Vanquis Credit Card

Donel261

I applied for one of these Vanquis Credit Cards despite the extortionate interest rates as I am trying to rebuild my credit rating. They initially gave me a credit limit of £250, which was fine, I spend a little and clear the balance in full everymonth.

Well, I have learnt today that after only 3 months they have increased by credit limit to £1000. I am not a stupid person and would never be tempted to use this card for anything other than rebuilding my credit rating but I think its shocking that they have increased the limit like this. It tempting people to get into debt in my opinion... before you know it you cant afford repayments.

Vanquis = BAD

thesaint

They are a business that want to make money, you have made a sensible decision, others need to be equally responsible with their spending.

If you are shocked and think they are bad, give the card back and use someone else.

BYould

Just missed a call from Vanquis after making an application with them, just wondered if this was normal procedure before they issue a card?

It usually is the case that you just receive a no thanks letter if they don't want you.

Donel261

I would give the card back but my credit score is so bad, no one else will lend to me.

In terms of the phone call, it is my understanding that if they have a confirmed landline number for you, they will issue you a card. If your answerphone answered it, like mine did then you will probably get a card in the post soon. Its only a voice automated thing that confirms the phone line. Be very careful with this card if you get one, the APR is extortionate, dont be tempted to spend more than you can afford to repay. If you can ddemonstrate on your credit file that you use it responsibily, spend a little and pay it back on time each month it cant do your credit record any harm and will improve your chances of getting other credit in the future.

Paul_Herring

Donel261 wrote: »

I applied for one of these Vanquis Credit Cards despite the extortionate interest rates as I am trying to rebuild my credit rating. They initially gave me a credit limit of £250, which was fine, I spend a little and clear the balance in full everymonth.

Well, I have learnt today that after only 3 months they have increased by credit limit to £1000. I am not a stupid person and would never be tempted to use this card for anything other than rebuilding my credit rating but I think its shocking that they have increased the limit like this. It tempting people to get into debt in my opinion... before you know it you cant afford repayments.

So you get the Vanquis card to build up your credit rating, Vanquis comply and increase your credit rating (by trusting you with more credit) and you're complaining? Why?

Donel261

I am not complaining as such, you will be aware that the comany behind vanquis is provident, who prey on single mothers and those on state benefits with APRS like 150%. I know you can say people choose whether or not they take on the credit however most people on low incomes will take the credit if it is offered to them with raltive ease. This company have no moral conscience.

vwman_3

Donel261 wrote: »

This company have no moral conscience.

Maybe, but they offer a service to some, nobody is forced into applying to them, as long as the total is paid off each month it does not matter what the APR is, you seem happy enough to accept their services

wullieb1

Donel261 wrote: »

This company have no moral conscience.

No company has moral conscience regardless of who they are. They are all out to make money from us.

The fact that they lend to extremely high risk customers is the reason there APR's are high.

If you don't use it alot and pay it off each month then you don't pay any interest simple as that.

Paul_Herring

Donel261 wrote: »

This company have no moral conscience.

If you find this objectionable, then why are you doing business with them to begin with? (Good luck finding one with a moral conscience btw.)

:rolleyes:

spendalotgottostop

hi all, have just found this thread, and would like to ask a question. I have a vanquis card purely to improve my credit rating(and cos no one else would give me one). the question is how long do i need to keep it to improve my rating? I am paying off my debt in full every month.

any words of wisdom appreciated

thanks

thesaint

spendalotgottostop wrote: »

hi all, have just found this thread, and would like to ask a question. I have a vanquis card purely to improve my credit rating(and cos no one else would give me one). the question is how long do i need to keep it to improve my rating? I am paying off my debt in full every month.

any words of wisdom appreciated

thanks

There is not a definite answer to your question, but keep all your finances in order for a year or two, and I would expect to be considered for cards that are not intended for people who have no other choice.