Vanquis Granite - Credit Limit Increase or Not?

Simon7685

On a slightly diverse note from topic, I was looking at the APR's of the credit available to me today, Vanquis 49.9% on £250, Aqua 34.9% on £250 and Capital One 30.34% on £200. So in an ideal world I want Cap One to increase my limit and if I do need to carry over a balance at any time, it has to be on their card, to minimise charges. That seems really straightforward and sensible.

So then I got to thinking, what about my overdraft, if I needed it? I only have £100 available and have never needed to use it, I got to thinking that actually they are more expensive than any of my credit card providers........

My current account with the Halifax would cost me £1 a day to be overdrawn, so if I went over by just 1p for one week it would cost me a whopping £7 and I can't even think about that as an APR:eek:
but it makes Vanquis look like saints at 49.9%:A

SnowTiger

Simon7685 wrote: »

I am using their money every month and helping my credit to rebuild and they are getting nothing out of the deal. So I can't help but wonder why would they increase my credit if they make nothing out of it?

But they do make money out of you. Every time you make a purchase they receive a small portion of the transaction.

Anyway, you seem to have your mind set on taking PPI with them, so go for it. I think it's money down the drain, but who am I to argue if it's what you want to do?

SnowTiger

Simon7685 wrote: »

On a slightly diverse note from topic, I was looking at the APR's of the credit available to me today, Vanquis 49.9% on £250, Aqua 34.9% on £250 and Capital One 30.34% on £200. So in an ideal world I want Cap One to increase my limit...

Perhaps you should give Capital One a call and take PPI with them too. :rotfl:

Simon7685

No Snow Tiger I don't have my mind set, I don't want to take their PPI, or whatever they disguise it as. I am simply going to see what happens and if they offer me an increase. If they don't, I will ask if the offer of 3 months free and no obligation to carry on with it is still available. Then I will take it and see if there is an increase in the offing then after getting the increase, or even if I don't get the increase I will cancel the PPI.

The whole thing is just a discussion really and an experiment in a way to see if their credit increases are in any way connected to their PPI. I don't do PPI it is a waste of money and when you need it it never covers you, at least from my experience.

sharpy2010

Simon7685 wrote: »

The whole thing is just a discussion really and an experiment in a way to see if their credit increases are in any way connected to their PPI. I don't do PPI it is a waste of money and when you need it it never covers you, at least from my experience.

By adding it, all you will be doing is making it difficult to remove as they probably have heavy handed sales tactics on the phone when you try to cancel it.

I'd save yourself the grief and not bother.

skintdad

they are not allowed to use your ppi decision to influence credit limits or aprs or anything else on your account. i used to work at halifax and they used to offer a discount of 1% on the loan apr if customer took out ppi as well