Aqua or Vanquis card to rebuild credit rating?

digitalphase

I am a student, due to graduate later this year and actually finish my course in a few weeks. I've been a student for 4 years so haven't got a good credit rating because of this, and wasn't able to find a part time job in the last year. Also I have a default on my account which should be marked settled later this month as the full balance has been paid off, following a successful claim for charges.

I was thinking about trying to get one of these cards, or the credit builder card cashplus, to try and repair my rating. I would plan to use it for a small purchase each month and pay it off in full, so as to avoid the interest charges. I am not looking for a big credit limit even if I could get one.

I have lived at my current house for over a year and am on the electoral roll.

Which card - apart from the cashplus which I know I'll be accepted for - would be the best and/or most likely to accept me?

Also should I wait until the end of next month then double check my file to make sure my default is marked as settled before applying?

Thanks.

Innocent_Guy

Vanquis = Easier acceptance
Aqua = Better credit limits / incleases & Online services

digitalphase

Thanks - I've just rechecked my file and have three debts due to be swiped off by the end of the year. These show some missed payments, two have a red 4 in them. By these disappearing would that improve my score?

Also, do lenders take the whole 6 years into account or if you've had a decent last 2 years will that be favourable? I suppose it depends on the lender to some extent

I guess I could apply for the Vanquis at the end of the month and then again in December if I'm not accepted? Can't make my file any worse at the moment

hack2009

digitalphase wrote: »

Thanks - I've just rechecked my file and have three debts due to be swiped off by the end of the year. These show some missed payments, two have a red 4 in them. By these disappearing would that improve my score?

Also, do lenders take the whole 6 years into account or if you've had a decent last 2 years will that be favourable? I suppose it depends on the lender to some extent

I guess I could apply for the Vanquis at the end of the month and then again in December if I'm not accepted? Can't make my file any worse at the moment

Back last year I applied for both the Vanquis card and the Aqua card. At the time I had 1 CCJ and 2 or 3 defaults, although they were not far from dropping off.

I was accepted for both cards with limits of:

Vanquis £500
Aqua £1000

I have also today applied for Barclaycard and was accepted. I don't have any adverse data showing now though. Hope this helps.

digitalphase

Thanks - I've applied for the Vanquis Visa and Capital One Classic card today. Capital one say they will send me a letter, so will probably be declined.
However I applied for the Vanquis and it said that I'd hear from them within 10 working days, but had read on other threads that people had heard more over the phone, so telephoned them just now. The bloke said I had been initially approved and just needed to wait for someone to call me within the next few days to go over a few things like APR and limits etc. He said I didn't need to sign any forms as I'd signed over the internet.

Do you know if that means I've definitely got a card or could I still be refused?

I'm looking at getting this card purely to use it for a fiver payment each month and pay off in full, to help rebuild my credit file.

Innocent_Guy

digitalphase wrote: »

Thanks - I've applied for the Vanquis Visa and Capital One Classic card today. Capital one say they will send me a letter, so will probably be declined.
However I applied for the Vanquis and it said that I'd hear from them within 10 working days, but had read on other threads that people had heard more over the phone, so telephoned them just now. The bloke said I had been initially approved and just needed to wait for someone to call me within the next few days to go over a few things like APR and limits etc. He said I didn't need to sign any forms as I'd signed over the internet.

Do you know if that means I've definitely got a card or could I still be refused?

I'm looking at getting this card purely to use it for a fiver payment each month and pay off in full, to help rebuild my credit file.

You have been accepted, they just want to sell you PPI before sending out the card

hack2009

digitalphase wrote: »

Thanks - I've applied for the Vanquis Visa and Capital One Classic card today. Capital one say they will send me a letter, so will probably be declined.
However I applied for the Vanquis and it said that I'd hear from them within 10 working days, but had read on other threads that people had heard more over the phone, so telephoned them just now. The bloke said I had been initially approved and just needed to wait for someone to call me within the next few days to go over a few things like APR and limits etc. He said I didn't need to sign any forms as I'd signed over the internet.

Do you know if that means I've definitely got a card or could I still be refused?

I'm looking at getting this card purely to use it for a fiver payment each month and pay off in full, to help rebuild my credit file.

They will call you and do a 20 minute sales pitch on you. They will try everything from PPI to asking if they can transfer some money to your current account from the card!!!

digitalphase

Ahh excellent - thank you! I will definitely not be going for any of their offers - I was stung by PPI with a loan I had with Barclays so not making that mistake again

Funkygibbon

I applied for a Vanquis card but when they called I ignored as I thought it would be a DCA, anyway never spoke to them after doing the online request but still got one! They have been a great help getting me back on track!

UncleSimit

digitalphase wrote: »

Also, do lenders take the whole 6 years into account or if you've had a decent last 2 years will that be favourable? I suppose it depends on the lender to some extent

I wondered about this aswell. I was under the impression that if you have a recent good credit history or/and satisfied defaults 3 years old or more you're a little more likely to obtain credit. Or am I wrong?

digitalphase

I was concerned to read that a settled default is as bad as an unsettled default - if that is the case then why should we settle any default? May as well pay it off little by little for the 6 years

It annoys me as I could have really done with that £700 I've just spent clearing that credit card account. Surely it must be better to have settled it?

Hopefully the Vanquis card will help me back onto the right track, and in a few years I can try and get back into mainstream credit.

Luckily my boyfriend has a great credit score/history, which comes in handy