Vanquis Card

raiidivall

Hi all
I recently got accepted for a Vanquis card with a limit of 250.
I only took this card to rebuild my credit, however I'm not 100% sure how it works.

I have heard paying of the full balance each month is good for your credit rating and obviously to stay out of debt with them. However how long would it take to rebuild my credit?

My main question is, if my limit is 250 and say I spend 10-40 and pay it back in full, will that still count to improve my credit? Or does it need to be a larger sum of money.

After a few months I will apply for a Barclays card as the APR isnt so steep.

Tixy

How long it will take to rebuild your credit depends on what issues you have on your credit file.
Eg if you have a 3year old CCJ on your credit file then having 6months of good repayments on a credit card with vanquis won't mean you'll then be able to get a mainstream credit card.

If you have no negatives on your credit file, but just a lack of credit history at all - then its usually suggested to wait at at least 6months but better 12months before trying to get a mainstream card.

The amount you spend on the card won't make a big difference, just one or 2 small payments a month would be fine. Make sure you pay in full after your statement is generated - not before.

raiidivall

Thanks for the reply.

I don't have any CCJs just had a contract with 3 mobile that I never paid off due to them trying to charge me for calls to 0845 numbers after I took out a package to get them for free. Found out later it took 30 days to activate and owed them 400. So refused to pay it.

Tixy

So how does this show on your credit file?
Presumably as a defaulted credit account? if so what is the date of the default?
The account & default will stay on your file for 6years from the default date, and if unpaid is likely to make it very hard to get mainstream credit.

iaintw

If you have a poor credit rating vanquis card can help you to mend things.
1. Pay them on time up to 6 months then you received a letter from them to award you a new credit limit
2. You can choose if you want to pay with min payment, optional payment (this is how money can you used) and full amount (direct debit instructions)
3, you can pay your card with your debit card or a cheque.
I hope this information is usefully.

Simon7685

Believe me a default for £400 is not worth screwing up your credit rating for 6 years!

From what you have posted you were responsible for the charges, even though you thought you were covered at the time. If I were in your position, I would contact 3 and arrange to repay the money either in one go or in installments. That way any default can be registered as settled on your file and will greatly increase your chances of getting credit within the next months, rather than years.

It is not worth 6 years of suffering credit wise for £400!

That seems like a lot of 0845 calls in 30 days to come to £400 though.