Vanquis APR Reduction

geekonthepc

To be fair, I wouldn't even borrow on my 29.9% BC Initial, that's still way too high interest for my liking. My other card is 19.9%, which I could just about stand, but even so I'd only borrow on that as an absolute last resort (and it isn't going to happen any time soon).

My advice would be wait for the defaults to clear next year and then apply for a better card - by then you'll have 3 years of good history which should keep lenders happy - as long as your income is OK.

Simon7685

dresdendave wrote: »

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.

If you read the first post fully it would answer your questions dresdendave, I pay all my cards in full and before they are due every month and have done since I got them. I have no intention to start carrying a balance on my Vanquis card.

The point is I am merely trying to get them to play fair, when they open your account they set your APR on your credit rating at that time in conjunction with their perception of likely you are to default on them, that is fair enough. So after you have been with them for 2 years and shown you can mange your credit and your credit rating has improved then surely it is not unreasonable to ask them to reflect that in their APR to you?

I am looking on it as an exercise to see if CC companies can practice what they preach. They say there APR is variable depending on the risk involved in them lending to you.

I would like to keep the Vanquis card in my wallet as a reminder of where I have had to come from to get my credit worthiness back but I don't really want it in there at 59.9% APR.

UsetheFORCE

LOL, I will swap my Vanquis APR of 79.6% for your 59.9 if you like???

[Deleted User]

By all means ask them but I doubt you will get anywhere. As has already been mentioned, Vanquis is very much a credit-builder/repair option. Once you've got through this stage, which you appear to have done, there is little point keeping the card open. If I was a cynic, I'd say that Vanquis don't have much interest in people who can operate their cards responsibly (not much chance of them carrying a balance/defaulting) so there is little incentive for them to want to give you a better deal.

If you do send your letter, please let us know what kind of response you get - very few people bother.

If I were you I'd ditch the Vanquis, whatever their response. They are not a company who is going to reward you for loyalty or benefit you from having a long term relationship.

Simon7685

I have already sent the letter to them it went off on Friday, so hopefully a reply will be received in the next week or two Whatever the response I will update this thread with it, as that was the point of starting it but I know what you mean about a lot of people not bothering to update.

Simon7685

UsetheFORCE wrote: »

LOL, I will swap my Vanquis APR of 79.6% for your 59.9 if you like???

Thanks for the offer, I will give it some serious thought..............

Ermmmmm

Its a tough decision and a great offer but I think I might stick:D

Maestro.

Even if they don't decrease your APR you should still keep the account open over time. Lenders apparently see it as a sign of "stability". Apart from the occasional cold phone call every few months from someone partnering with vanquis, I've had no hassle from them, so even though I don't use the card anymore I suspect I'll just keep it open as both a sign of stability and a record of where I once started.

Simon7685

Well guys I received a letter saying they had not been able to contact me and asking me to ring them about my account.

So I rang them at a cost of 68p..............

I said I had received the letter, so was ringing as requested. I was told it was just to inform you, we do not vary APR's, they are set when the account is opened and that is that.

I asked why in that case could they not put that in the letter as it had cost me money to ring them. she said its a standard letter sent out and everyone asked to ring, the conversation went on for a few minutes where I sounded off and that was that.

I didn't really expect to get anywhere with an APR reduction but it was worth a try. I am annoyed that they have cost me money in the long turn but I guess that's Vanquis for you.........

SnowTiger

Simon7685 wrote: »

I didn't really expect to get anywhere with an APR reduction but it was worth a try. I am annoyed that they have cost me money in the long turn but I guess that's Vanquis for you.........

Well, as you said, "it's worth a laugh". :rotfl:

Maestro.

I wonder do the quarterly cold calls from vanquis' marketing partners disappear after you cancel your account with them?