V A N Q U I S

debrag

So haven't used my card in over a year, in fact I dont even still have my card. Money issue etc I went over my limit!

Have sent 5+ letters asking them to change my address but nothing has happened, phoned them today to be told as I don't have the card or the regisitered debit card I need to write to them to change the address!

yenool

Do you have to use the card regularly to get a limit increase?

I've been on 250 for almost a year now, but I don't use the card much and the payments I make are really only to cover those small purchases and the bloody insurance they sold me! (need to cancel that).
If the limit were bigger I would probably use it more, but I just worry about accidentally creeping over the 250 limit (a months worth of petrol and a few bits of shopping could easily do it) and getting charged/messing up my credit file even more!

Also, I got a cap-one card at the same time which went from 300 - 800 and has stopped there ever since. I would rather use the cap-one card as the interest is a bit lower (should I not be able to clear the balance in full for any reason) and it isn't quite as shameful using a capital one card as it is presenting a VANQUIS VISA at the checkout.............. although there isn't much in it I have to admit.

Still the credit limits aren't the end of the world. A years worth of green ticks on the credit file from two credit cards has got to be a good start...... plus having all the credit available but not racking up any debt is a nice feeling of being in control.

TastyTeeth

yenool wrote: »

it isn't quite as shameful using a capital one card as it is presenting a VANQUIS VISA at the checkout..............

Do you think that the average person on the street would know that a Vanquis CC is a credit-building/high interest/bad credit type of card?

I've personally never had anyone give the card a second glance when I've used it for payment. Let's face it, there are so many banks and designs and out there today, would cashiers really be able to tell it apart?

yenool

TastyTeeth wrote: »

Do you think that the average person on the street would know that a Vanquis CC is a credit-building/high interest/bad credit type of card?

I've personally never had anyone give the card a second glance when I've used it for payment. Let's face it, there are so many banks and designs and out there today, would cashiers really be able to tell it apart?

I have no idea, but I know and that is bad enough........ :rotfl:

[Deleted User]

Anyone else got sent a PayPoint payment card for Vanquis and have you used it?

I got sent one about a year ago but never even took it off the bit of paper it was stuck to. I've just come across it again today while sorting out my mountains of old paper work.

Andybez38

Andybez38 wrote: »

I applied for Vanquis credit card online this week and was accepted. This was after inital we'll get back to you. After a phone call offering me payment protection / cash advance into bank account etc. I appreciate Vanquis giving me a second chance. I have learned by past mistakes/ misfortune and will always pay off in full to a slow recovery in building my very poor credit rating.

Well today my card came with a £500 credit limit, that suprised me. Another suprise was an APR of 34.9% not the normal 39.9%.
Just to let people know im a discharged bankrupt. Im going to use this card wisely, and as part of my credit building.
Intrested to know what APR's others have started with vanquis on wether this be lower or higher than 39.9% APR

izools

Andybez38 wrote: »

Well today my card came with a £500 credit limit, that suprised me. Another suprise was an APR of 34.9% not the normal 39.9%.
Just to let people know im a discharged bankrupt. Im going to use this card wisely, and as part of my credit building.
Intrested to know what APR's others have started with vanquis on wether this be lower or higher than 39.9% APR

They catch everyone out with this.

You were given a "Rate" of 34.08%?

This is the "Simple Interest Rate" - not the APR.

You extract the APR from the Simple Interest rate by doing the following:

34.08% / 12 = 2.84% Per Month

1.0284 ^ 12 = 1.399

Ergo Total repaid = Capital + 39.9%

Kyresa

My APR is 34.9 and a £500 limit, so he could be right

(Statement said 30. something... the calcs are earlier in this thread!)

Kyresa

Andybez38 wrote: »

Well today my card came with a £500 credit limit, that suprised me. Another suprise was an APR of 34.9% not the normal 39.9%.
Just to let people know im a discharged bankrupt. Im going to use this card wisely, and as part of my credit building.
Intrested to know what APR's others have started with vanquis on wether this be lower or higher than 39.9% APR

Easiest way to use it wisely is to set up a DD for FULL AMOUNT! Then you know what you spend you have to pay back next month and you'll budget. If you start day to day living on it and don't pay it back, you'll be looking at £50 a month interest before you even start to pay off the capital, then you're back to square 1!

izools

Kyresa wrote: »

My APR is 34.9 and a £500 limit, so he could be right

(Statement said 30. something... the calcs are earlier in this thread!)

Yes if the statement said 30. something then you're absolutely right, you got a better-than-typical APR so well done!

I think Vanquis try to get away with printing the Simple rate instead of APR is to try and lull those who have a card with a 39.9% APR that it's cheaper than Capital one classic - which has of course 34.9% APR but because Capital One print the APR and Vanquis print the Simple rate, the less savvy of us may see Vanquis as being cheaper...

Cheeky.

But yes, quite right, best way to use a card like this is simply pay in full each month that way the APR is totally irrelevant anyway. I wouldn't like to borrow at 29.9% let alone 34.9% or 39.9%, even when it was the best rate I could hope to get...