vanquis card invitation

scumzisp

Hi,

I received mail today from Vanquis inviting me to apply for credit card today with pre-contract terms and conditions.

I have recently(2nd Aug 2011) made full and final settlement of £250 on Capital one credit card default to Cabot finances and received a confirmation letter from them. They said it would take 4-6weeks to update my credit file.

I cleared loan on time with Hitachi finances in 2006 for my laptop that shows up in green my credit file.
I don't have any credit association at present and and use basic account(Electron card) to pay off my utility bills regularly.

I want to start re-building my credit history and looking forward to apply for Vanquis card. In desperate bid to build my credit history I applied for Barclay Initial CC a month ago and got declined .

Should I apply to vanquis right away or wait until my cabot finance update my default as satisfied in my Credit file.

Since I defaulted capital one I don't think I stand a chance if I apply for capital one cc.

I would welcome any suggestions

lvm

When did you default with Capital One? And have you applied to Vanquis before? Or filled in any application or anything relating to your finances (debt management etc) and given your address?

I got a similar letter from Vanquis but it was a "Urgent pre-approved" (something like that) and I had been declined by them around 4 months before. Applied again and was accepted.

I would wait until your credit file is updated (you could register with Noddle for free).

aimzrabbit

well depends if you want to throw loads of money down the drain on interest

vanquis will charge you a varied rate from 39.99 to a 79.99 depending on your credit score

you will start at a nice 250 limit and then every three months if you make your payments on time they will keep sending you letters and limit rises until you hit the 3k limit , then carry on spending you will become a gold customer yippeee

keep on spending then you minimum payment will be around £150 a month with about £120 interest and you will pay around 9 years to pay it off

obviously if you can afford to pay it off every month then a card is a card , but they will do the harderst to get you into debt the will even offer you a cash advance when your application goes in

and guess what when you try and pay it off and close the account they even mess you around then if you send in a 1000 payment they pass them to security for investigation so they can keep accruing interest ,

if you like rowing , then their call centre is just the job for a row , they call ya mate , butt in over your conversation ,

my account is £54 in credit and I'm on the forum right now looking for vanquis threads as they wont let me close until my next statement , next friday even though i have paid them in advance the accrued interest , F*****G cowboys

:mad:

scumzisp

lvm wrote: »

When did you default with Capital One? And have you applied to Vanquis before? Or filled in any application or anything relating to your finances (debt management etc) and given your address?

I got a similar letter from Vanquis but it was a "Urgent pre-approved" (something like that) and I had been declined by them around 4 months before. Applied again and was accepted.

I would wait until your credit file is updated (you could register with Noddle for free).

I defaulted Capital one in Jan 2007 when i was a student. I'm not on Debt management, dont have any ccj or any other defaults against me. I've been living in my present address since 6months and registered with electroll.

aimzrabbit

oh i forgot to mention they dont allow balance transfers , so when your default clears and you want to get a 0% and pay it off , they dont allow it !!

scumzisp

aimzrabbit wrote: »

well depends if you want to throw loads of money down the drain on interest

vanquis will charge you a varied rate from 39.99 to a 79.99 depending on your credit score

you will start at a nice 250 limit and then every three months if you make your payments on time they will keep sending you letters and limit rises until you hit the 3k limit , then carry on spending you will become a gold customer yippeee

keep on spending then you minimum payment will be around £150 a month with about £120 interest and you will pay around 9 years to pay it off

obviously if you can afford to pay it off every month then a card is a card , but they will do the harderst to get you into debt the will even offer you a cash advance when your application goes in

and guess what when you try and pay it off and close the account they even mess you around then if you send in a 1000 payment they pass them to security for investigation so they can keep accruing interest ,

if you like rowing , then their call centre is just the job for a row , they call ya mate , butt in over your conversation ,

my account is £54 in credit and I'm on the forum right now looking for vanquis threads as they wont let me close until my next statement , next friday even though i have paid them in advance the accrued interest , F*****G cowboys

:mad:

Thanks for the advice mate.
I'm on decent salary now and would clear off payments in full every month.
I'm in a bit of mess because of poor-credit history and i'm desperately looking to improve my credit history. But as you said I got to be carefully dealing with them while increasing my credit limit and also during account closure.

aimzrabbit

you sound like me i have a default from yorkshire bank credit card which is 5 years old , just 1 year left to go then my file is clear , I took the vanquis , and a an aqua and racked up 5 grand , and they can soon tie up spare money , lucky for me my wife has 999 experian score and she took out Halifax loan at 8% and paid them off and I pay the loan , if you haven't got the will power like me then don't do it ... my jet ski days down at leisure in southport are now gone showing off with ski and being flash , thinking I'm top banana on credit cards . best move ive ever made getting shut of cards

enjoy your weekend

KingElvis

An invitaion from Vanquis is like an invitaion to the local morgue.

scumzisp

KingElvis wrote: »

An invitaion from Vanquis is like an invitaion to the local morgue.

I know Vanquis charges quite interest at 39.99 APR but I cannot see any other alternative to improve my credit history.
But have to make sure that I use only to build my credit history and pay off in full every month, I know its going to be difficult but, I've been living with out credit since last few year and I should be able to manage it as I have draw decent salary every month.

KingElvis

Just make sure it's paid in total each month to avoid the almost criminal interest rate.

Good luck mate.

lee1985

scumzisp wrote: »

I know Vanquis charges quite interest at 39.99 APR

39.9% interest is their 3rd tier interest rate from 7 tiers so you need a fairly decent credit record to get that rate. The lowest tier which carries the highest rate is 69.9% for purchases, 79.9% for cheques and 89.9% yes ninety per cent for cash advances; and that my friend is a very, very scary interest rate.