vanquis card

iwanttosave_2

Hi, hope youcan point me in the right direction.

I am having trouble getting credit and I think it is due to having no credit history. I have got a mobile contract and a catalogue account. All are upto date with no missed payments.

I tried to get a loan with my bank the other day and got turned down, I have checked my credit file and all seems fine, so I can only assume its because I dont have much history.

I have been offered a vanqis card today through the post, and per Martins instructions to get a card with a high APR and use it a little every month, but the thing is, the APR is 44.9%!!!!! I was thinking of just buying something each month for about £20 and paying off the full balence so then I will build up some history.

What do you think?

lswwong

Hi!

This question was discussed here often before - I am sure MSE members will be able to point you to the right threads etc.

Basically, this card is fine to use as a credit history builder so long as you (and absolutely must) pay off the full balance every month in time.

There is an annual fee for using this card. As long as you are happy with paying this, your proposed plan will work.

Best of luck.

iwanttosave_2

See I dont have a clue about credit cards, I have never wanted one, but thought it was the best way to get some credit history, obviously the mobile and catalogue isn't enough.

I didn't see anything about an annuall fee, I will go back and check the small print again.

thanks though

Bokken_2

Make sure you are on the electoral roll with the council .

lswwong

Hi!

I have just checked their website: http://www.vanquis.co.uk/home/

and can quote the below:

"Vanquis Visa cards
We'd like to give you the credit you deserve


Build a stronger Credit Rating
No annual fee
Enjoy up to 56 days interest-free credit on purchases when your balance is clear
Accepted wherever you see the Visa sign
We won’t give you more credit than we think you can afford to repay
Typical 39.9% APR variable on a credit limit of £250
29.9% APR variable for gold cards
Click here to view Vanquis card summary"

So it looks like they have done away with their annual fee! That's good.

Really hope this will work out well for you.

Don't worry as Martin says, there is never a stupid question on these boards.

Best of luck!

iwanttosave_2

Bokken wrote:

Make sure you are on the electoral roll with the council .

yeah and have lived at the presest address for 6 years, I dont think that being only 21 helps but if I could just show more activity on my account.

There is no point applying for an overdraft as my balance never gets low enough to use it

Bokken_2

When I was 21 Lloyds and Barclays & Barclaycard were throwing cash and loans at me.I take it you have a current account and have no problems with it can you not approach your bank first or have you already done that?
sorry fresh out of ideas unless you tell me more.

Grovers

Capital One and Aqua also offer credit cards to people with no or a low credit rating. Good luck with getting a card, but remember you MUST pay it off it full each month.

iwanttosave_2

Bokken wrote:

When I was 21 Lloyds and Barclays & Barclaycard were throwing cash and loans at me.I take it you have a current account and have no problems with it can you not approach your bank first or have you already done that?
sorry fresh out of ideas unless you tell me more.

yes I do have a current account with a debit card but I have not asked A&L for a CC as they turned me down for the loan

RichyRich

The A&L Credit Card is MBNA, so not actually A&L's lending criteria, although MBNA are quite strict about who they give credit to.

DO you have a VISA or VISA Electron Debit Card? if it's VISA I'd have thought your credit rating would have had to have been quite good to get it.

Rich

The_Boss

Vanquis card? Can someone please explain what that is please.