Thanks Vanquis / Provident for the Credit Card - Much Appreciated

lifechanges

So I guess many of you are expecting this to be a negative post, well in fact its the complete opposite.

When I turned 18 I decided to get whatever I could on credit, TVs, phones, Credit cards, loans and even PROVIDENT credit,

I never had a care in the world about how to pay for the credit or how it would effect my credit in my later life.

In total I must of had over 50k of debt within 5 years, What Lloyds was thinking when they gave a job seeker 20k is beyond me. Well I spent my life hiding from the debt collectors, dodged the debt until it went away (and it did go away) but it has left a massive stain on my credit file.

At the age of 35 I decided it was time to start building up my credit file, I put my name on the electrodoll, Installed a BT phone line and I applied for all the sub prime cards out there.

and I was refused instantly!

I never applied for the Vanquis card because it was owned by provident, and I had ripped them off when was younger. I started to think I was never ging to get credit, as I couldn't even get a catalog with a £75 limit.

One evening I decided to just apply for vanquis card and see what happens, I received the "need to look closer" response so I guessed it wasn't going to happen. A few days passed and I get the call from Vanquis saying I've been accepted, it was only £250 credit but it put my back on the credit ladder.

I kept my head down, payed in full each month and on my 5th statement I had my credit increased to £500. 14 months since applying I now have the gold card.

OK I could never use the gold card unless i can afford to pay in full but since they took the risk on me I have now been accepted for an aqua card and a Barclays Initial with a combined credit of 4k. Even with the High APR i would never get rid of my vanquis credit card, It's the oldest card in my wallet but if it wasn't for them I wouldn't be where I am today.

I know they have huge apr, but if you pay in full then there is no APR to pay, only money i have given vanquis is the £3's every time i withdraw cash, Much cheaper than payday loans

Thanks Vanquis

jonesMUFCforever

I don't believe that Lloyds gave you a £20k loan if you were unemployed.

lifechanges

the 20K was on a range of credit services

Why would I lie?, it's not like im trying to make friends!

cockaleekee

Troll or someone that still has not learnt their lesson? I'm going for troll ...

lifechanges

What?

So i make the effort to sign up and share my experience and im classed as a troll? oh dear!

devildato

lifechanges wrote: »

So I guess many of you are expecting this to be a negative post, well in fact its the complete opposite.

When I turned 18 I decided to get whatever I could on credit, TVs, phones, Credit cards, loans and even PROVIDENT credit,

I never had a care in the world about how to pay for the credit or how it would effect my credit in my later life.

In total I must of had over 50k of debt within 5 years, What Lloyds was thinking when they gave a job seeker 20k is beyond me. Well I spent my life hiding from the debt collectors, dodged the debt until it went away (and it did go away) but it has left a massive stain on my credit file.

At the age of 35 I decided it was time to start building up my credit file, I put my name on the electrodoll, Installed a BT phone line and I applied for all the sub prime cards out there.

and I was refused instantly!

I never applied for the Vanquis card because it was owned by provident, and I had ripped them off when was younger. I started to think I was never ging to get credit, as I couldn't even get a catalog with a £75 limit.

One evening I decided to just apply for vanquis card and see what happens, I received the "need to look closer" response so I guessed it wasn't going to happen. A few days passed and I get the call from Vanquis saying I've been accepted, it was only £250 credit but it put my back on the credit ladder.

I kept my head down, payed in full each month and on my 5th statement I had my credit increased to £500. 14 months since applying I now have the gold card.

OK I could never use the gold card unless i can afford to pay in full but since they took the risk on me I have now been accepted for an aqua card and a Barclays Initial with a combined credit of 4k. Even with the High APR i would never get rid of my vanquis credit card, It's the oldest card in my wallet but if it wasn't for them I wouldn't be where I am today.

I know they have huge apr, but if you pay in full then there is no APR to pay, only money i have given vanquis is the £3's every time i withdraw cash, Much cheaper than payday loans

Thanks Vanquis

u got a point dude

droiderm

I closed my vanquis yesterday.
Bless their cotton socks .

cockaleekee

lifechanges wrote: »

What?

So i make the effort to sign up and share my experience and im classed as a troll? oh dear!

Sorry if I'm wrong, but posting about your continuing inability to manage your finances seems more than a little odd. Perhaps you would be better posting on the Debtfree Wannabe board, so you can get help to manage your budget so you don't need to use credit cards for cash advances?

Willing2Learn

I'm curious why the OP would repeatedly pay £3 or 3% cash advance fee (whichever is greater) instead of having a current account and withdrawing cash with a debit card...or over the counter in the branch...or cashback in a supermarket... What is average paid out in fees during an average month due to cash advances?

I agree that the OP may possibly need advice on money management via DFW.

lifechanges

cockaleekee wrote: »

Sorry if I'm wrong, but posting about your continuing inability to manage your finances seems more than a little odd. Perhaps you would be better posting on the Debtfree Wannabe board, so you can get help to manage your budget so you don't need to use credit cards for cash advances?

I'm very good at managing my money now thanks, and I am debt free!.

Lets not forget I was talking about when I was 18, that's nearly 20 years ago now.

I have grown up since then, and have spent over 15 years without the need of credit, my attitude is if i cant afford it then don't buy it.

I have found MSE a great tool and was just interacting and sharing my experiences, like you do in forums

for the record I have a family and an alright job, but that's not to say I might not want to purchase a house in the future.

"posting about my continuing inability to manage my finances" was to give readers an idea how i got into the situation in the first place

And if i want to withdraw £100 off my card to heat my home and feed my children (at a charge of £3) then that's my choice, that doesn't imply I cant manage my money, I look at it as "thanks vanquis" Just like when I page £10 for a £7 haircut.

Plus a credit card is a must as I dont get protection when purching online with a debit card

lifechanges

Willing2Learn wrote: »

I'm curious why the OP would repeatedly pay £3 or 3% cash advance fee (whichever is greater) instead of having a current account and withdrawing cash with a debit card...or over the counter in the branch...or cashback in a supermarket... What is average paid out in fees during an average month due to cash advances?

I agree that the OP may possibly need advice on money management via DFW.

Didn't say I do it ALL the time, just said thats the only money vanqis makes from me as i pay no APR