Building up my Credit

RoastUK

Hi all,

For the last couple of years i've been on Payplan to repay my debts and slowly but surely im getting there. One of the conversations I had when I signed up to it was when its possible look to try and build up your credit whne you can.

Well today i've received a letter from Vanquais with the usual pre selected rubbish that they have on it. Usually i'd chuck this straight in the bin, and im all aware of the interest rate of Vanquais (a lovely 34%!) but because im financially better off I feel like it might be useful to help build up my credit, pay it off in full every month and just use it to pay for petrol or something?

The only query I have is that I only recently found out that every time you apply for credit it goes against your credit rating. I haven't applied for any credit for 3 years but I dont want to risk causing more damage and been told I wont be eligible and it going against my record.

Since i've received a letter 'inviting' me to apply, does this basically mean that I am eligible for it or is it just a ploy to try and get me apply and i'll get screwed over?

Thanks for your help

Atom

3 applications in a period of 6 months is usually deemed acceptable - i would try and go for cap1 classic or aqua first and vanqp*ss as a last resort, although if your paying it off in full the interest rate won't bother you - i use aqua and i find them really good, there interest rates are still high but i pay off every month so not a problem.

PNPSUKNET

is your payplan dmp finished?

RoastUK

I believe my DMP has just under 18 months to go then i'll be in the clear