vanquis for rebuilding?

obay

No other lenders on a soft search will give me any card apart from this company.. Simply trying to rebuild my credit file as i've defaulted!

if not, can I apply for another card (APART from capital one and barclays) that'll help me build my file back up?

obay

i've just applied and not been declined yet.

Simon7685

Vanquis is a good tool to help rebuild your credit rating. There are lots of horror stories on here about Vanquis, however if you take the time to read them, they nearly all involve people who have had problems before got a Vanquis card, run it up to it's limit and then can't pay.

The simple fact is if it used correctly it will help you start to rebuild your rating. You must follow a simple set of rules;

1. Do not overspend and repay in full every month. That means no interest to pay and no debt.

2. Do not go over limit.

3. Do not pay late, this will have a detrimental effect on your rating and cost you money. Set up a direct debit for the minimum payment to avoid any late payments if you forget to pay. If you clear the balance for the DD is due they do not take it, simples!

4. You know when your statement is due each month, so plan for repaying what you have spent. Pay it as soon as you get the statement rather than waiting till 3 days before it's due.

Do not expect results overnight, it takes a long time but if you use it wisely there will not be a problem with Vanquis.

Hope that helps.

obay

could I get aproved? Even though I have a registered default on my file?

and if I get aproved what does it mean for my file?

obay

all i am going to do is spend near £50 a month on my contract so I can clear it faster :P

DevilPigeon

When I got my Vanquis several years ago I had approx 5 accounts still showing as default on my files (I'd just completed an IVA early)...

obay

i don't want to go on IVA... just want to build my file up, I've got a very !!!! poor rating and just want to improve.. if i pay off my phone contract with the card and pay off the credit card each month it's doing something isn't it?

DevilPigeon

I was just pointing out that I'd completed an IVA early, so still had several defaults showing on my files, yet still got accepted by Vanquis. Point being, that if your files are otherwise clear (apart from the single default you mentioned) and you also meet their criteria then there's a good chance you'll be approved.

And as long as you use it correctly (ie use it, pay the minimum each month, don't pay late, don't go over limit etc) then over time it will be a positive indicator on your credit files.

obay

DevilPigeon wrote: »

I was just pointing out that I'd completed an IVA early, so still had several defaults showing on my files, yet still got accepted by Vanquis. Point being, that if your files are otherwise clear (apart from the single default you mentioned) and you also meet their criteria then there's a good chance you'll be approved.

And as long as you use it correctly (ie use it, pay the minimum each month, don't pay late, don't go over limit etc) then over time it will be a positive indicator on your credit files.

i got one account being paid off at the mo that has been late for 2 months.. would this be an inpack?

DevilPigeon

obay wrote: »

i got one account being paid off at the mo that has been late for 2 months.. would this be an inpack?

I think it depends how recently the missed payments were... As time goes by, late payments have less of an impact.

obay

oh right, i was paying it fine then i stopped, paid off another problem i had and now from friday I am going to be paying again. (1 month period).