Vanquis wanted my bank details before being accepted

Izzy123456

Simon7685 wrote: »

My acceptance was NOT conditional of paying by DD, neither have I ever paid by DD. I was advised I had been accepted for the card at the start of the call. As the call progressed I answered various questions regarding finances etc and was then advised of my starting limit (£250) and APR (49.9% Purchases and 59.9% Cash:eek:). I was then asked if I wanted to set up a DD for paying either the full amount or minimum payment. I opted for the min payment option as a safeguard against ever forgetting to pay my bill.

Paying by DD was never forced on me and they have never taken anything by DD as I pay in full within a day of my online statement being produced.

I agree with some of the more reasoned comments on here about Vanquis. They do take a risk on people who lets face it have probably screwed up financially before (myself included). For that risk you have to pay a hefty price in respect of their APR's. However if you use their cards sensibly and repay in full every month, then the APR isn't an issue. If you needed to make a big one off purchase that necessitated carrying a balance then that may be different. Although while such high APR's cost you money, if I needed to carry a balance I would but I would also pay every spare penny I had to get it paid off as quick as I could.

I have not received many emails or letters from them but they have on a couple of times tried to push their Repayment Option Plan on me. You just have to stand firm and say NO. I receive 2 or 3 texts a month, advising me how much I have to 'spend', how much I need to pay and when to pay it, all in all not too bad.

It takes a long time to rebuild your credit rating after it gets trashed and Vanquis do make that possible. I have had my card for 11 months now, have a £1k limit and have never paid Vanquis a single penny in interest. I honestly think that even when I can go mainstream again I will keep my Granite card, as a reminder of where I had to start and how long it took me to get a grip on my finances again.

If you use it responsibly Vanquis isn't as bad as it is made out to be and remember they give you a chance that mainstream lenders won't, so without them I certainly wouldn't have had credit cards in my wallet again.

Simon, thanks for your comments. I am also really grateful to get this chance to build up my credit rating. I had a very long sales push for the insurance, and they tried again twice, but I said "no thanks" very clearly each time.

So if you don't pay manually, then how long do they wait to take the direct debit payment? Even though I've set it up for the full amount by direct debit, I might pay it early because then I know where I am with my finances. Is there any chance of missing the green tick if I pay it off before the direct debit?

What card are you planning to get next, from a mainstream lender?

nyc_451

Izzy123456 wrote: »

Blue_mango, I don't think that Vanquis can take any amount of money from your account any time they want!

Well I also don't but someone does:

hackedoffwithmyex wrote: »

If you DO decide to go with them, DO NOT under any circumstance set up a DD with them. They will take what they want, WHEN they want! I know this from personal experience.

SnowTiger

blue_mango wrote: »

Well I also don't but someone does...

Yes, well, hackedoffwithmyex doesn't seem to understand how credit cards work: you use them to borrow money (pay for stuff) and then pay it back.

Simon7685

Izzy

I'm not sure exactly when they take the DD, I would have thought a few days before the payment is due. I always pay either on the day or the day after I get my online statement, I do this via a faster payment from my bank account online. So although I have the safeguard of the DD in place they have never actually taken anything because its already paid, hope that makes sense?

As long you wiat for the statement to be produced and then pay, you get the "green tick" on your credit report, though it is usually a month behind on mine, so June details don't show up until July on your report.

I have spent the last 12 months building up a positive history and still have a way to go before I get mainstream I think. I have Vanquis, Aqua, Cap One and Barclaycard Initial (which I recently qualified for). I will probably continue building my history for another 6 months or so, then try my own bank. They have given me an overdraft facility, I don't use it but I know it's there if I need it, so I think that would be the next logical step for me. I still have 1 default on my file which is 4 1/2 years old, so hopefully that will start to have less of an impact on my rating soon, even though it will be another 1 1/2 years before it disappears forever off my file.

Maestro.

Vanquis take the DD on or just after the payment deadline. It seems odd and I was worried I'd get a late payment marker but you won't. Once a DD is working its a set and forget thing mostly.

markoscar

Hi all, i have just applied for a vanquis black diamond card online. Had a call from vanquis who (after taking bank details for the dd) stated i had been accepted and my card would be with me in the next 14 days. I have not disclosed to them that i am currently bankrupt, albeit going thro the early discharge stage as we speak. Will they check up in more detail even though they said ive been accepted?

Gromitt

They can withdraw the card at any time, and they may well do that after you have received your card. If you have already spent on the card, they might just prevent further spending, or reduce your credit limit.

You'll just have to wait and see.

gay_guy

Sorry for bringing this old topic up.

Op, why an earth are you worried about giving them your direct debit? last week I applied for a credit card with vanquis and got a call back monday 30th and advisor asked my income ete, my personal details, and also he asked for my debit card details which I give him, anyway a few second later, he told me I was accepted and my card was sent out yesturday according to advisor who I spoken to when I phoned them up again to check the status on my credit card, anyway he said I will get my card within 7 - 10 working days and my pin number will follow.

Also I didn't think I would get accepted since my credit rating is not that good so I was shocked when he said I been accepted but I am looking after this card and not going over my limit as I want to get good credit rating and I am always going to make payments on time.