Vanquis card

Oakdene

Hi All

I have around £670 (limit of £1000) on my vanquis card at the moment, Im paying it off bit by bit but plan to make bigger payments now Ive sorted things out. However what I am wondering is if there is a suitable card out there which might offer a lower interest rate for a balance transfer but is suitable for those with a very low credit score?

Or would I be better off trying to pay it off with Vanquis?

Cheers

MrSilk

Oakdene wrote: »

Hi All

I have around £670 (limit of £1000) on my vanquis card at the moment, Im paying it off bit by bit but plan to make bigger payments now Ive sorted things out. However what I am wondering is if there is a suitable card out there which might offer a lower interest rate for a balance transfer but is suitable for those with a very low credit score?

Or would I be better off trying to pay it off with Vanquis?

Cheers

In a word, No. Unfortunately your low credit 'score' will make it impossible to get a 0% card .

My advice: Cut it up, and throw as much cash at it as possible to get the balance down! :T

Oakdene

MrSilk wrote: »

In a word, No. Unfortunately your low credit 'score' will make it impossible to get a 0% card .

My advice: Cut it up, and throw as much cash at it as possible to get the balance down! :T

Thought as much but thought I'd ask.

I really want to get my credit score up as soon as possible (within next couple of years) as I'd like to start thinking about the future, i.e. mortgage.

Twisted_Cherry

MrSilk wrote: »

In a word, No. Unfortunately your low credit 'score' will make it impossible to get a 0% card .

My advice: Cut it up, and throw as much cash at it as possible to get the balance down! :T

Finally cut mine up today... and the Aqua card!

Sabbathdei

Twisted_Cherry wrote: »

Finally cut mine up today... and the Aqua card!

Nice one Cherry :T:beer:

Twisted_Cherry

Sabbathdei wrote: »

Nice one Cherry :T:beer:

It was such fun putting it through the shredder!

pogg000

Oops wrong thread

fozmcfc

Reading this thread just makes me shake my head.

The best way of building up a credit rating, is to use a card such as Vanquis responsibly.

I.E. Do not run a high balance and pay off the balance in full or at least 90% of it each month.

People, cut up these cards, once they get another card, but WHY? Simply use the Vanquis card for £20 - £50 a month of purchases and pay it off in full. APR's are only relevant when balances aren't paid off in full. I'll pay the same interest on a Vanquis card each month as a premium card, if I pay it off in full each month. I.E. nothing.

Sure cut up the card, but if I was building up a credit rating, I wouldn't be doing that. If you're spending £100 - £200 a month on a credit card, then I'd be running 2 or 3 credit accounts responsibly and spreading that total amongst them, rather than 1 account, just cause the APR is lower on one card.

Too many people, think because they have a credit card, they simply must spend up to or near the limit.

Sadly too many people, also forget that companies such as Vanquis, give them a chance to build a rating up, when no one else would, but conveniently forget and slag them off when they leave.

Apmcm

I've had a Vanquis card for 2 years, never missed a payment and generally kept the balance fairly low. I had an urgent car repair last month though, so I applied for the Fluid 0% balance transfer card this morning.

I didn't get the 24 months card, but they offered me a 0% balance transfer (1.75% transfer fee)for 16 months and 18.9apr after that, with a £2500 initial limit. My £695 Vanquis balance will be transferred over in the next few days.

Finally, i'm shot of Vanquis! They provided me with a chance to repair my rating, so i'm grateful for that. When my 16 months are up on my new card, i'll hopefully be able to get a low apr card.

Maybe you could try Fluid (MBNA) too? They do a preliminary check that doesn't affect your credit score. If it comes back positive, you can carry on with the application.