Is capital one classic better than vanquis?

teabag29

or are they both as low level as eachother? I have had a vanquis for 12 mths now and limit of 1250. Been accepted for capital one classic today (online application) , is this better than the vanquis or the same and does this mean my credit is slowly getting better? Will not apply for anymore now 2 is enough just want them to build credit, pay in full every month via d.d and all my defaults from when i got into debt are due to drop at beginnng of next year

SammenForLivet2

I don't fully understand what your saying.

As far as I know - they are both licensed consumer credit providers and they are registered.

In terms of credit records, providers can only see your credit limit, repayment history and a few limited other details, and I believe they can't see which provider you with.

Therefore, it should make no difference which provider you have, it depends on your limit and repayment history.

Good luck in rebuilding your credit future (history).

Maestro.

After 12 months I'd expect to be eligible for something slightly more upmarket, providing you've been behaving yourself with payments. It took me 8 months from opening a vanquis card to being accepted for a bank of Scotland card (albeit at 23.9% apr) and I had no history with BOS whatsoever.

teabag29

Wont be offered any better until next year as i still have defaults on my file from years ago when i got into debt (they not due to drop until march next year) and also im a carer for my daughter at present so not working at the minute so cap one and vanquis are the best i can get at present

[Deleted User]

As far as using cards for normal spending goes, there isn't really such a thing as 'better' or 'worse'. If you're using the cards and paying in full each month then it doesn't matter if you have a Vanquis or Amex Platinum - you won't pay interest on either of them.

The only real difference is if you want cards to a) carry a balance for a big purchase or b) are interested in the various rewards (cash back/points) available on some of the 'better' cards.

Drp8713

Hi,

A quick question. I have never had credit before, except for a 50 pound overdraft on my current account.

Applied for a Barclaycard Initial; got rejected.

Waited a while then applied for Cap One Classic, assumed i would be rejected as Barclaycard was for people with no history, Cap One said unlikely to be accepted if you have never had credit before, so i applied for vanquis too.

Both Cap One (£500 limit) and Vanquis (£250 limit) accepted me.

I know I need to use them and pay them off in full each month to build a decent record.

Have set up a direct debit for both, spent £25 month one on Vanquis and got me travelcard £140 on the cap one. I have now had my first statement for Vanquis.

My question is will they take the direct debit? I have heard bad things about them. I trust Cap One as they seemed less money grabbing through the set up process.

I have more than enough to cover both in my current account, Santander is showing both DD's set up on my online banking, so there shouldnt be any problem?

Dont want to call them as I end up on hold for about 10 mins on a line thats not free, and dont know if i should make a debit card payment incase they still take the DD and I end up in credit on a credit card, please advise....

[Deleted User]

Check to see if it says that they will take payment by DD on your statement. If it doesn't, make a manual payment.

Drp8713

The statement is two pages and literally just shows total balance, interest due if i pay the minimum and the itemised bill, doesnt mention payments except the generic methods