Vanquis credit card

cheri15

The other day I applied for 3 credit cards I was not accepted for capital one or an aqua card even though my experian credit score said it was 'fair' and someone I know has really bad credit and they got a £500 limit on an aqua card. Anyway today I had a call from Vanquis saying I had been accepted, I had to give a few details then he said my card would arrive within 14 days, he would not tell me the amount that would be on my card. I would not have accepted if it was less than £400 but now it could be any amount between £150-£1000 I was just wondering if anyone else has one and if theres and ideas how much I can expect to have on my card does anyone get given as little as £150? Thanks

[Deleted User]

No idea on the credit limits for vanquis but I would say that since you applied for three cards on the same day and only one of them accepted you, you really ought to keep the card and not cancel regardless of the limit.

Is this your first credit card? Three searches on the same day won't look too great on your credit report and since you've already applied to the three most popular sub-prime cards then you're unlikely to get anything else in the next six mons or so.

Whatever the limit, just keep the card and operate it for a few months at least. That's my advice anyway.

Anthorn

Agree with Lazyloki, 3 searches on your credit report won't look very good. To lenders that could look like you intend to drain the cards and then default! You should not make any other applications before at least 6 months have elapsed.

If you use your credit limit and don't go over limit and pay on time, you have a chance of a limit increase after your fourth statement and every 4 statements after that. There are people reporting on these forums that they now have the gold card with a £2,000 limit.

Simon7685

I don't mean to sound rude but I don't think you are in much of a position to choose to reject the offer of a card with a limit of less than £400.

You applied for the 3 main sub prime cards and 2 out of the 3 rejected you, which indicates that you do not have the greatest of credit records. Either bad previous management of your affairs or no previous credit history. Based on what you have put I would think you will most likely start with a £250 limit at the most.

You should keep the card, use it each month and without fail repay it in full every month. That way you will see your credit worthiness improve over time. The other thing is your APR is liable to be at their higher end of the scale possibly between 49 to 59% on purchases and higher for cash withdrawls.

Vanquis are a good tool for building your credit history as long as you play by the rules. Never go over your limit, never pay your bill late, always repay in full every month. If you follow those rules you will be fine and in 4 to 6 months you will more than likely get an increase in your limit.

Also do not go silly applying for other cards as I doubt you stand any chance of being accepted and it will only harm your credit rating further.

DevilPigeon

When I first had my Vanquis, it was £250 limit... If you operate it without hitch (ie use it, make at least the minimum payment on time etc) then you'll periodically get credit limit increases automatically (I think it's approx every 4 months)

The maximum limit is £3000

My advice - keep it. Use it wisely. It will improve your credit files if you use it correctly. But for these sub-prime cards, make more than the minimum payment, otherwise you'll get to a point where your monthly payment is largely eaten straight away by the amount of interest you'll get charged.