V A N Q U I S

Maestro.

Kyresa wrote: »

usually use about £100 of credit limit of £500 in a month

That's probably why. At some points, I had not much more than £50 left on the card because I had to make £500 last 56 days. Vanquis like you to utilise the credit limit, not just chip at it a bit.

I recently got an upgrade to £1000, but as I don't have enough disposable income to utilise most of that over a 56 day period, I am not expecting any more increases for a while. We'll see though.

blitzboy

teabag29 wrote: »

Hi wonder if anyone could advice. Got my card about 10 days ago and have already used £220 of the £250 limit (the monthly food shop, which is what I plan to use it for every month). I rang vanquis and changed my d.debit from minimum to maximum each month and its showing on evanquis minimum payment 0.00 next statement dues 18th July.

my question is do you think ive used the credit too quickly and would it be better to pay it off now rather than wait until payment is due and just use it again a few times before next statement. I was only planning on usuing it for monthly shop (usually between £180 and £230 a mnth) and paying it in full each month but as the shoping date fell so soon after I got the card I dont want to appear as credit hungry iykwim. Could anyone advise?

Also if next statement is due 18th July when will payment usually be taken?

Thanks

It is showing the minimum payment as 0 because your statement hasnt been produced yet. This will be updated after the statement date on the 18th showing the minimum payment that needs to be made. This isn't anything to do with the direct debit, just for information.

I dont think there will be any benefit in using it and paying it off a few times a month. You build credit rating by managing your account well over a number of months so as long as you are making the payments (ideally full payments, especially on a card like vanquis with high interest) on time each month that will be sufficient. Stick to the original plan, £200ish a month on food/petrol and pay off in full each month. It doesnt matter if you spend £200 on one day or over 20 days as far as they are concerned, as long as it is paid back in time, so dont worry about looking 'credit hungry'.

Payment dates vary, but I would guess something like 21 days after your statement date. Like I say, this is nothing more than a guess though. It will give you the date the direct debit will be taken on your statement on the 18th. If it doesnt mention direct debit on the statement then you may have to make a manual payment as sometimes the direct debits aren't set up in time for the first statement (ring them to check if you are unsure if it is set up or not).

Hope that helps:)

Tina20

Hiya, sorry for asking questions that will have been asked a million times before!

I just got accepted for vanquis, over the moon! My first ever credit acceptance, at the grand old age of 21. I was starting to think I'd never get a mortgage or tenancy at that rate!

Anywho, this is my first credit card so I need some advice.

I want to build up my credit rating, so should I do something along the lines of:
Buy something £20 or so
Leave the £20 on the card for a couple of weeks
Pay half, £10 or so
Then pay the rest the next month?

So they are thinking that I'm a money maker for them, but I'm not in any danger of falling into high interest rate debt?

Or am I best to make a purchase, then pay it off in full, leaving a 0 balance at the end of every month?

The whole thing confuses me!

Maestro.

Its dead simple really. Buy something, utilise your credit limit but don't go over it or too close to the limit. Wait till your statement comes, when it does, then pay it. Or, set up a DD to pay the full amount and you never have to worry.

Anthorn

I'll go with Maestro on this. To say the same thing in a different way, if you don't use up your available credit and don't go anywhere near your limit then you don't need a limit increase! Similarly, if you don't use your available limit you haven't proved that you can you can responsibly manage it and similarly don't merit a limit increase.

only_mee

No set rule to mine i used it and paid it back, never paid a penny interest, now on £1200.
Funny thing is wife as had capital one for many many years and always on £400 since me having my card, she has had two increases and is now on £2400

TastyTeeth

TastyTeeth wrote: »

I'm up to £2250 as a limit on my Vanquis now. Last increase 3 months ago and had the card for just over 2 years now.

I've always cleared the balance each month by direct debit and never paid interest.

I use the card for all my monthly outgoings - food, clothes, petrol etc. I then keep the money in my current account and don't touch it. The higher the limit, the more of my monthly spend I've put on the card. For example, last months DD was just over £900. Maybe that's accounted for my limit increases?

My last default has almost dropped off (damn slow Equifax) so am hoping I can try a mainstream card shortly. However, I've had nothing but a good experience with Vanquis. One of the lucky ones maybe(?) but 28 green ticks can't hurt my credit rating.

And it hasn't :j

28 green ticks, always paid the balance in full and the last default gone meant I'd brave the mainstream card application.

Applied with Nationwide on Friday last week. Got approved at the end of the application with a £7k limit, 19.9% APR and 20 months 0% on balance transfers.

A Vanquis card DOES work if you play by the rules. It's helped me to repair my credit worthiness.

Happy days! :beer:

moshoodo1

Hi all, Please am new here, i applied for granite card and i got the usual phone call to confirm my details and the guy said congratulations and he offered me £200 cash advance which i decline but i took ppi after much pressure. i had a text on 5/7/12 that my card is on its way but till now nothing show up. please how long does it take for your card to arrive.


regards

izools

Sub prime cards sure do help and I'm every grateful to Vanquis for being the first creditor to provide me with a borrowing facility subsequent to Bankruptcy but you know having old defaults needn't keep you out of the prime market so long as they're settled.

I was discharged from bankruptcy four years ago now so all my old defaults and the BR order itself are still appearing on my credit file for any creditor to see but because I've built a solid portfolio of flawlessly managed credit accounts since BR I have no trouble with prime creditors.

In the last year or two I've been able to open a Nationwide Flex bank account with full debit card, Nationwide credit card with £3,200 limit and 15.9% APR, Creation credit card with £3,000 limit and 17.9% APR, and most recently a mortgage at 2.99% APR. I was also given a loan at 8.9% APR which I've since cleared.

Don't be afraid to try prime lenders if your adverse data is old and settled with a lot of positive history built up since with sub prime lenders

moshoodo1 wrote: »

Hi all, Please am new here, i applied for granite card and i got the usual phone call to confirm my details and the guy said congratulations and he offered me £200 cash advance which i decline but i took ppi after much pressure. i had a text on 5/7/12 that my card is on its way but till now nothing show up. please how long does it take for your card to arrive.


regards

Takes a week or two to arrive. Don't fret unless the card hasn't arrived by the 19th.

And cancel the PPI the second it arrives. And call back to speak to someone else to ensure it actually has been cancelled as they often don't actually cancel it.

moshoodo1

Hi, i just received my granite card and pin together today. i cant believe they give me £500 credit limit @34.9 apr. when even my bank said no to their initial credit card. what can i say, thank you Granite, thank you MSE.....:j