Vanquis visa card.

norby789

Hi
Does anybody have any experience of this card?
I have just been accepted even though the apr is criminal it seems a good way to rebuild my credit rating.

Phil

philnicandamy

Hmm the APR is astronomical........make sure IF you use you pay the balance off in full each time otherwise you'll have a whole heap of debt

norby789

That was my intention. The apr is something like 55.9%!!!!!!!!!!!!!!!!!!!!

startagain_2

Hi there,

Vanquis were one of my creditors. Be warned, they are very clever and start you off with a relatively low limit which they then increase very quickly and very regularly. Before you know it you can be in a heap of debt.
They are part of the Provident network and we all know about their 177% + interest rates! :rolleyes:

SA

nervousmother

I think the apr is criminal. However, they are a good way to build up your credit record as long as you do pay every month and only use it a little. It is all too easy to put a large repair bill on them and before you know it your in dire trouble again.
Although I never personally had a credit card before BR I may consider getting one of these to build up my credit record.

startagain_2

I also think you will find that as a BR person your interest rate will be set at about as high as they can quote.....

I will keep the rest of my opinions to myself about anyone taking out one of their cards.......

SA

affluenza

I saw a prepaid card called Cashplus with a Creditbuilder option - would this not be an option?

philnicandamy

affluenza wrote: »

I saw a prepaid card called Cashplus with a Creditbuilder option - would this not be an option?

It could be an option BUT to be honest....it wont make that much difference to your credit files because of the bankruptcy tag sitting there for 6yrs

nervousmother

I have a cashplus card now. the credit builder option is where you 'borrow' the years fees on the card. I have not bothered with this at the minute, but may do,
is my credit file not getting repaired anyway, I pay my mortgage on time every month. I pay my vodafone mobile on time every month & my car insurance does this help to repair credit file?
Although I do not intend to take on loans in the future, I know we may want to re-mortgage, we would be looking at down grading our home in about 5 years as we might only have 2 kids at home then, maybe even 1! at that point a semi would suit us nicely.

philnicandamy

norby789 wrote: »

That was my intention. The apr is something like 55.9%!!!!!!!!!!!!!!!!!!!!

actually it starts from 59%......and is a sliding scale so as others have said it'll probably be a lot higher once they hear the words "discharged bankrupt"

I do know someone who's been discharged just under a year & managed to get one of these without problems...I might consider in a few days as well

http://www.flybe.com/card/default.htm

(16% APR...so a lot lighter than vanquis)

Be aware though with the vanquis....even if you dont use the card the statements they send will incur a £1 a month charge for "admin fees"....and its between £30-40 a year to renew the card

Tobiwan_Kenobi

I've been advised to get one with a view to improving my credit rating too. No problem as long as you pay off any spending each month, which is what I did for years before my business got me into trouble!