Vanquis card arrived today-guidance please

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!

I just checked out the Very account as i hadnt heard of it before, thought it would be very overpriced but products are pretty much high street prices, i might look into that when my ccj's dissapear in 4 months

MorrisonsEmployee

drewwhonumba2 wrote: »

I just checked out the Very account as i hadnt heard of it before, thought it would be very overpriced but products are pretty much high street prices, i might look into that when my ccj's dissapear in 4 months

Even if you use it to buy something for £5 the green 0s are all that matter - Its part of the Littewoods group of companies and they accepted me with £150 credit - Apparently they raise the credit limits very quickly to around 1k which i believe look good on a credit report if you are only using 10-20% of available credit.

Atom

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!

We all make daft mistakes when younger if you asked me what a credit score was 6 yrs ago i would have been like.. :think:

MorrisonsEmployee

Atom wrote: »

We all make daft mistakes when younger if you asked me what a credit score was 6 yrs ago i would have been like.. :think:

Indeed - I have to say 6 years ago i didnt really care either:oHowever after years of going without credit it makes you realise how stupid you were especially when you struggle to get a phone contract! [God bless T-Mobile for accepting me!!]

pearls_of_wisdom

kerrypn wrote: »

Hello

Sounds a bit daft I know. I was made BR in 2009 and this is my first ever credit card, taken out purely to improve my credit rating. I know to pay balance off in full every month-have set up DD for this-but any other advice?

When shall I try for Capital One? Is 6 months likely to be enough?

Many thanks in advance

are you 100% sure that you've told vanquis to take full and not minimum i told them full (1ST PHONE CALL) paperwork showed (full/minimum) so i called them again and was told it was only set up for minimum so in other words if like me, you want to clear in full be 100% by calling them again.

KingElvis

Vanquis arrived-advice please?

Use it wisely and for the sake of the Holy Mother of Kazan, don't even think about running a balance on that puppy.

kerrypn

Oh god, no, defo wont be running a balance-quick question though. Spoke to Vanquis today to double check dd is set for full amount-it is :j I asked when first payment would be due, she said 27th June??? I asked if I need to make a payment at the end of may, but she said no as no statement will have been issued so I wont miss a payment.

Does this mean I will be charged interest on any balance I accrue in May? Thanks in advance,

Venusflytrap

kerrypn wrote: »

Does this mean I will be charged interest on any balance I accrue in May?

From my calc. looks like you have an interest free period (on purchases) of circa 53 days. If so then you will not be charged any interest for purchases in May/June as long as the balance is paid in full by the due date.

The DD set up will take care of this on 27 June and onwards.

MorrisonsEmployee

kerrypn wrote: »

Oh god, no, defo wont be running a balance-quick question though. Spoke to Vanquis today to double check dd is set for full amount-it is :j I asked when first payment would be due, she said 27th June??? I asked if I need to make a payment at the end of may, but she said no as no statement will have been issued so I wont miss a payment.

Does this mean I will be charged interest on any balance I accrue in May? Thanks in advance,

I got my Direct Debit letter/confirmation today from Vanquis and it said the following -

"Your Direct Debit does not start until next month. You will need to make a payment by alternative means for this month so that you do not miss a payment. Please check your statement to confirm that your Direct Debit has been set up and the date that your first payment will be claimed"

kerrypn

yep, mine said that too, thats why I queried on the phone. Also checked on e vanquis and it just says next statement 2nd june and no payment date yet????

Wonder if its because it is past the 2nd may(when previous statement would be issued)