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Vanquis - Credit Reporting

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Hi,

Can anyone shed any light on how Vanquis report back to credit agencies.

My partner currently has a Vanquis credit card in order to build up his credit score.

The balance of the account showing on Experian seems to be incorrect. It states that the account was last updated on 07/04/13. However, the balance showing beside this is what the balance was at on 06/03/13. Do they report a month behind?

It was recommended to my partner that he took out a credit card with vanquis to immprove his credit rating. However, this seems to be having a detrimental effect on his score and has brought it down instead, and I just wonder if he could be using it better, ie, pay it off before the statement date?

Thanks for any replies.

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  • matttye
    matttye Posts: 4,828 Forumite
    First Anniversary First Post Combo Breaker Debt-free and Proud!
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    Don't worry too much about what the Experian credit score says as they don't lend to people. Plus lenders take salary, time at home address, etc., into account, which is information that Experian doesn't have when generating the score.

    As long as he's making more than the minimum payment on time each month (in full would be best), then it will be having a positive effect on his credit files.

    The only possible detrimental effect it would have is that lenders will often consider the amount of overall credit available to a person before lending to them, so if they see he has £whatever available on the credit card they might decide not to lend to him on the basis he already has £whatever available and wouldn't be able to repay if he borrowed more money.

    The solution to that is of course to close the credit card account once it has done its' job.
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