V A N Q U I S

BugsyBrowne

alfred64 wrote: »

I have known this tactic to work - especially when a large balance is suddenly cleared.
But why people are so keen to obtain a large credit limit from vanquis is beyond me. It is just as easy, and far less risky, to build a credit rating with a low limit as it is with a high one.

Agreed running a £250 account for 12-18 months in order will be seen as no different running as to a £2000 limit.

And the lower the limit the less chance your likely to spend on it.

UnderPressure

star-fire wrote: »

Agreed running a £250 account for 12-18 months in order will be seen as no different running as to a £2000 limit.

And the lower the limit the less chance your likely to spend on it.

I understand what you are saying and of course you are absolutely right in the grand scheme of re-builiding credit then I dont suppose a big credit limit is necessary.

For me there are 2 reason why I would like to see it increase the 1st is more psychological than anything

If they "trust" me to the point that they are increasing my limit regulary than I "feel" rightly or wrongly that things are getting better, kind of like some kind of no existant reward I suppose.

The second is well TBH for the first time in my life I find myself with no savings so to have a card even a high interest card with a decent limit to use as a safety net for things like washing machines, car repairs etc etc I would use the card for this. There is now way I would then only pay minimum payments my focus in that situation would be to literally throw as much as I could at them every month to clear the balance very quickly but I would use it if I had to.

Everyone needs somekind of a safety net for me it was always cold hard cash that had been saved the failure of my business soon swallowed all of that though Savings are of course now back on the adgenda but not realistically until end of January really and even then it will be a much slower process than before, again psychologically I would prefer to throw a £500 purchase on my high interest Vanquis card and pay it off in say 2 or 3 months only paying a small amount of interest than use £500 worth of savings, for the simple reason because they were saving I will be less inclined to replenish it quickly whereas with the Vanquis card it would be done as quick as possible to save as much as possible in interest.

The main one at the monent though for me would be the completely irrelevant "reward" reason for being a good boy

As said I had no plans to spend anything anyhow, Christmas was all sorted a few weeks back with cold hard cash I just wanted that nice warm fuzzy feeling lol who knows maybe on month 7 time will tell I suppose :cool:

BugsyBrowne

UnderPressure wrote: »

I understand what you are saying and of course you are absolutely right in the grand scheme of re-builiding credit then I dont suppose a big credit limit is necessary.

For me there are 2 reason why I would like to see it increase the 1st is more psychological than anything

If they "trust" me to the point that they are increasing my limit regulary than I "feel" rightly or wrongly that things are getting better, kind of like some kind of no existant reward I suppose.

The second is well TBH for the first time in my life I find myself with no savings so to have a card even a high interest card with a decent limit to use as a safety net for things like washing machines, car repairs etc etc I would use the card for this. There is now way I would then only pay minimum payments my focus in that situation would be to literally throw as much as I could at them every month to clear the balance very quickly but I would use it if I had to.

Everyone needs somekind of a safety net for me it was always cold hard cash that had been saved the failure of my business soon swallowed all of that though Savings are of course now back on the adgenda but not realistically until end of January really and even then it will be a much slower process than before, again psychologically I would prefer to throw a £500 purchase on my high interest Vanquis card and pay it off in say 2 or 3 months only paying a small amount of interest than use £500 worth of savings, for the simple reason because they were saving I will be less inclined to replenish it quickly whereas with the Vanquis card it would be done as quick as possible to save as much as possible in interest.

The main one at the monent though for me would be the completely irrelevant "reward" reason for being a good boy

As said I had no plans to spend anything anyhow, Christmas was all sorted a few weeks back with cold hard cash I just wanted that nice warm fuzzy feeling lol who knows maybe on month 7 time will tell I suppose :cool:

Yeah defiantly I agree on what your saying about the psychological buzz when they do increase your limit, which do then show your managing your finance's to a good level I suppose.

JokerDurden

Oh heck, been in IVA for 5 years and now being let loose with a vanquis card, just been accepted. God my first credit card in nearly 6 years. 59.9% APR:eek:, but hey bless them for accepting me and now the road to credit recovery begins. They did try to sell protection and offer a loan but just politely said no and they were totally fine with it and very helpful.

mrtaximan

Hi on the 17th January my B/R will fall of my credit file.So i intend to close my Vanquis a/c get a card with a more sensible interest rate.Having said that i did ask Vanquis if they would consider giving me a better interest rate but they declined.This morning i got a letter from Vanquis containing a Gold card!!!.
I then telephoned them asking why they had done this and what extra benefit this card would be to me.By all accounts it seems that the benefits are minimal like free travel insurance and the like.But no reduction in interest rates.
The Vanquis card is a superb way to build up your credit rating but you must pay your a/c in full every month without fail otherwise you will be hit with 58% interest.

Regards Mark:j

BugsyBrowne

mrtaximan wrote: »

Hi on the 17th January my B/R will fall of my credit file.So i intend to close my Vanquis a/c get a card with a more sensible interest rate.Having said that i did ask Vanquis if they would consider giving me a better interest rate but they declined.This morning i got a letter from Vanquis containing a Gold card!!!.
I then telephoned them asking why they had done this and what extra benefit this card would be to me.By all accounts it seems that the benefits are minimal like free travel insurance and the like.But no reduction in interest rates.
The Vanquis card is a superb way to build up your credit rating but you must pay your a/c in full every month without fail otherwise you will be hit with 58% interest.

Regards Mark:j

I cant believe Vanquis would not lower your APR, don't know how some lenders sleep at night.

tigerlily43

I've posted this on the sub prime credit card thread but think here might be more appropriate

I applied for a vanquis card in late November and never heard anything. I have phoned them today and they said they need original ID documents to verify my identity (I'm not on electoral roll as only moved in in October) - has anyone else been asked for this as I am suspicious of sending such documents in the post

thanks
tigerlily

tigerfeet2006

I have got a Vanquis card, had it 3 months now to help build my credit rating. I have used it and paid it off in full twice now.

What I have been trying to find out is if I should be paying it off in full or should I leave a little bit on it each month? Read a few pages and there doesn't seem to be a consensus. My DH says that we should leave some each month and I think we should pay it off in full so we are not stung by the interest.

BugsyBrowne

tigerfeet2006 wrote: »

I have got a Vanquis card, had it 3 months now to help build my credit rating. I have used it and paid it off in full twice now.

What I have been trying to find out is if I should be paying it off in full or should I leave a little bit on it each month? Read a few pages and there doesn't seem to be a consensus. My DH says that we should leave some each month and I think we should pay it off in full so we are not stung by the interest.

Obviously being a high interest card the aim would be to clear the balance each month, It won't matter to your credit rating if you pay interest or pay in full,as either way green zero's will be added to your credit report which is good as long as your payments are on time...

Gary1963

Applied via Quidco for the £25 cashback. Got call this morning on mobile after they had tried the landline and was accepted.