Vanquis card to improve credit rating

timetogrowup89

Hi,

I have been making huge efforts to clear my debts in the last few months and have also taken out a vanquis credit card to try and improve my rating at the same time..

In the last year I have used the card monthly and always paid it off in full, they have increased my credit limit 3 times which is reflected in my credit file.

Just wondering if this will actually be having much positive impact on my file?

I plan to clear my debts by the end of the year and then save for a mortgage deposit for about 2 - 3 years.

Is there anything else I should be doing to improve things in my file?

Thanks..

CherlokHomes

Keep doing what you're doing.

timetogrowup89

thank you

I have some defaults which are due to come off next year, but one was only issued in 2011..

If this is cleared and I have 2 - 3 years of savings is it likely to have much impact on my ability to obtain a mortgage?

CherlokHomes

timetogrowup89 wrote: »

thank you

I have some defaults which are due to come off next year, but one was only issued in 2011..

If this is cleared and I have 2 - 3 years of savings is it likely to have much impact on my ability to obtain a mortgage?

Next year your Default will only be 3 years in as these stay on your file settled or not settled for 6 years.

Getting a mortgage with a 3 year old default! It certantly won't look great.

mrtaximan

Vanquis is a great tool to build your credit rating.Please clear every month and on time and your rating will improve.Be aware that if you don't clear the balance the Interest is very high and can get out of control very quickly.

shaunnnny

vanquis is good if you pay IN FULL every month just dont get caught in the trap of only paying the minimum payments id suggest just using it for smaller purchases like fuel then repaying IN FULL every month