Next step after denial of Vanquis card

Contracts_Engineer

After completing my post BR credit file clean up I applied for and was refused a vanquis credit card.

I emailed them a couple of times asking why I was refused and they finally rang me today.

All they said was that i never met their criteria (waste of time telling me that - I REALISED THAT WHEN IT SAID REFUSED!!!!)

What they did offer me though was a short term loan. (like payday loan). They said that by taking this it and repaying it would improve my score.

I obviously wanted the vanquis card as it is free and also i would of paid it off completely each month, therefore costing me nothing.

A pay day loan would cost me a certain amount due to the extortionate interest. Im not quite sure of the east amount of time you could have it for but i would not want anything for more than two months to keep these costs down.

Is it worth me getting a loan and spending money to do this??

sniggings

I would say no, it's defo not worth it, your BR will be on file for 6 years, a payday loan is hardly going to improve things much, if at all, my advice would be to wait a while and try again for a card, time probably will do more for your credit score than a loan.

Just make sure your file is all correct, such as being on the voting register, and all debts marked as settled, also remember that when you apply for credit they do a search on your file, which will show up on your file, these too can lower your score, as other creditors do not like to see applications on your report as they then are likely to work out you were refused credit, so they too are more likely to refuse you, I think a search stays on for 6 months?

alastairq

Hi..I agree with sniggings on this topic.

Without doing a search, I don't know when the OP was discharged...but I'd leave an application for a Vanquis card for at least a couple of years after discharge, if not more.

Remember, Vanquis [aka Provident] are primarily after 'sub-prime' credit..ie short term, low value high interest loans. The presumption is, any applicant is drastically short of cash on a month-by-month basis.....prime candidates for pay-day loans, for example.

I recently applied online for a card, was accepted instantly, with a £500 limit to start....but I noted the primary sales direction was to encourage me to take out cash advances......at the obviously high rates of interest!


Since someone like me will go to extremes to avoid any un-necessary costs, the only source of their income from me will be from the few retailers where I will use the card [in fees]...so I will wonder how long they will want me as a [non-contributing] customer?

droiderm

Time is the healer in this instance.
There are few real ways to do much about it.
Take the opportunity to get better at money management in the short term.
There is no real rush to get credit.