V A N Q U I S

spikescot2005

Are you on the electoral roll? Had previous credit?

MorrisonsEmployee

spikescot2005 wrote: »

Are you on the electoral roll? Had previous credit?

Yes am on the ER and had previous credit, No credit card at present - The only reportable bill i have to my credit file is my mobile contract.

I did look through this thread and can see they have requested documents from people before but nobody has ever come back to update if they got accepted or not after sending them.

spikescot2005

They just need to confirm who you say you are. Once they receive your supporting documents you should receive the card.

ASL

I'm new here. So not sure if I have posted this correctly. In early 2008 I was discharged from BR, and after discharge a year after BR, I wanted to re build my credit rating. I applied for a vanquis and was declined. Last year I applied for a provi loan and was accepted. I borrowed £500. and paid it back over a few months. I then took out a second loan of a grand and its nearly paid off. (only missed one payment due to a change of bank account) Provi were realy cool about it and still offer me more, which I will not be taking. I re applied recently for a vanquis card and was accepted with a £250 limit. The APR is around 49%. It took about two weeks to get the card and a few days more for the pin. I want to improve my rating and I read that if you make the most of the card and make payments ontime that the credit limit will increase every four months. I have started using the card for everything, I've paid a couple of small utility bills with the card to check it was working online. Regarding using it for everything, I have been using it everyday, for little things, with transactions of just over a £1 or £2 things like a bottle of volvic and a pack of gum. A coffee etc. Everything I buy goes onto the card. The money I would of spent is still in the bank. The moment my statement comes I will pay it in FULL. Does using the card for everything go against me or is it in my favour. I know they make money from the retailer on every transaction, but because I use the card even for something that costs a £1 will that look bad. I will not be drawing cash, I've read during my couple of days of lurking hear reading every comment that taking cash, apart from being crazy due to the APR, can make you look desperate. Whilst I am grateful to vanquis, for giving me a new start, I cant wait for a higher limit. So that in the days from sending full payment and it clearing on my account I will still have reasonable credit left. This month I expect to use it upto approx £200.00
A £500 limit is what I am hoping for asap. And then hopefully a grand or two. When I do get a increase, it will not mean I will go crazy. And the only way I would expect to pay some interest is say if my laptop packs in and I have to replace it and then I would only buy what I could pay back either in full or over two to three months at most. Or if a family emergency cropped up and I had to get somewhere at short notice.

So going back to my question. Will using my card for EVERYTHING, such as the bottle of water and pack of gum I bought today costing £1.03 on vanquis go in my favour of against me. Thanks so much

NekoZombie

To be honest, I have no idea if lots of small purchases are a good or bad idea. What I do know is that they don't really like people spending right up to their credit limit. I have always tried to stay around the 50/60% mark, and have regularly had increases. If pushed I would say carry on as you are, give yourself a healthy margin between your spending and the limit, and just focus on paying the balance in full every single month.

ASL

Thanks Neko. At the moment two weeks into having the card I have spent £150.00 Used the card everyday all but four of the two weeks. used it about 25 times so far. Loads of transactions in ASDA for little things like a fivers worth of fuel and for a sandwich and bottle of water at lunchtime. Most of the transactions average £1.50. I know vanquis are making a small percentage from the retailer so they are making money and not losing. If my limit increases to £500 plus even a grand or more, I will average about £200 to £250 a month on normal everyday spends. I will be paying in full each month. Just wondering does anyone else out there use their card for EVERYTHING. No matter how small. :-)

Atom

I think if you use a good amount of the card and then pay it back in full it shows you can pay back higher amounts with no problems - using little of the limit and paying it back i don't think would do you as much good although you will still get the greens..

I don't use my cards for little things - only for petrol and food then pay back in full.

ASL

Atom wrote: »

I think if you use a good amount of the card and then pay it back in full it shows you can pay back higher amounts with no problems - using little of the limit and paying it back i don't think would do you as much good although you will still get the greens..

I don't use my cards for little things - only for petrol and food then pay back in full.

Thanks for your reply. So do you not think it wise to use it for everything. The money I would of spent on basic things, is sitting in the bank, ready to pay back when my first statement arrives. For example I have used my card twice today. Once for a bottle of water, I was out walking and had no change on me, and needed one due to it being hot and the second for a 4 pint carton of milk. Did'nt want to take a tenner out of the ATM on my debit card, because I would of spent more. Sometimes not always say for example I take out a tenner using my debit card, if I spend £9 of it, I'll at times blow the £1 change on a scratch card, thats a waste of a quid. I don't buy them everyday, maybe one a week. But thats £52 a year, which is five months internet charges. Since getting my good friend vanquis LOL I have not bought any at all.

Thanks
:rotfl:

ASL

fozmcfc wrote: »

New rules they have to give you time to reject an increase.

Just curious but why would anyone really want an increase on their Vanquis card, surely even to spend £500 on one is just crazy.

How is it crazy, doesn't matter if you go out and blow £1000 on a vanquis card providing you have that sort of credit limit and the APR is a million percent. Providing you can pay it off in full when the statement arrives you will not pay a penny in interest. Now on a £500 spend paying the minimum payment it will take just over 16 years to pay back and you will be charged £1,610.83 in interest. Thats providing you don't use the card for anything else. This is on a APR of 49.9% But paying the minimum plus a extra £50 a month will reduce the time down to 10 months to pay back and the total payable including interest will be £578.15. So £78.15 interest would be reasonable considering most of us would need a credit check to use cash in a supermarket. I only have a £250 limit, I do want a higher one and hopefully vanquis will reward me with a much higher limit in a few months. It doesn't mean I'll go out and spend the extra, it just means money is available to me should a emergency crop up.

Kyresa

ASL wrote: »

I read that if you make the most of the card and make payments ontime that the credit limit will increase every four months.

I think if you think your limit is going to increase every four months you're going to be disappointed to be honest!

You'll find that's more the exception than the rule.