V A N Q U I S

Lost2

kururunfa wrote: »

I have a Vanquis card - I plan to use it to put essential, predictable expenses on it and paying it off each month in full.

Does anyone know how Vanquis would respond if I paid it off in full before the statement date each month? Would I be likely to get the credit limit increased if I did that, or is the balance on the statement date the only thing that matters, so if that's zero, no increase (even if I took it close to the credit limit the week before)?

Thanks.

My friend got her card in July her limit was £500
she told me today that she had an increase £1000 on the 22nd of this month

kururunfa

Thanks. I get that the amount of the payment doesn't matter (as long as it's above the minimum), but what I'm wondering about is if the statement shows a balance of zero each month, whether their "system" will get that I'm using the card.

e.g. If I spend 140 on the 26th November, and then pay it all off on the 29th November - the statement comes on the 8th December with a balance of zero, so nothing to pay.

I then spend 140 on the 26th December, pay that before January's statement comes - so again, Jan's statement shows a balance of zero.

I'm just concerned that Vanquis' computer might only look at the balance on the statement days, and not how the card was used the rest of the month.

keli2125

Any advice on how to get an increased limit would be helpful!

I have had my Granite card at least 18 months, maybe a bit longer. Have always paid by minimum by direct debit and additional payments as and when i can, never missed a payment or gone over limit. But never been given any increase from my initial £250 limit? What am i doing wrong?

Deep_In_Debt

keli2125 wrote: »

Any advice on how to get an increased limit would be helpful!

I have had my Granite card at least 18 months, maybe a bit longer. Have always paid by minimum by direct debit and additional payments as and when i can, never missed a payment or gone over limit. But never been given any increase from my initial £250 limit? What am i doing wrong?

I'm no expert on this and I'm sure that someone with more experience will correct me if necessary but I think it's because you are only paying the minimum (or just a bit more) each month and not clearing the whole balance in once go. They may be thinking that you are struggling with paying back up to £250 per month so therefore they may be thinking that a higher limit would be too much of a risk.

SnowTiger

keli2125 wrote: »

Any advice on how to get an increased limit would be helpful!

I have had my Granite card at least 18 months, maybe a bit longer. Have always paid by minimum by direct debit and additional payments as and when i can, never missed a payment or gone over limit. But never been given any increase from my initial £250 limit? What am i doing wrong?

Being unable to pay off a balance of only £250 suggests you are struggling financially.

Vanquis/Granite know their market very well and will have noticed this.

david_bedford_2

i am still waiting for my card , Approved last monday i would expected the card by now what's the number to call if iv'e been approved but not received card?

JustinCredibleGillespie

My wifes card & pin arrived yesterday together. It was about 10 working days in total.

JCG

xx

caz2003uk

My pin arrived yesterday! 2 days after the card so 11 days in total for both!

david_bedford wrote: »

i am still waiting for my card , Approved last monday i would expected the card by now what's the number to call if iv'e been approved but not received card?

It has only been 8 days, you will have a few more days to go yet!

Anthorn

kururunfa wrote: »

Thanks. I get that the amount of the payment doesn't matter (as long as it's above the minimum), but what I'm wondering about is if the statement shows a balance of zero each month, whether their "system" will get that I'm using the card.

e.g. If I spend 140 on the 26th November, and then pay it all off on the 29th November - the statement comes on the 8th December with a balance of zero, so nothing to pay.

I then spend 140 on the 26th December, pay that before January's statement comes - so again, Jan's statement shows a balance of zero.

I'm just concerned that Vanquis' computer might only look at the balance on the statement days, and not how the card was used the rest of the month.

In that case the zero balance which doesn't attract interest or attracts interest of less than £1.00p will incur the minimum finance charge of £1.00p and the interest of less than £1.00p will be refunded. Have a look at the precontact info leaflet. This might impact limit increases but I'm not at all sure about that. Could be that you won't get an increase because you obviously don't need it.

The usual way such a credit account is operated is we wait for the statement and then pay it. But Vanquis do stress that payments can be made at any time of the month so you're in the clear with that.

looking_ahead

Its been said before and it appears true that there is no obvious logic to how Vanquis decide on credit increases.

My wife was a student with no income and went from £250 to £1250 after 6 months......and she virtually never uses her card. That was 2 years ago and although she uses and clears the card she has had no further increases.

I earn a really good wage, have used my card monthly, always within the limit and always cleared in full. I stayed at £250 for a year, increased to £1000 and stayed there for 18mths. Now just increased to £2000 ( always used various amounts and cleared )

Vanquis is a great tool to improve your credit file but ONLY if used very wisely and only if you keep other credit up to date too. Its great to have the balance available as its vital for car hire on holiday and protection when buying online.

We were victims of the credit crunch 5 yrs ago and lost a business resulting in bankruptcy in 2009. I applied ( and got ) my vanquis card the day I was discharged in 2010.

Using advice on this forum, I also got a basic contract mobile with T mobile which I changed for an iphone after 1 year.

I applied for the JD williams catalogue which came with a £125 limit..... I have used this occassionally and the limit is now a dangerous £2750 with a balance of £0..... you would not want to carry a large balance with JD or vanquis

In summary, there is light at the end of the tunnell if you are sensible. Its wise to have 2 or 3 open credit accounts but dont max these out or you will appear to be struggling. Also avoid multiple credit aspplications as this has a severe negative effect.