Vanquis card arrived today-guidance please

MorrisonsEmployee

There is a long running Vanquis thread here - https://forums.moneysavingexpert.com/discussion/1482065

Loads of tips/ideas for the best way to use your card to help with credit limit increases/credit score etc,

kerrypn

I refused the PPI, I dont plan on running up a balance that warrants it lol

Im just grateful to be given a second chance

drewwhonumba2

Atom wrote: »

Sure am - i have 1 satisfied default and can't get !!!!!! with barclays, probably an omen though.

Afraid I cant give you my strategy mate as it was more luck than anything else...

Basically went to take out a personal loan years ago with Woolwich, was declined but they still set me up a current account with visa electron that i never ever used, it laid dormant

Went to uni, maxed barclays, maxed barclaycard, didnt pay it back, got defaulted....but had hsbc also (from school) so was ok.

hsbc wouldnt give me a student account cos i was rubbish with money and kept going into unauthorised overdrafts

barclays merged with woolwich....voila a brand spanking new barclays connect visa turn up in the post one day. I spoke with barclays on campus and said i wanted my wages paid into my barclays account and they gave me £1500 overdraft without having o do a credit check....failed to get an increase tho as that requires a credit check

So, a nice story but not very useful im afraid mate...what are you after? Do you just need any account or are you looking for an overdraft?

Atom

drewwhonumba2 wrote: »

Afraid I cant give you my strategy mate as it was more luck than anything else...

Basically went to take out a personal loan years ago with Woolwich, was declined but they still set me up a current account with visa electron that i never ever used, it laid dormant

Went to uni, maxed barclays, maxed barclaycard, didnt pay it back, got defaulted....but had hsbc also (from school) so was ok.

hsbc wouldnt give me a student account cos i was rubbish with money and kept going into unauthorised overdrafts

barclays merged with woolwich....voila a brand spanking new barclays connect visa turn up in the post one day. I spoke with barclays on campus and said i wanted my wages paid into my barclays account and they gave me £1500 overdraft without having o do a credit check....failed to get an increase tho as that requires a credit check

So, a nice story but not very useful im afraid mate...what are you after? Do you just need any account or are you looking for an overdraft?

Ahh ok nah im not really looking for anything at the moment with them - did apply for there decent card twice in last year and got knocked back so will try again September when this !!!!in default drops off

May try with my own bank first though come September - i could waste 2 searches then.

drewwhonumba2

yeah good idea...any other adverse credit than the default? Also do you have any credit lines so that when the default falls off you will have some credit history still??

MorrisonsEmployee

My 4 defaults fall off my credit report next year - The only thing that will be on my credit report after that is a mobile contract, Very account and soon to be Vanquis credit card so does that mean that my defaults won't be seen at all by lenders?!

drewwhonumba2

MorrisonsEmployee wrote: »

My 4 defaults fall off my credit report next year - The only thing that will be on my credit report after that is a mobile contract, Very account and soon to be Vanquis credit card so does that mean that my defaults won't be seen at all by lenders?!

Thats correct morrison, they will be none the wiser...credit history can only remain for a maximum of 6 years.

make sure you run your vanquis like clockwork, paid off each month in full, on time, every month...same with your mobile, and once hose defaults fall off you will be in a very credit worthy situation, especially if you manage to clock up 12 nice green 0000's from your vanquis

well done mate

Atom

drewwhonumba2 wrote: »

yeah good idea...any other adverse credit than the default? Also do you have any credit lines so that when the default falls off you will have some credit history still??

Thats the only black mark thats haunted me for the last 6 yrs have a few lines of credit that stretch back 2 and a half years all kept good and all green

MorrisonsEmployee wrote: »

My 4 defaults fall off my credit report next year - The only thing that will be on my credit report after that is a mobile contract, Very account and soon to be Vanquis credit card so does that mean that my defaults won't be seen at all by lenders?!

When they drop off there gone for good - no lender will see them.

MorrisonsEmployee

drewwhonumba2 wrote: »

Thats correct morrison, they will be none the wiser...credit history can only remain for a maximum of 6 years.

make sure you run your vanquis like clockwork, paid off each month in full, on time, every month...same with your mobile, and once hose defaults fall off you will be in a very credit worthy situation, especially if you manage to clock up 12 nice green 0000's from your vanquis

well done mate

Thanks - I have 12 months of green 0s from T-Mobile - Just got my Very and Vanquis accounts, Both set up to be paid in full by DD each month. Older and wiser now when it comes to credit!

drewwhonumba2

MorrisonsEmployee wrote: »

Thanks - I have 12 months of green 0s from T-Mobile - Just got my Very and Vanquis accounts, Both set up to be paid in full by DD each month. Older and wiser now when it comes to credit!

couldn't agree more, iv learnt the very hard way

is not until you actually need worthwhile credit that you regret being so rubbish...ie needing a mortgage, or a sofa or a car...rather than whacking a night of drinking on the plastic