Vanquis CC

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Ok guys, noob post alert but If anyone could share some advice I would greatly appreciate it.

Ok so far I have been balance transferring into my Halifax CC account, I have now outran my interest free balance transfer period and sourcing new credit.

I do not believe I have bad credit, according to my credit expert portfolio etc, perhaps my transition between student to part time (and hopefully fulltime to come).

I have been turned down by some cards, I stopped the process to avoid any negative scoring etc However I was awarded the Vanquis Bank credit card, which is for people with "poor" credit to reestablish themselves. The APR etc is quite steep but id only be using it for the interest free balance transfer period.

But this is where I hit a problem, they are only offering a starting limit of £500, where I need about £2500. There is some speculation on thier website about after a trial period/few ontime monthly payments of this increasing etc

The current interest/monthly paymeny on the Halifax account is around £40 a month. Is it worth putting some of it into the balance transfer and paying TWO cards and hope that vanquis provides me with a bigger limit? Or at this stage is it worth sourcing a personal loan and making fixed payments for the next few years or even continue persuing new credit with another lender to give me some time?

Got myself into a bit of a pickle, but I have the good intentions of rectifying it all now especially when I enter full time employment.

Thanks for listening! :money:

Comments

  • cifpower
    cifpower Posts: 6,502 Forumite
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    Vanquis do not offer an interest free balance transfer period. They always start at low limits (£250 or £500) and then increase every 3-6 months
  • paulmcerlean
    paulmcerlean Posts: 831 Forumite
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    Vanquis is definitely not a card to do a balance transfer on.
  • Mr_Hill10
    Mr_Hill10 Posts: 8 Forumite
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    Hmm strange, I could have sworn I applied for an interest free balance transfer, was the card that came up through the credit expert free trial thing. Argh back to square one again!! :(
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