📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

V A N Q U I S

Options
1282283285287288380

Comments

  • only_mee
    only_mee Posts: 2,367 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Another credit limit increase

    3-3-20101 Just had a letter through increasing me to £500 after my April statement.
    18-8-2011 Letter advising increase to £1250 after my September statement.
    Again using it for everything and paying it off.
  • Possible silly question; I want to use the card to repair my rating and pay my balance off in full every month BUT - do I pay it off before my statement is due or do I wait for the statement to be issued?
  • After the statement is issued. Otherwise it just reported as a zero balance.
    Please note that any posts that I make on here are based on my personal opinion, experience and what I have read.
  • have had a letter confirming another increase. Up to £1000 in September.
    Is this a good sign
  • luluE86
    luluE86 Posts: 44 Forumite
    Just thought i'd write to say I have been accepted for a vanquis aquis card, £500 limit with 28.9% apr, thought it a bit strange as they wouldn't issue me even a high percentage card this time last year!
  • yenool
    yenool Posts: 169 Forumite
    izools wrote: »

    The longer you have accounts open, the more stable you look.

    Having lots of accounts opened only a short while, settled within a year or two of being opened, or only having been open a few months when applying elsewhere, comes across as unstable to underwriters and credit scoring systems.

    I'm trying to repair my credit. Does this mean it is NOT a good idea to close a vanquis account which has only been open approx 16 months? I only use the card maybe twice a month and have only approached the 250 limit twice, paying off in full each time.

    Capital one have just bumped me to £1800 limit, so I was figuring I might as well close the vanquis? Would I actually be better off just keeping the vanquis, even if I'm not using it?
  • izools
    izools Posts: 7,513 Forumite
    1,000 Posts Combo Breaker
    It's always a good idea to leave an old account open, even if unused - it helps to demonstrate stability and with such a meagre limit the additional credit will do no harm; the additional credit history will however do you very well :o
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • ASL
    ASL Posts: 109 Forumite
    have had a letter confirming another increase. Up to £1000 in September.
    Is this a good sign

    Of cause it's a good sign. They trust you. Your limit increase should go onto your account from midnight ish, the day after your September statement is produced.

    The only time it will not be good, is if you book a holiday or buy a new plasma tv, the day after the increase and you can't pay it back in full. The interest will cripple you.

    Congratulations on your increase. :T:T:T
  • ASL
    ASL Posts: 109 Forumite
    yenool wrote: »
    I'm trying to repair my credit. Does this mean it is NOT a good idea to close a vanquis account which has only been open approx 16 months? I only use the card maybe twice a month and have only approached the 250 limit twice, paying off in full each time.

    Capital one have just bumped me to £1800 limit, so I was figuring I might as well close the vanquis? Would I actually be better off just keeping the vanquis, even if I'm not using it?


    keep the vanquis, use it for stuff you pay back in full. Use the cap one if its much lower on the apr, for stuff you may want to spread the cost on over a couple or three months.
  • ASL
    ASL Posts: 109 Forumite
    Possible silly question; I want to use the card to repair my rating and pay my balance off in full every month BUT - do I pay it off before my statement is due or do I wait for the statement to be issued?

    you can pay before or after, I make around three payments a month, this way I always have available funds, and it stops me blowing cash sat in the bank on junk. In the five months I have had my card, I have only spent around £10 in cash. I use mine anywhere and every where they accept cards with fees. I average 50 ish transactions a month. So I have to make additional payments to stay within my limit.
    I suppose paying in full before the statement may look a little better on the cra files, ? Ask izools he's very knowledgeable on such matters.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.1K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.