Next credit card after Vanquis

mnomis

Had Vanquis for 16 months now - one increase from £250 to £750. No missed payments, one late payment (which has not been noted on credit report as late).

Tried Post Office and Barclaycard six months ago = rejected.

Tried silver yesterday = rejected.

Been at same address for 3 years, good salary.

Have a Very account and a JD Williams one. No problems, no late payments.

Nat West account with Visa debit and overdraft.

Would like to move away from Vanquis, any ideas who to apply to?

Thanks

dylanuk

Capital One do two 'poor credit history' credit cards. One is the Classic - which you're likely to be accepted for as it's requirements aren't much different to Vanquis.

The other is the Progress credit card, which Capital One say is aimed at people 'with a good credit history' but the actual application criteria says 'have no CCJs or defaults in the last 12 months' - so it's really just a step up from having a well managed Classic (or Vanquis cc) I think.

Capital One interest rates are a little better than Vanquis - but still very high. But Capital One offer much more cardholder services, free access to Equifax alerts and two reports a year and purchase protection insurance (above section 75).

There is a review of these cards here http://www.credit-card-comparison-on.../capital-one/classic.asp and here http://www.credit-card-comparison-on.../capital-one/progress.asp which may help to explain what they offer a little more.

If your Vanquis balance is £600 of a £750 limit - that could be acting against you and it might be worth paying down that balance before applying again though.

Also you should wait 3 months between applications, with no more than two in 6 months or those searches will start counting against you.

Also you don't say if you're on the electoral roll - you should get on it if you're not.

mnomis

dylanuk wrote: »

Capital One do two 'poor credit history' credit cards. One is the Classic - which you're likely to be accepted for as it's requirements aren't much different to Vanquis.

The other is the Progress credit card, which Capital One say is aimed at people 'with a good credit history' but the actual application criteria says 'have no CCJs or defaults in the last 12 months' - so it's really just a step up from having a well managed Classic (or Vanquis cc) I think.

Capital One interest rates are a little better than Vanquis - but still very high. But Capital One offer much more cardholder services, free access to Equifax alerts and two reports a year and purchase protection insurance (above section 75).

There is a review of these cards here http://www.credit-card-comparison-on.../capital-one/classic.asp and here http://www.credit-card-comparison-on.../capital-one/progress.asp which may help to explain what they offer a little more.

If your Vanquis balance is £600 of a £750 limit - that could be acting against you and it might be worth paying down that balance before applying again though.

Also you should wait 3 months between applications, with no more than two in 6 months or those searches will start counting against you.

Also you don't say if you're on the electoral roll - you should get on it if you're not.

Cheers

I spend on the Vanquis card regularly and generally have a balance of around £300 - 400, so that they get something out of me.

Am on the electoral roll for 2 out of the three years.

I had problems with Capital One, about 9 years ago. Had a card through them, with a £250 limit, to cut a long story short, I'd assumed I'd cleared it, before moving house, turned out there was a nominal balance of around a fiver left. Got a letter from Red Debt collection, in 2009, claiming £500ish owed (can only assume costs etc...) to which I sent them the stat barred letter. If I'd realised there was a fiver owing, I'd have paid it, five hundred... no way!

You think I'd have a chance with CapOne after that?

dylanuk

Oh, I don't know - I guess it would depend if they still have record of it, which I'd assume they would.

You don't really need to keep a balance on the Vanquis card to improve your credit rating - and the interest is so high you're really just throwing money away.

As long as you use it regularly but pay it off in full - it will still help to improve your credit rating.

You can do a 'soft search' check on the Barclaycard website to find out your likelyhood chance of being accepted. Maybe try that and see what the chances of getting the Barclaycard Initial would be?

It won't affect your credit rating by doing the soft search. https://letmechoose.barclaycard.co.uk/

mnomis

dylanuk wrote: »

Oh, I don't know - I guess it would depend if they still have record of it, which I'd assume they would.

You don't really need to keep a balance on the Vanquis card to improve your credit rating - and the interest is so high you're really just throwing money away.

As long as you use it regularly but pay it off in full - it will still help to improve your credit rating.

You can do a 'soft search' check on the Barclaycard website to find out your likelyhood chance of being accepted. Maybe try that and see what the chances of getting the Barclaycard Initial would be?

It won't affect your credit rating by doing the soft search. https://letmechoose.barclaycard.co.uk/

Cheers, tried that and they said no.

Hmmmmm

PNPSUKNET

You really need to clear some of the balances down first in your footer, I would do this then apply.

adam91_2

Its funny this credit business...

Personally, i've just been accepted for capital one classic but find it hard to get a vanquis and don't even get me started about an AQUA!

By the way, have you tried your bank for the next card?

ARTooD2

adam91 wrote: »

Its funny this credit business...

Personally, i've just been accepted for capital one classic but find it hard to get a vanquis and don't even get me started about an AQUA!

By the way, have you tried your bank for the next card?

I got a Capital One Classic too after being rejected for the original application and appeal from vanquis. Have been declined by aqua and am appealing that. Hopefully will work this time

Toomuchdebt

I have a vanquis card with a limit of £1250 but Cap One still don't like me LOL

adam91_2

It's so silly don't you think, how they work ha-ha.

I think i may appeal to AQUA but i doubt there is much point, i'm 19 and i find it so hard to obtain credit to be honest, i just want to build some sort of history ha-ha, it's happening slowly i guess!

Vanquis just keep telling me they will reply in 7-10 days with a decision but its been over 50 days now ha-ha!

Funny business!