Vanquis offer of acceptance

PRINCESSX87

This afternoon through the post I have a letter from vanquis bank offering me a CC. It says I can apply online for instance approval or fill in the remaining blanks and post back.

I have shot credit at present and struggling heavy on monthly payments, I plan on rebuilding my credit, But worried i'm going to dig myself into a deeper hole. Any advice if I should take it or avoid??

(Newbie question to CC's)

dannyfleetwood

I would say avoid like the plague but I can't because I have one. They are OK but only if paying off balance in FULL every month. Only you can know your intentions. Personally, I would take it as I doubt you will get anything else at present but my advice would be to just spend say £10 per month on it so you know you can pay it off in full.

Catherine_Johnson_2

If you're already struggling to meet your repayments, what on earth do you need another credit card for? I would have thought that was the last thing you needed.

PRINCESSX87

Sorry I meant repayments of another things, Water ect. I never applied for this, Is something they've sent, Just wondering if I should take it out now as its been offered to start rebuilding my credit score

NEVER HAD A CC BEFORE, HENCE THE ASKING OF ADVICE

dannyfleetwood

Only you can make the decision. Some will say go for it, others will slay them down for telling you to. I took one out when I was in a similar position a few years ago and it has came in handy if only for the consistant green markers on credit file.

Maybe accept it but ask them for a lower limit than they offer you?

the_insider

Is it a actually addressed to you or has it just dropped through the door? I get about one a month because I live in a low income area but they're not addressed to anyone.

PRINCESSX87

Its addressed to me, Has my details on it too! x

SnowTiger

PRINCESSX87 wrote: »

Its addressed to me, Has my details on it too! x

They've probably just lifted your details from a mailing list.

Acceptance isn't guaranteed.

If you want a credit card, and don't currently have one, it would be worth a punt.

geekonthepc

At the end of the day it's completely up to you. I'd say chances are they'll probably give it to you. There's very mixed opinions on this forum - you just need to take what you want from it as advice.

I'd personally take it ONLY if you're certain you'll only spend a very small amount on it every month and it off in FULL. Vanquis will slap on the interest if you don't, and that won't really make it worth it. If you don't think you'll be able to make full repayments, or are worried that you'll spend money you don't have to spare, you're best to keep away for now. It's completely up to you, though