V A N Q U I S

MrGreen

comicbertha wrote: »

I am still in agreement with the companies to pay them off for a very small fee a month - I was wondering if like others, if I stick to this rigidly for 2-3 years whether the 'normal' credit providers would still take me on even if I still owe big money to companies like lloyds and egg (£10k) I wish I'd just gone bankrupt 6 years ago, but I was young and stupid!

I'd say well done for facing up to your debts, you've taken the responsibility to pay them back. I was in a position 5 years ago of having about 30k of credit card debt and have over the years I've closed the cards when clearing the balance or moving the money to another card. I'm now left we with 3 cards and two of them have money owing on them. If I was in your position I would concentrate on paying off all of your debts first and not worry about your credit score, you will over the process of paying back the money learn that you don't need debt to live, you can learn to save money for things you need/want over time.

A good credit score is only needed if you want to get more debt!

comicbertha

MrGreen wrote: »

I'd say well done for facing up to your debts, you've taken the responsibility to pay them back. I was in a position 5 years ago of having about 30k of credit card debt and have over the years I've closed the cards when clearing the balance or moving the money to another card. I'm now left we with 3 cards and two of them have money owing on them. If I was in your position I would concentrate on paying off all of your debts first and not worry about your credit score, you will over the process of paying back the money learn that you don't need debt to live, you can learn to save money for things you need/want over time.

A good credit score is only needed if you want to get more debt!

Thank you for your reply, but unfortunately I am no position to clear £10K worth of debt. My partner left and I've had to go on income support with 2 kids!

I'm not looking to get into more debt, but I had to insure my car this month and none of the lowest quotes would accept me on a pay monthly scheme due to my credit rating (I have never had this before, have 10 years no claims and I'm in my late 30's!) It was the difference between £274 for the year or £560 and pay monthly. Huge. I'm lucky enough to have a family member who loaned me the £274 and I'm paying them monthly. However, once back in work I would like to move from my current rented property, where I will have to face another credit check... and who knows? One day get a mortgage and some security. It's for reasons like these that I would like to be able to get a decent credit rating. TBH I've managed all these years without credit and have said I'm better off without the option, but it would be nice to have a little leeway with regards to the options above.

Hope that makes sense, apologies for the humoungous reply!

chu

comicbertha wrote: »

Thank you for your reply, but unfortunately I am no position to clear £10K worth of debt. My partner left and I've had to go on income support with 2 kids!

I'm not looking to get into more debt, but I had to insure my car this month and none of the lowest quotes would accept me on a pay monthly scheme due to my credit rating (I have never had this before, have 10 years no claims and I'm in my late 30's!) It was the difference between £274 for the year or £560 and pay monthly. Huge. I'm lucky enough to have a family member who loaned me the £274 and I'm paying them monthly. However, once back in work I would like to move from my current rented property, where I will have to face another credit check... and who knows? One day get a mortgage and some security. It's for reasons like these that I would like to be able to get a decent credit rating. TBH I've managed all these years without credit and have said I'm better off without the option, but it would be nice to have a little leeway with regards to the options above.

Hope that makes sense, apologies for the humoungous reply!

Totally get you, I don't think one would willingly want to get into more debt if they had other means of offsetting bills and other necessities. I personal have had my credit rating take a huge hit, albeit was i was naive and I need to get it back up and running so I can hopefully buy own place. With the very wonderful advice we've all been given above, I hope we can achieve that.

sparklydog

Well I've got to just over my 6th month and no increase what so ever, still at £250, I've never gone over the limit, paid the balance ocasionally, and the minimum a few times but never missed a payment, so have no idea why no increase :-(

Deep_In_Debt

sparklydog wrote: »

Well I've got to just over my 6th month and no increase what so ever, still at £250, I've never gone over the limit, paid the balance ocasionally, and the minimum a few times but never missed a payment, so have no idea why no increase :-(

I'm not really up on this sort of thing but I would think that if you've been paying the minimum a few times, they may think you are struggling to make the repayments on £250 so they could see you as too much of a risk for a higher limit.

I'm sure that someone will be along soon with a better idea.

older_wiser

Hi i wonder if someone could help
a friend has done a balance transfer from vanquis to another credit card at 0% for 6 months. does she still have to pay the minimum amount although the balance is saying 0 i've told her since its 0 she shouldn't be paying anything but she's scared if she doesn't she'll get a late marker and screw up her credit. do vanquis count balance transfers as payments.

tricklesthegreek

Sheriffsam wrote: »

Im really not a fan of Vanquis. Ive had the card for about 7-8 months and i dont pay the balance each month, in fact i have about £300 on it now which is really stupid given the interest is 34%!

They have offered me an increase in my limit though. should i take this? Will it improve my score?

Sheriffsam - having been in the credit card trap, please, as one person to another, I urge you to stop and find some help now. I would hate to think that you are starting to spiral out of control. I mean this with the best of intentions and hope you can get yourself sorted soon. As an ex bankrupt, I've been through the worst of it - if you can catch yourself in time you CAN rectify this with the right support and advice.

chu

older_wiser wrote: »

Hi i wonder if someone could help
a friend has done a balance transfer from vanquis to another credit card at 0% for 6 months. does she still have to pay the minimum amount although the balance is saying 0 i've told her since its 0 she shouldn't be paying anything but she's scared if she doesn't she'll get a late marker and screw up her credit. do vanquis count balance transfers as payments.

I would like to think they pretty much operate and conduct their business the same way other credit card providers do, and play by the same set of rules. If that is the case then I wouldn't imagine she would have to pay a minimum amount because there wouldn't be one to pay anyway. In any case I stand corrected if my assumptions are wrong.

Maestro.

Deep_In_Debt wrote: »

I'm not really up on this sort of thing but I would think that if you've been paying the minimum a few times, they may think you are struggling to make the repayments on £250 so they could see you as too much of a risk for a higher limit.

I'm sure that someone will be along soon with a better idea.

Pretty much this. They won't even think of upping the limit unless you can show absolutely no signs of "struggling". The minimum payment is a sign of that, especially to a sub prime "high risk" company.

They also won't up the limit if you don't utilise a substantial percentage of the credit limit. My limit was upped a number of months ago now, as my monthly turn over was at least 2/3rds of my original limit (always paid in full). Since the limit increase I am only using around 1/3 of the available credit at most (my spending habits haven't changed) and no increase.

comicbertha

Hello all again, so my card has arrived and as intended, shopping and petrol have gone on it. I've made a payment via debit card to clear the balance and am keeping an eye on the account online.

I was just wondering how long payments take to show up? Also I notice that purchases also take some time to show up and whilst I tried to clear my entire balance, I couldn't as these payments were not showing yet. I'm getting a little suspicious that this may be to keep me from clearing my entire balance before statement day.

Also, over the telephone whilst signing up, I did ask for minimum only to be taken as a direct debit. Not because I want a balance on the card, but because it is attached to an account I transfer money to solely to pay bills and I'm happy paying it off throughout the month - but my DD agreement states monthly payment full/minimum. Just wondering which one it is?

This credit lark is giving me a headache already lol