V A N Q U I S

samsonprince

first of all, hi everbody...right my card situation is I have a capital one card with £200 limit, a new vanquis card with £500 and an aqua card pending.
so my first question is, I defaulted on the capital one card a few times, ie I got too close to the limit and charges caught me out, I did however act swiftly on all occasions to readdress the balance and ive been ok for the last few months...so will this stop me from getting a capital one increase in credit and also affect my chances of a further increase from vanquis?

john1002

The answer is nobody knows but the card companies, capital one I would say yes you would need to be clean for as a guess 12 months to be considered again, but to be fair cap one are not generous at all with credit limit increases so i would think with those overlimit marks could rule you out for a long time. As for vanquis it may also effect your chances as vanquis do take regular monthly feeds from other credit providers and cap one do enhanced reporting, so will report overlimit occasions along with number and amount of cash advances, payments etc. Just maintain your payments dont go over limit and hopefully if someone is going to give a limit it will be vanquis.

good luck and keep us posted on aqua application and any future increases.

john

lynz68

I had the same situation with my Capitalone card but only once in Sept last year they still gave me an increased credit limit in March this year.

samsonprince

thanks for the replies, i'll keep you updated

pete_pamplemoose

JustinCredibleGillespie wrote: »

Just received a text from Vanquis to say ''Congratulations your credit limit has now been increased to £1000'' they've done it 4 days early. I've just been online to check and its been done.

Not that I'll be using it too much, prob just £100 a month and Ive always paid it back in full.

JCG

xx

I got the letter saying 21st of may, but havent got the text yet or the increase isnt showing.:(

Alas this month i went slightly over my limit, the charges took me a few pounds over, which i paid instantly.

Lookslike ive blown the increase, would have thought they would have let me know either way.

john1002

It does look that way Im afraid, vanquis are quite specific in there increase letters to say not to miss minimum payment or go over limit.

frustrating I know, but its your responsibility not vanquis to ensure you dont go over limit or miss payment, ideal solution is to not use card till the increase.

john

Evenflow848

Just a quick but hopefully easy question - can you pay off a Vanquis card with a Capital One Credit Card? Reason I ask is, I have recently been accepted for a Capital One card and want to now pay off Vanquis and use Capital One instead as the interest rate is lower.

Is this possible? Only mention online of paying towards your account via Credit Card is on Vanquis' missed payment page, only problem is I haven't misssed any payments.

samsonprince

update..just received a letter from aqua saying ive been accepted at about 44%, and just had to sign the agreement...whats the standard starting credit limit with aqua? also is it the same as vanquis in that if you make a cash withdrawal you can only take 20% of the credit limit? i dont intend to make cash withdrawals but its handy to have available in case of emergency

samsonprince

Evenflow848 wrote: »

Just a quick but hopefully easy question - can you pay off a Vanquis card with a Capital One Credit Card? Reason I ask is, I have recently been accepted for a Capital One card and want to now pay off Vanquis and use Capital One instead as the interest rate is lower.

Is this possible? Only mention online of paying towards your account via Credit Card is on Vanquis' missed payment page, only problem is I haven't misssed any payments.

not sure but dont think you can, i vaguely remember reading it in the terms and conditions

rartherinv

Evenflow848 wrote: »

Just a quick but hopefully easy question - can you pay off a Vanquis card with a Capital One Credit Card? Reason I ask is, I have recently been accepted for a Capital One card and want to now pay off Vanquis and use Capital One instead as the interest rate is lower.

Is this possible? Only mention online of paying towards your account via Credit Card is on Vanquis' missed payment page, only problem is I haven't misssed any payments.

Hi,

You can't pay off a credit card with a credit card. Apart from clearly being an act of irresponsible lending they would also have to pay high fees on credit card payments received, so they would never do that.

What you are looking for is a Balance Transfer. It normally costs 3-5% of the amount you want to transfer in the form of a charge by the provider you are transferring the balance to (ie. capital one).

I would suggest it may be a waste of time & possibly money to do this between 2 high interest cards with low limits if the capital one card is going to be charging interest as well, as you will be saving a small amount on monthly interest but you will have to pay 3-5% up front for the honour to do so.

People normally use balance transfers to move interest bearing balances onto cards with special offers like a 0% interest balance transfer period.