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Vanquis APR Reduction
Simon7685
Posts: 1,117 Forumite
in Credit cards
I have had my Vanquis Granite card for 2 years now, at the time Vanquis were the only lender prepared to give me a card, something that I appreciate as without a lender you can't begin to repair your credit rating.
However 2 years down the line, things are changing, I now have just one default to clear off my file in Jan 2014 and 2 years worth of positive history. This includes a mobile contract, current account with OD facility other credit cards all with limits over £1k available, all paid in full each month and on time. So my credit worthiness is completely different to 2 years ago.
When my Vanquis account was opened they set my APR at 59.9% on purchases and 69.9% on cash advances. Needless to say I have never taken advantage of either, I wouldn't dare at those rates!
However it got me thinking is this APR with Vanquis a fair reflection of where my credit rating is today? So I have today written to them asking for my APR to be varied to something more resembling other lenders such as Barclaycard Initial at 29.9%.
I don't know what the outcome will be but decided it was worth a shot. Of course there is always the possibility that they might close my account as a result but to be honest if they did, it wouldn't be an issue as I have more than enough available on my other cards now.
The way I see it is if you don't ask, you don't get! However is it fair that 2 years on when your history improves and you have proven you can manage your credit that they still want to expose you to these obscene APR's? I would like to keep my Granite card even when I am fully acceptable for all mainstream cards, as I think it is good to have a reminder in your wallet of where you have had to come from after screwing up. however I don't really want a card with a 60% APR!
So I thought that this would make an interesting thread for others to post their experiences if they have tried for a reduction with Vanquis and to let others know how my request with them goes down.
However 2 years down the line, things are changing, I now have just one default to clear off my file in Jan 2014 and 2 years worth of positive history. This includes a mobile contract, current account with OD facility other credit cards all with limits over £1k available, all paid in full each month and on time. So my credit worthiness is completely different to 2 years ago.
When my Vanquis account was opened they set my APR at 59.9% on purchases and 69.9% on cash advances. Needless to say I have never taken advantage of either, I wouldn't dare at those rates!
However it got me thinking is this APR with Vanquis a fair reflection of where my credit rating is today? So I have today written to them asking for my APR to be varied to something more resembling other lenders such as Barclaycard Initial at 29.9%.
I don't know what the outcome will be but decided it was worth a shot. Of course there is always the possibility that they might close my account as a result but to be honest if they did, it wouldn't be an issue as I have more than enough available on my other cards now.
The way I see it is if you don't ask, you don't get! However is it fair that 2 years on when your history improves and you have proven you can manage your credit that they still want to expose you to these obscene APR's? I would like to keep my Granite card even when I am fully acceptable for all mainstream cards, as I think it is good to have a reminder in your wallet of where you have had to come from after screwing up. however I don't really want a card with a 60% APR!
So I thought that this would make an interesting thread for others to post their experiences if they have tried for a reduction with Vanquis and to let others know how my request with them goes down.
0
Comments
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Please post if I'm wrong, but ....
.... No chance!0 -
I know but it's worth a laugh just to see how they can still justify the same APR 2 years on.
If they won't reduce it, I will just use it once every now and then to keep building up green ticks and once my file is completely clear next January I will close it.0 -
I know but it's worth a laugh just to see how they can still justify the same APR 2 years on.
If they won't reduce it, I will just use it once every now and then to keep building up green ticks and once my file is completely clear next January I will close it.
But since it is a builder/rebuilder card they will keep it that high and expect you to graduate to 'better' products.0 -
hi im new here0
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has anyone dlc ccard debts0
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Lesson #1 - new question = new thread, don't just add onto an existing thread.
dlc?
Debt collectors: http://www.dlcuk.com/?
OP probably needs to begin a new thread, as you suggest.0 -
But since it is a builder/rebuilder card they will keep it that high and expect you to graduate to 'better' products.
I take your point and don't entirely disagree with you but in their T&C it does say they can vary your APR depending on how you handle your account and what level of risk they see you as a borrower.
As they don't allow you to have more than one of their cards then there is no product for you to graduate to, unless of course you meant graduate as in - take your business to a different company?
I really don't expect to get anywhere with the request but I do think it is worth a try, just to see what their reply will be.0 -
As you are using the card to rebuild your rating you should be paying the balance in full every month, therefore incurring no interest. Unless you are planning to start carrying a balance on the card why are you concerned about the APR?
If anything the high APR should act as deterrent to stop you spending more on the card than you can afford to pay off every month.0
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