Vanquis Best way to run account

coldoasis

I have recently been accepted for a Vanquis card and am looking to improve my credit rating.

In time i'm looking for the Vanquis credit limit to rise and eventually open an account with a mainstream lender.

What would be better to help with credit limit increases

1) Pay the balance off in full each month.

2) or leave a small amount on there some months(i know the rates are high but i dont mind paying a couple of quid(literally) to help me improve my rating)

Anyone got any previous experience with Vanquis?

Moggles_2

No experience of Vanquis personally, but there's nothing to be gained from leaving a balance on any credit card, so that you incur interest.

Building a good credit history takes time, but if you only ever spend what you can afford to pay back on time each month, you'll never pay interest or fees and your credit rating and credit limits will steadily improve. This, in turn, reduces the risk of interest rate hikes and credit limit cuts

coldoasis

Thanks

But surely the're not going to bend over backwards to help me with increases if they are not earning anything out of me. are they?

LeeSouthEast

They still make money on interchange fees every time you swipe.

Moggles_2

coldoasis wrote: »

But surely they're not going to bend over backwards to help me with increases, if they are not earning anything out of me, are they?

Once you've operated this card for 12 months and built a nice string of 0s on credit files, you'll find it easier to get the cards and credit limits you want, but to do this, you must be prepared to ditch & switch. This is equally true of all credit cards, not just Vanquis

selecta_c

coldoasis wrote: »

I have recently been accepted for a Vanquis card and am looking to improve my credit rating.

In time i'm looking for the Vanquis credit limit to rise and eventually open an account with a mainstream lender.

What would be better to help with credit limit increases

1) Pay the balance off in full each month.

2) or leave a small amount on there some months(i know the rates are high but i dont mind paying a couple of quid(literally) to help me improve my rating)

Anyone got any previous experience with Vanquis?

Hi,i have had my Vanquis since July 07 and in that time i have had 5 limit increases from a starter limit of £250 to my current limit of £2500.I have ran my account in 2 different ways since i have had it.Once i was in a bit of a situation and needed cash quickly,i did a cash advance into my bank account.It then took 6 months too clear the balance which accumalated a LOT of interest on the way,i would not recommend EVER doing this.The rest of the time i have made purchases on the card and paid in full each statement.Vanquis are known for being generous with their limit increases.I now have 2 non sub prime cards so the Vanquis is really living on borrowed time.

izools

I opened my Vanquis card in May. No limit increases yet, I've always left a bit of a balance on the card.

I have now set up a DD for the full amount, and will use it for groceries instead of my debit card - this should amount to a good £200 ~ £250 a month so I'll be spending right up to my current limit and clearing it in full. Hopefully this should earn me some nice limit increases in the coming year!

I have not intention whatsoever of using a bigger limit on the card, just using it for shopping instead of debit card, but if they give me a higher limit that all helps toward the limit I'm likely to be approved for elsewhere once my credit rating has climbed back up a bit