Vanquis Credit Card - Gold Status

crapwithcash82

I've received a letter from vanquis to say "Congratulations you have earned Gold Status".. which is basically a gold card and an extra £500 credit limit. I just wondered if anyone knew if this meant that my credit score was getting better?

I took the card on to help rebuild my credit profile, so wondered if this was starting to work? I always pay the card off in full each month so they have said the increase is because I have managed my account so well, just wondered if this meant my credit score was starting to improve too?

cifpower

Vanquis hand out gold cards when your limit reaches and passes £1500. It is not a sign of an excellent credit rating I'm afraid.

speedbird1973

However the increase in available credit and the reduction in debt to credit ratio is all good!

izools

Be warned that this does NOT come with a reduction in APR and as such, DON'T be tempted to use the card to borrow. Only spend what you can afford to repay each month.

Certainly your credit rating should be improved if you've not missed any payments on other accounts since opening your Vanquis card, but the Gold card isn't a reflection of that

RICK..._2

On the subject of APR, is there any way you can get it down, say like if you've had it a year and made all payments etc? Or is it set until the day you close it?

izools

My OH's interest with Vanquis started at 59.9% and is still 59.9%, despite the limit being slowly increased to £2,000 and no missed payments / overlimit.

They actually increased it to 69.9% in August so he opted out and closed the account.

RICK..._2

I do believe mine is 59.9% so intend to clear it in full every month. So annoying, but I guess it's a start...

Applied for Aqua on the same day and that's at 34.9%. Going to try Capital one in a few months

izools

You got instant approval for the Aqua if memory serves? They're bloody good with Customer Service, unlike those Chatham Chavs at Vanquis

RICK..._2

haha yeah i did. Don't seem to see much about Aqua on here though!

crapwithcash82

cifpower wrote: »

Vanquis hand out gold cards when your limit reaches and passes £1500. It is not a sign of an excellent credit rating I'm afraid.

Thanks for your reply, I was aware it wasn't a sign of an excellent credit rating - if I had an excellent credit rating I wouldn't have had to get a Vanquis card! I just wondered if it meant that my credit rating was improving.... however slightly!

crapwithcash82

izools wrote: »

Be warned that this does NOT come with a reduction in APR and as such, DON'T be tempted to use the card to borrow. Only spend what you can afford to repay each month.

Certainly your credit rating should be improved if you've not missed any payments on other accounts since opening your Vanquis card, but the Gold card isn't a reflection of that

Thanks for your reply izools, I always pay it off in full each month, I only put either my tuition fee's for that month (£95) on it, or maybe a tank of fuel for my car and then pay it off as soon as the bill comes in. Was completely freaked out by the interest rate when I took the card on, but I figured if I looked at the bigger picture and managed it correctly, it would in the long term hopefully benefit me.

I've not missed any payment on anything so I might have a check on Experian and see how my credit score is looking, probably the most accurate way to check.