is very clever in targeting people for limit increases that are more likely to not clear their bill in full should they get one.

Not all the time, I've had my card a year and pretty much pay off in full every month ... think I've only ever left just over £100 on it one month out of the 13.

Had an increase every four months and now too have a Gold Card with a £2250 limit.

I agree that the APR does increase, so it is very wise to be carefull.

izools

Lol I think your quote gicanticised my text a little too much there :P

skylight

Izools - thanks for your concern, but I am very much aware of my rates (no-where near as high as quoted) and I only spend what I can afford to pay back in full (with the sole exception of the next statement). I have had the card over a year and have never paid any interest or charges (once a minimum interest of £1 though after buying something via Paypal) and each statement is paid in full. I use the free-phone number only for statement updates or to talk to someone so they get nothing out of me moneywise. They have never increased my interest (yet!) but as I pay in full each month then it doesn't really matter.

I use this to boost my credit rating rather than using it as a credit card. I know exactly what Vanquis are!

spursfan14

the APR is extortionate for Vanquis, as we all know, but it does have its uses. As a credit builder (to be paid off every month) it is a very good starting block after a period of poor credit.

questionabout

How is "simple interest" calculated then in camparison to APR?

.1xp

izools wrote: »

Lol I think your quote gicanticised my text a little too much there :P

I didn't edit the text lol ... not sure why it did that

leemuddywaters

Applied to Vanquis around two weeks ago (Have defaults on my credit file 1 settled and 1 on going) Got a letter 1 week later asking to send a bill as proof of adress which I did, this morning just received a text from them saying they will me this afternoon to progress my application - How much info do they need and does this look good?

tescomilk

leemuddywaters wrote: »

Applied to Vanquis around two weeks ago (Have defaults on my credit file 1 settled and 1 on going) Got a letter 1 week later asking to send a bill as proof of adress which I did, this morning just received a text from them saying they will me this afternoon to progress my application - How much info do they need and does this look good?

From what i've read I think this sounds like you may have been accepted :T

They always call to offer a cash advance and Insurance. I could be wrong so don't get your hopes up too much yet but if you've sent them ID already then theres a good chance your accepted.

I still haven't heard anything after nearly a week. No Calls, Texts, Letters or anything.