Do you think I could get a credit increase?

JoshBee25

I've had a credit card with Vanquis for aroun 8 moths.
I'd like to think I've been a good payer & also payed the credit card of in full as well as always paying over the "minimum payment" when I was accepted for the card I was told £250 limit when I got the card through it said my limit was £500.

1) do they credit check & base increase on that?
2) is it worth doing it in a credit card with 39.9% apr?


ALSO....

My statements due On the first of every month but payment is due on the 26th, i get payed last day of every month & pay once the statements generated Does that mean I'm late or? Bare in mind I'm 19

Thanks.

Eonel

Credit limit increases do not tend to involve a full credit check. Instead they will look at how you have managed that credit card with them.

Only you can decide if you can afford 39.9% apr. It is a relatively high rate for a credit card and certainly not something you should run a balance on over a long time. Having said that, if your only other choice would be a payday lender then 39.9% is a comparatively good rate.

I am not clear on the dates of your payments. If you are saying statements are produced on the 1st and due on the 26th but you pay on the last day of every month then that is potentially a very bad situation with every payment being late. You need to speak to your credit card company to establish this quickly.

I'm afraid credit card companies won't cut you any extra slack because you are 19. ( whether you are bare or not )

Ben8282

After 8 months you should know if you have been paying late by whether or not you have ever incurred any late charges.

If you pay the statement dated 1st March before 26th March you are not late. If you pay the statement dated 1st March after 26th March you are late.

You can always call them and ask if they can consider an increase. It won't do any harm to try.

JoshBee25

I didn't mean anything by 19 that's was explaining why I have such a high apr that's why I had to go with a company that offered them for "building credit"

I hope not else I've truly messedy self up although I have been offered a Barclay card but I'm gettin a loan for a car insurance as I was paying £3,000 for my last policy but if I closet account is that good or bad?

JoshBee25

Ben8282 wrote: »

After 8 months you should know if you have been paying late by whether or not you have ever incurred any late charges.

If you pay the statement dated 1st March before 26th March you are not late. If you pay the statement dated 1st March after 26th March you are late.

You can always call them and ask if they can consider an increase. It won't do any harm to try.

I may if said wrong for example...

Payment date: 26th march
Statement date: April 1st

But I've never occurred late fees, that I've ever noticed.

rartherinv

Vanquis do not raise limits on request, no point contacting them really unless you want to be read out a bit of paper - "Vanquis is a responsible lender yada yada..."

They automatically consider an increase every 6-8 months based on your history with them and no one else. In my 3 or 4 years i got a raise every 6-8 months except where i made one late payment, and it was 6-8 months after the late payment where they increased it again My limits went 250 > 750 > 1500 > 2000 > 2500

JoshBee25

Thanks, I've been offered a Barclay card on my pre approved offers but I'd consider closing this account once I got it also I'm trying to get a loan sO may leave it.

redpete

JoshBee25 wrote: »

Payment date: 26th march
Statement date: April 1st.

Are you sure that a statement dated 1st April gives you a payment due date nearly a week earlier of 26th March?

I would expect your April 1st statement to say that you should pay minimum payment by, e.g., 26th April. If you make the payment 3 or 4 days before this to make sure it gets to their account by 26th April then you will get something like 3 weeks after payday to make the payment.