PLEASE can someone help with my vanquis hell !!!!

fayei

I see you haven't faulted on your card, and im not sure about the transfer but have you considered claiming back your PPi on the card.....assuming you have it, at least that would reduce the balance while you figure things out, it worked for me.........also you need at least 12 regular payments on your card to help build your credit score but i dont think one card alone could repair damage to a credit file, if i were you id hold off a while longer as if your getting knocked back on other cards that wont be helping you.............

good luck...

izools

Nah that's not really the point.

The point is so many people take out the Vanquis card with the intention of rebuilding positive payment history on their credit file and get lulled into a false sense of security with all these big credit limit increases, spend up more than they can afford to repay in full, and get upset with the abominable interest.

As anyone who's asked for guidance on here will know, sub prime cards, especially Vanquis, should never be used to spread the cost of anything, only to have open steadily adding green [0]s to your credit report.

Now, I've said it before and I'll say it again, here is the 10 golden rules to follow if you want to be accepted by a high street lender for a low interest "Prime" credit facility:

1. No missed payments or arrears for a period of three years
2. No outstanding defaults
3. No defaults under three years old (settled)
4. No outstanding CCJs
5. No CCJs under five years old (settled)
6. Fewer than three applications for credit in the last six months
7. No new accounts opened in the last year
8. Having been with your bank for around three years or so
9. Having been with your employer for around three years or so
10. Having lived at your current address for around three years or so

Having a Vanquis / Capital One / Aqua card by itself isn't going to get your score up to where it should be, other work needs to be done, too

Sam_G_3

bingy_burge wrote: »

Why are people taking vanquis cards and borrowing money on them!!

That's not the problem though is it - the problem is people use their cards and don't pay the full balance thus incurring lots of interest!

Vanquis is a very good way of rebuilding credit files as it shows you aren't a bad risk if you maintain a healthy relationship with them, but if you just pay the minimum payment each month for example you will never actually pay it off and lenders are less likely to give you extra credit in the future as you owe lots of £££s.

dansmith1

People i know i made a mistake using the vanquis card and not paying off the balance in full, but im not here to be told that. I know i have made a mistake. I just need help people not to be criticize for a mistake i know i have made. I have just tried to do a manual transfer to vanquis but halifax said i cant do it. Is there any other to transfer the balance. I have read people taking about credit cards that pay into your bank account. Can anyone list them and the easiest one to get accepted for. Or any other way to get the balance transfered.

PLEASE JUST HELP NO CRITICISM. THANKS !!!!!

izools

Dansmith1, seeing as you've only just been approved for the Halifax card it is unlikely you will be able to get another card elsewhere.

This will be because you've had a number of credit searches recently (you mention you've applied for a few cards) and a brand new account.

I'm afraid if you can't convince Halifax to transfer the balance manually, you'll have to just grit your teeth and WAIT six months, without applying for or opening any new credit accounts, and hope that MBNA give you a Classic Mastercard which is much more leniently credit scored than their standard / platinum card but still supports balance transfers to a current account.

Keep your hands off the Apply button for the next six months and you might just be OK.

What is your credit file looking like at the moment? Any defaults left? Any history of arrears or missed payments? How many applications have you made in the last six months?

bingy_burge

dansmith1 wrote: »

PLEASE JUST HELP NO CRITICISM. THANKS !!!!!

Yes but your subprime because of poor money management in the past and now you have gone and put I assume more than you can pay so your showing you haven't learnt your lesson, so why should people help you when you have done it again.

I guess some people are distined to be sub-prime for life.


If you read post on here people have limted sucess doing balance transfers on vanquis as they want you to pay there rates as they took you on as a risky customer.

What I would do depended on how deep your in with vanquis is pay it in full subject to it not being more the £700 limit on halifax and then use the halifax card to pay for all the products and services you would of paid cash from your bank acc.

Also if you need to borrow small amounts on your cards pay a £200 bill say then what you do is clear the £200 in full next statement but the put say £180 purchases on that way you have only paid off £20 of the debt but you get it interest free.

never-in-doubt

izools wrote: »

Now, I've said it before and I'll say it again, here is the 10 golden rules to follow if you want to be accepted by a high street lender for a low interest "Prime" credit facility:
1. No missed payments or arrears for a period of three years
2. No outstanding defaults
3. No defaults under three years old (settled)
4. No outstanding CCJs
5. No CCJs under five years old (settled)
6. Fewer than three applications for credit in the last six months
7. No new accounts opened in the last year
8. Having been with your bank for around three years or so
9. Having been with your employer for around three years or so
10. Having lived at your current address for around three years or so

Regards to this:

1. No missed payments or arrears for a period of three years - 6 years

2. No outstanding defaults - for 6 years afterwhich they are auto removed anyway

3. No defaults under three years old (settled) - settled or otherwise affect you for the full 6 years. After 6yrs they auto delete from the CRA's

4. No outstanding CCJs - see above

5. No CCJs under five years old (settled) - why? wouldn;t make the slightest bit of difference until after it had gone (6yrs)

6. Fewer than three applications for credit in the last six months - actually it is fewer - 6 in 6 months or 10 per annum

7. No new accounts opened in the last year - why? New accounts are fine, so long as you don't open 100 in a week!

8. Having been with your bank for around three years or so - why? would only help the actual credit score if you'd been with your bank for longer. Bank loyalty is no longer a major criteria what with all the carry on right now.

9. Having been with your employer for around three years or so - could possibly help, but as above, only with the actual credit score element of the application. Similarly, having a job helps - stability factors just add points to the overall score which wouldn't amount to much in the grand scheme of things...

10. Having lived at your current address for around three years or so- being on the electoral register would suffice, and also being on it at the previous address... basically if you have a clear audit trail and the links tie in at the credit agency, being at a new address for a day would have no impact.

I'm not being critical but you're giving people incorrect advice on this front and think you need to read more about the CRA's and the lenders criteria for credit scoring before making such claims......:D

Lots of help in here: Credit Reference Agencies

izools

NID, as always your input is appreciated and we know you are one to trust but the points I've made have been true in my personal experience.

I've spoken to a MBNA underwriter about an application I made years ago, and he faulted my credit score because I had a credit card open in the last year. I said it's been open over six months, and he told me that they wouldn't consider an applicant to be credit worthy until they've proven for a good year that they can handle any new credit commitments.

RE: credit searches, again, personal experience. When I applied for an HFC credit card years ago I was turned down. I applied again four months later and the only thing that changed was the number of credit searches - it had reduced from five to one, and I was approved on the spot. I was also told by an Abbey National underwriter that they would only approve an extension on a loan I had with them if they can see six months without applications for credit - not even one or two - but of course, this is a loan and the criteria is different to that of credit cards, but still backs up my suggestion to a certain extent.

RE: CCJ's and Defaults, again I've been told by an RBS underwriter that they don't frown upon settled defaults as long as they are not recent - they confirmed to me that the age of the defaults affects credit scoring so if everything else is in order a satisfied default from years ago wouldn't be a problem. This was in relation to a credit application my mother made to them two years ago and I helped her.

RE: CCJ's, an old friend of the family was approved for a Natwest Bank Account and Credit Card with a satisfied CCJ from four and a half years prior. Clearly satisfied CCJs from a long time ago aren't frowned upon if everything else is in order.

I wouldn't want to give incorrect advice which is why everything I've written is from personal experience and proven to be ture either by testing the theory or being told by an underwriter.

As regard to time with employer / bank / address, we know that longevity is a good sign and recent move of bank or job or address is considered a sign of instability in the eyes of some creditors.

As I say, these 10 points are only guidelines, but I feel they are good guidelines to follow, and as we both know, the rigidity to which the creditors stick to these critereon vary depending on their score sheet and the other application data.

So far I have helped numerous people get back on the credit ladder in my personal life by explaining these points and it has proven to be most successful, so before you bash my ideas, perhaps an open minded approach maybe asking me why I say this would be more appropriate.

I hope you can appreciate my standpoint in this matter, and of course if your personal circumstances have been different then fair enough, we all advise based on what we've personally found to be true.

Perhaps you could share some examples that you've come accross in the past and we can work together taking each others ideas on board to come to a more mutually agreeable list of helpful points to advise members in future?

(P.S: LOL @ Point 6 - That was taken right out of the mouth of the MBNA underwriter I spoke to when he said my other credit card was too new - he said exactly that to me, six in six months or 10 in a year ; but of course, this varies from creditor to creditor and most others are more strict in my experience )

TFD_2

With regards to CCJ's, the values are important. If small and 5 years old this might not bother some lenders. If large, this can scare them, even if satisfied. My 3 total £13K, and mainstream lenders aren't a fan of this.

Regarding defaults, I understood these were often treated similarly to CCJ's. i.e. satisfied helps, but doesn't change a lot!

Interestingly Barclaycard say on their criteria "no CCJ's in 5 years" so CCJ's with less than 12 months to run clearly bother them less than recent ones.

hax_2

never-in-doubt wrote: »

8. Having been with your bank for around three years or so - why? would only help the actual credit score if you'd been with your bank for longer. Bank loyalty is no longer a major criteria what with all the carry on right now.

9. Having been with your employer for around three years or so - could possibly help, but as above, only with the actual credit score element of the application. Similarly, having a job helps - stability factors just add points to the overall score which wouldn't amount to much in the grand scheme of things...

I've noticed that the Credit Checker facility on this website doesn't even ask these questions to calculate your rating. That's strange as I've always thought these questions were important.