Vanquis

choobs

Hi All,

I'm a posting virgin so be gentle

So, I'm on a DMP following extreme f*ckuppery involving divorce and various other life-traumas. Result is I was left with around 15k of debt (which I wasn't solely responsible but, long story short, I'm paying off). I now have about 8.5K left and am looking to be debt free around July 2014. There are currently three defaults showing on my credit report, with two of those due to 'fall off' next month.

In an attempt to start building a healthier report, I've arranged for a vanquis card with a full balance direct debit. Before I go ahead with this, though, I was hoping one of you lovely people could offer a bit of advice with a couple of questions I have.

1. I'm planning to pay a single bill with the card, probably on the first of the month, and have the full balance repaid by direct debit. Question is, if I pay the bill on the first and the balance is repaid the FOLLOWING first (i.e. more than 28 days later - potentially 31 days) will I incur charges from Vanquis (who I understand aren't exactly averse to brutalising you with charges).

2. Is paying the full balance each month likely to have a positive affect on my credit rating? Because if it isn't, I'd just as soon not have the card. I'm not going to be using it in any kind of meaningful (to Vanquis, at least) way.

Thanks all

John

[Deleted User]

You need to make sure that you pay off each statement balance in full. And don't rely on the DD for the first one - you may need to make a manual payment in the first month, until you know the DD is set up.

It will definitely help your rating to clear each month (but not before the statement is produced).

choobs

Deleted_User wrote: »

You need to make sure that you pay off each statement balance in full. And don't rely on the DD for the first one - you may need to make a manual payment in the first month, until you know the DD is set up.

It will definitely help your rating to clear each month (but not before the statement is produced).

Thanks for that - a big help. Judging by the horrific interest rate on the card I'm going to be extra cautious

J

BugsyBrowne

choobs wrote: »

Thanks for that - a big help. Judging by the horrific interest rate on the card I'm going to be extra cautious

J

Keeping payments upto date and on time improves credit rating if your paying in full or not!

Ps this is just a Generalisation as no one would actually know