V A N Q U I S

mcs1977

Hi guys and girls. I just thought I would share my Vanquis story with you.
I had a shocking credit history and I got my Vanquis card on the 2nd attempt in May last year with a starting limit of £250 and an APR of about 48%. The limit is now a whopping £2500, increased last week, tho the APR is still the same I think. Next time they increase the limit I think I'm gonna refuse it and ask for a lower APR lol
Martyn

callum9999

star-fire wrote: »

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Precisely! It just really is for credit building. And actually my APR is 41.2%. Kind regards, MG

True if your paying it off full every month,just make sure when you get a mainstream card that you don't pay it in full every month cause you might get after a year that your apr has shot up to something quite high.

That doesn't seem like great advice - paying interest on a guess that your APR might go up in the future if you don't.

If you are paying in full, mainstream card or not, it doesn't matter if they increase the APR or not.

BugsyBrowne

callum9999 wrote: »

That doesn't seem like great advice - paying interest on a guess that your APR might go up in the future if you don't.

If you are paying in full, mainstream card or not, it doesn't matter if they increase the APR or not.

What i am saying is by time she is able to get a mainstream card her credit rating rating will be good,and if she can afford to pay it off in full every month why blo0dy have a credit card.

My point is once people's credit rating is back on track.whats the point in keep paying back in full everytime,my advice is if you can afford to pay back in full every month rip the blo0dy card up cause you obviously don't need the card,use your debit card.

NekoZombie

antonette254 wrote: »

Got the card 2day, limit £250 & apr 47.8% so not quite as bad as the 59% i was quoted when approved!
I am thankful for Vanquis for giving me this chance, wont blow it & hopefully in the next couple of years will be able to go mainstream. Have learnt painful lesson of when credit goes wrong, older & wiser so again thanx Vanquis.

Actually it is as bad as 59% APR. The rate on your paperwork is the simple rate - they always do it to make it look cheaper than it is!:o:p

callum9999

star-fire wrote: »

What i am saying is by time she is able to get a mainstream card her credit rating rating will be good,and if she can afford to pay it off in full every month why blo0dy have a credit card.

My point is once people's credit rating is back on track.whats the point in keep paying back in full everytime,my advice is if you can afford to pay back in full every month rip the blo0dy card up cause you obviously don't need the card,use your debit card.

Many reasons. It may give you rewards (even my Sygma card gives flybe airmiles - not that they are vaguely useful), credit cards have more protection, up to 56 days interest free and probably a few others.

And although once you can easily get prime cards you don't need to focus on building your credit rating, there's no reason to stop full stop until you can get any credit product on the market at the best possible APR.

BugsyBrowne

callum9999 wrote: »

Many reasons. It may give you rewards (even my Sygma card gives flybe airmiles - not that they are vaguely useful), credit cards have more protection, up to 56 days interest free and probably a few others.

And although once you can easily get prime cards you don't need to focus on building your credit rating, there's no reason to stop full stop until you can get any credit product on the market at the best possible APR.

Unless you have a really well payed job and spending thousands a year on your card yes its worth it,

callum9999

star-fire wrote: »

Unless you have a really well payed job and spending thousands a year on your card yes its worth it,

Well I'm a student with no income yet I can earn enough airmiles on my flybe card in a year for a "free" flight. Other reward cards are far better and the average person could earn quite a bit out of them, you don't need to be "really well paid" to spend thousands a year on the card.

Plus, the extra protection benefits anyone who makes even a single "major" purchase.

Then there are the other benefits like long interest free periods, no foreign transaction fees etc.

ElkyElky

callum9999 wrote: »

Well I'm a student with no income yet I can earn enough airmiles on my flybe card in a year for a "free" flight. Other reward cards are far better and the average person could earn quite a bit out of them, you don't need to be "really well paid" to spend thousands a year on the card.

Plus, the extra protection benefits anyone who makes even a single "major" purchase.

Then there are the other benefits like long interest free periods, no foreign transaction fees etc.

Exactly. Simple things like paying bills with the card, or paying for petrol all mounts up quickly. I use my rewards cards wherever I shop and avoid using my debit card when possible.

BugsyBrowne

ElkyElky wrote: »

Exactly. Simple things like paying bills with the card, or paying for petrol all mounts up quickly. I use my rewards cards wherever I shop and avoid using my debit card when possible.

Suppose you got a point if you look at it like that.

notmyrealusername

Another happy Vanquis customer here

Sept 06 - started IVA
Sept 09 - IVA concluded by way of F&F
Feb 10 - Accepted for Vanquis £500 limit
May 10 - Third statement, limit increased to £1000
Sept 10 - Seventh statement, limit increased to £2000.

I ALWAYS pay off in full on the statement date, I don't even wait for my statement to come in but ring and listen to the automated info to see if the system has generated it.

When I rang on statement day this month the credit limit was still the same so was a bit disappointed that I didn't get the '7th statement' increase as many do (not because I need/want the credit, more as a reflection on my credit rating/worthiness).

Anyway, rang just now to see if my payment had cleared and the message said 'Welcome to the Gold service' or something like that and my available balance had gone up by £1000 :j

Wonder if I'll get a shiny gold card in the post