Likelyhood Of Acceptance For Vanquis

gscrym

I have a trust deed which will finish at the beginning of next year. The last time I looked at my credit report, the accounts I had before I went into the trust deed were marked as defaulted but have been marked as satisfied. My last one was marked as dealt with in September 2009.

I want to apply for Vanquis once I get my discharge letter which should be in April next year. In July, my family are going on holiday so I think the card would be useful for that - car hire for example. I was going to ask my dad if he would put me on his card as an additional card holder but I'm not comfortable doing that. He would say yes but that doesn't matter.

My question is, if I were to apply for a Vanquis card in May or June next year, is it more likely I would be turned down? I have a credit builder cash plus card at the moment and would be quite happy to put money on this for spending money. Only drawback is, according to their info, the card can't be used for car hire. I also don't want to apply for things knowing I'm likely to get turned down. I'm sure that wouldn't help my already damaged credit rating.

Thanks for any help and advice.

Saints2011

Not many people get turned down for Vanquis should be fine to build rating, make sure you pay it off in full by a direct debit though

drewwhonumba2

hi gscrym....you have nothing to lose by trying, 1 search isnt going to set your credit file back and you may be pleasnatly surprised, there is another thread where somebody has just been given a vanquis after being made bankrupt in 2009...incredible achievement if you ask me!!

Also, i have just applied for the cashplus credit builder, any comments on it?

gscrym

I haven't had any problems with it. Only thing I forget is when I have £10 left on it, that doesn't mean I can withdraw it from the bank. There's a charge for withdrawing cash. Handy for online shopping though. There's also a facility for a cash advance up to £50. I think it's called I-Advance. Quite handy if a bit skint a couple of days before payday I suppose. I haven't checked my credit report recently so don't know how soon they report on paying the credit builder loan back.

gscrym

I think I might give Vanquis a whirl next year. Worst that can happen is they'll say no.

tigerlily44

drewwhonumba2 wrote: »

hi gscrym....you have nothing to lose by trying, 1 search isnt going to set your credit file back and you may be pleasnatly surprised, there is another thread where somebody has just been given a vanquis after being made bankrupt in 2009...incredible achievement if you ask me!!

Also, i have just applied for the cashplus credit builder, any comments on it?

Don't forget if you have the cashplus credit builder it needs regular payments on it - I forgot to set it up so it looks like I've got a late payment although they've agreed to delete it for me from the CRA records. I got it for the nice green 0s but that didn't work as it should have done!

tiger

Trajal

tigerlily44 wrote: »

Don't forget if you have the cashplus credit builder it needs regular payments on it - I forgot to set it up so it looks like I've got a late payment although they've agreed to delete it for me from the CRA records. I got it for the nice green 0s but that didn't work as it should have done!

tiger

D'oh! I can totally agree with the sentiment of this post.

What I do is just chuck a tenner on it every couple of weeks, but I really must remember to set up a regular payment on it! Without realising it tho, I'd managed to save about £60 just by overpaying onto it. Have never used it, I'll take a look at what's in there around christmas I think.

Heed the advice tho, you do need to put money into these things.

KingElvis

If you're 90% human, breathing at least once every hour and are not turning into a strange half man, half reptile type creature, Vanquis should be a ok with you.

gscrym

I have the Creditbuilder thing on my Cahplus card and I put £20 per month on it at the moment. I'm not sure how much good it'll do at the moment as I've still got 8 months to go on my Trust Deed but as you say, all the green zeros count.

Kingelvis, I plan to maintain my human to reptile DNA ratio and have enjoyed breathing so far in my life so hopefully I'll meet those criteria when the time comes to apply. However, I work in a chemical factory so can't promise this:rotfl:. Does that mean they'll probably refer me for further testing?

sharpy2010

gscrym wrote: »

I have the Creditbuilder thing on my Cahplus card and I put £20 per month on it at the moment. I'm not sure how much good it'll do at the moment as I've still got 8 months to go on my Trust Deed but as you say, all the green zeros count.

I've heard that almost all lenders now ignore the Creditbuilder product, as they know its not a real loan.

Trajal

sharpy2010 wrote: »

I've heard that almost all lenders now ignore the Creditbuilder product, as they know its not a real loan.

Don't know how that's possible really. It's £65 worth of credit that you have successfully paid back. Not a lot no, but surely an automated system won't even pick up on that?

Where did you hear this? Link link! If you're right I'll be very interested to look at the marketing of cashplus!