V A N Q U I S

Anthorn

MrGreen wrote: »

So I ask the question about credit limits to understand what peoples motivation is for the credit limits

A credit limit which has been steadily increased looks better than one that is static and a lot better than one that has been decreased. The same applies to overdraft limits. But that implies that the credit limit history is looked at when appraising a credit application. The other side of the coin is that increases in credit limit can make you less attractive if a lender thinks you have already maxed your credit.

For example I haven't used my current account overdraft in a year but I applied for and got an increase of £100 which might show that my bank trusts me enough to give me one.

d123

aimzrabbit wrote: »

tbh honest with ya i'm not sure what your problem is

I posted here to explain that


2 if you max the 3K grand out you will pay a minum payment of around £170 with about £150 a month in interest ish

everytime i post on a vanquis thread i always end up in some petty squabble

i will stick with my original view

You seem to be happy to post wild guesses wrapped up as facts.

Just to actually add a dose of reality, £3000 on the average 39.9% APR repayable at Vanquis's 5% minimum payment would be £150 with £96 interest.

Even at the extreme of 49.9%APR it would be £150 with around £120 interest.

Guessing at figures doesn't do anyone any good....

aimzrabbit

d123 wrote: »

You seem to be happy to post wild guesses wrapped up as facts.

Just to actually add a dose of reality, £3000 on the average 39.9% APR repayable at Vanquis's 5% minimum payment would be £150 with £96 interest.

Even at the extreme of 49.9%APR it would be £150 with around £120 interest.

Guessing at figures doesn't do anyone any good....

oh so they dont do 59.9 and 69.9 do they not ?

who stated any facts ? its public forum no signed statements on here im trying to discourage people from using the vanquis card is that such a bad thing ?

bottom line is its a god damn bad credit card for people with poorer credit on a money saving forum no 1 is going to save any money spending and running a balance on a vanquis card

FACT !

Anthorn

aimzrabbit wrote: »

bottom line is its a god damn bad credit card for people with poorer credit on a money saving forum no 1 is going to save any money spending and running a balance on a vanquis card

FACT !

As I posted in an earlier post in this topic, "beggars can't be choosers". Who here is going to apply for a Vanquis card if they can get a card with lower interest elsewhere?

Vanquis cater for people including myself who have or have had so much bad debt that they are disenfranchised from obtaining credit. Such people get a Vanquis card so they can rebuild that bad credit and for that purpose Vanquis does what it says on the tin. I really don't think anyone gets a Vanquis card to save money!

Lastly this is not a money saving forum. It's the Credit Card forum: There is more than one forum on MSE!

d123

Anthorn wrote: »

As I posted in an earlier post in this topic, "beggars can't be choosers". Who here is going to apply for a Vanquis card if they can get a card with lower interest elsewhere?

Vanquis cater for people including myself who have or have had so much bad debt that they are disenfranchised from obtaining credit. Such people get a Vanquis card so they can rebuild that bad credit and for that purpose Vanquis does what it says on the tin. I really don't think anyone gets a Vanquis card to save money!

Lastly this is not a money saving forum. It's the Credit Card forum: There is more than one forum on MSE!

Well said, what people like aimzrabbit forget is a lot of people don't have access to mainstream credit, and if they didn't have something like Vanquis (Max APR 59.9% according to their website), what would be their alternatives? Wonga.com at 2000% APR interest or worse.

NPowerUser

Just like to say thank you to the folks at Vanquis.

Last chance saloon for me after being rejected elsewhere.

Signed up for evanquis, online statements only as no charge via this method.

Paid off in full the day after my statement date via Debit Card, took 2 working days to appear on my bank statement and 3 working days to appear on Vanquis as paid off in full.

I know I could have waited and paid off during the interest free period but I wanted to get is paid off as soon as possible.

Looking forward to slowing rebuilding my irresponsible credit rating and hopefully many years using my Vanquis card sensibly.

Simon7685

Well said and well done NPowerUser!!

That is exactly the right and responsible way to use a Vanquis Card. Pay as soon as the statement is generated then no worries its done, no interest to pay and move onto the next month, building your credit rating as you go.

AJG384521

Trying to rebuild my credit score, not doing to bad so far. Does anyone know how often Vanquis increase your credit limit? Started at £250 in March, went to £500 in July. I always pay it off in full each month, infact my balance is -£4.56.

Does it go up in increments of £250 or double each increase?

Anthorn

Just noticed on Noddle (Callcredit) that Vanquis (updated 31st August) has expanded the information provided or at least I haven't seen it there before: They now include the payment for the month. So in comparing the balance and payment amount prospective lenders know if we're paying off the full balance or not. Whether this will impact applications especially for credit cards depends on the lender.

Payment is not shown on Equifax and I don't know about Experian because I don't have it.

Shikamaru

Hi guys!
My first reply on this forum
Thanks for all the help about Vanquis card!!!
I've a simple and maybe stupid question... i have my new Vanquis card and the first statement will come on 7 oct 2012... when i have to pay?
I don't kow if direct debit is already set on the account and i don't want to pay any interest for being late with payments...
So i believe i have to proceed with the first direct debit manually.. is it right?