Rebuilding credit - Vanquis card

sfjnet

Hilarious - I have just been accepted for a credit card so obviously Vanquis have very low standards! Also hilarious that I had to be contacted in person by phone which is just a pretext to sell identity theft insurance. The lady on the phone made me listen to her whole spiel before she would let me speak, and got quite shirty when I said I wasn't interested!

Anyway, my query is this: I saw on one of the credit reference sites that for some banks, etc it actually counts against you in terms of getting further credit if you pay your credit card off in full each month. Sounds a bit odd to me, but I suppose they want people who don't pay so they can make their interest money. Now dont get me wrong - I absolutely dont plan to apply for lots of credit in the future so I guess it doesnt matter, but I'm just wondering if it would actually help build a better credit rating to not pay in full once in a while and take the hit on a little bit of interest?

Not an important question compared to most issues on this forum I know (you all helped me out greatly with my BR) but maybe I'm feeling frivolous on a Friday afternoon.

samtoby

I have found that in rebuilding my credit it has been better to pay minimum payments every month and there every so many clear it. They want to see they can trust the balance going up but also that you will always make a payment. I have found this has increased credit limits going up to x

samtoby

Oh and I applied with Vanquish and they declined me, 3 times now in as many years. So I won't be trying them again. x

davetheman

I have also been declined a couple of times, I did however include my Vanquuis card in my BR, so wonder if this could be why. I have an account with JD Williams now

boogiemaster

I just pay minimum payments to JD Williams and Simply Be and my credit limit started at £125 and after seven months increase to £1300 on both so minimum payments got the increases for me.

Kay's increased from £500 to £600 and I've been paying them for about five months paying the minimum payment of about £30 a month but that's coming down nicely.

But these catalogues enabled me to get accepted for Vanquis and Capital one classic after having the catalogues about six months as before the catalogues I was declined every time for credit cards.

dojoman

I pay mine off every month and have nice green ticks on my credit file to reflect this. Further to this the APR of a Vanquis CC is sky high, so I would not recommend just paying off the minimum.

wildheart83

Yup, I agree with dojoman. It'll cost a fortune leaving a balance on the card and only paying the minimum. I use mine a lot, but pay off the balance monthly. I have a DD set up to take the minimum so that if I forget then the minimum is always covered, but use my debit card to pay the balance off each month. This is so that if something comes up unexpectedly I don't leave myself short