V A N Q U I S

never-in-doubt

Hackneygirl wrote: »

really, maybe I will give them a go in a few months

why months...??? remember to join a cashback site before doing it cos you'll get £££'s back if you use a reward site (I dont use them so can't name them i'm afraid)

Hackneygirl

never-in-doubt wrote: »

seems weird that someone with a Vanquis has the same limit as my non sub-prime card! I'd hate to owe £2k on Vanquis though - must cost loads on interest each month? Anyone got any experience of high interest for a maxed out card...?

you are so right, it will be OK if you pay it back each month but the thought of maxing out on it is scary

I wonder if anyone has on here

never-in-doubt

Hackneygirl wrote: »

you are so right, it will be OK if you pay it back each month but the thought of maxing out on it is scary

I wonder if anyone has on here

I'm sure I read that someone had £2k owing and said interest was around £50pm..... I may be wrong but i'm sure it was something like that!

:eek:HOW MUCH??????:eek:

Innocent_Guy

never-in-doubt wrote: »

I'm sure I read that someone had £2k owing and said interest was around £50pm..... I may be wrong but i'm sure it was something like that!

:eek:HOW MUCH??????:eek:

That is crazy!! The key with these sub prime cards is to repay in full always! I know this defeats the object of a CC however I see these subprime as a stepping stone and hope that eventually i will gain access to full CC privalleges!!

never-in-doubt

Innocent_Guy wrote: »

That is crazy!! The key with these sub prime cards is to repay in full always! I know this defeats the object of a CC however I see these subprime as a stepping stone and hope that eventually i will gain access to full CC privalleges!!

that was my plan but for some reason I got a normal one so I now just chuck fuel on Vanquis and will pay it off in full. My apr doesn't match their tiering system though - strange! The base apr is around 31-34% for cash/purchases/bt's - I thought they all varied... hmmmm

noah271007

There are people out there who have 10K credit card debt and are paying £160 quid interest alone per month!!! Just 10K debt! Others have 30-50K debt!!

I cannot see any sense in anyone having a £10K limit CC unless their salary is considered to be high. I believe a ratio with current salary figure divide by 10 should pre determine what credit limit they should get. So those on 50K will get 5K limit. 15k will get 1.5K limit.

I believe some credit card issuers use this when credit scoring and taking into account other data collected from CRA.

Innocent_Guy

never-in-doubt wrote: »

that was my plan but for some reason I got a normal one so I now just chuck fuel on Vanquis and will pay it off in full. My apr doesn't match their tiering system though - strange! The base apr is around 31-34% for cash/purchases/bt's - I thought they all varied... hmmmm

My APR is ridiculous.... Don't care that much as I repay in full.

never-in-doubt

Innocent_Guy wrote: »

My APR is ridiculous.... Don't care that much as I repay in full.

go on - what rate? Its not the lowest tier is it... please say no?

I think what they advertise and what comes with your card is two different matters altogether, I expected 39% apr and 47% apr for cash - nope! 31 & 34 respectively (or thereabouts).....

Innocent_Guy

never-in-doubt wrote: »

go on - what rate? Its not the lowest tier is it... please say no?

I think what they advertise and what comes with your card is two different matters altogether, I expected 39% apr and 47% apr for cash - nope! 31 & 34 respectively (or thereabouts).....

I'm sure i read it was 59.9%

Thats a joke..

Hackneygirl

noah271007 wrote: »

There are people out there who have 10K credit card debt and are paying £160 quid interest alone per month!!! Just 10K debt! Others have 30-50K debt!!

I cannot see any sense in anyone having a £10K limit CC unless their salary is considered to be high. I believe a ratio with current salary figure divide by 10 should pre determine what credit limit they should get. So those on 50K will get 5K limit. 15k will get 1.5K limit.

I believe some credit card issuers use this when credit scoring and taking into account other data collected from CRA.

hi Noah

a few years ago when the housing market was good, a friend of mine who is a property developer would take out CCs for sums of £10+ - he would pay them back when the property was rented out or sold on at a higher price
people like him relied on credit cards to get them through projects that go over their initial estimate