Just had my Vanquis through.

The_Offside_Rule

To admins - I don't know whether this is best suited here or in the credit card section

I had my Vanquis card today and I'd like to start using it straight away so that I can start receiving positive marks on my credit report?

There are a few things I actually need like a pair of trousers for work (£20).

Is it a good idea to go to town today to buy the trousers with my card, and then pay the balance off my card as soon as I get home?

Thanks in advance

TD839

Just call Vanquis and set up a DD from your bank account for the full balance every month. If not those £20 trousers might end up costing you quite a bit more.
I dont believe there to be any benefit from paying off straight away. Just pay your full statement balance every month.

[Deleted User]

Always wait for your statement before paying off (in full). A DD is your best opton for this.

If you pay everything off instantly, your card will look unused and do nothing to improve your credit file.

MisterBaxter

The only time I can see it worth paying off before the billng date is if you need to use your card to buy something that would otherwise send you over your limit. Just check your account online first though as you don't want to go over limit.

No other reason to pay off before the bill though. As always pay in full before the due date to avoid charges.

The_Offside_Rule

Thanks for all your replies.

Just another quick question:

I didn't need a credit card for any reason other than to prove I am responsible with my money,

so,

Does value matter in terms that a repayment of something worth £50 would make help my credit standing more than paying off something worth £10?

Thanks again.

[Deleted User]

rdf1988 wrote: »

Does value matter in terms that a repayment of something worth £50 would make help my credit standing more than paying off something worth £10?

Makes no difference.

MisterBaxter

Can't say for sure but when I had my card I had a Noddle rating of 2/5 after 18 months with the vanquis card it went to 5/5, I was spending around £120 to £150 a month on petrol and paying it back in full each statement.

I know credit scores are considered to be meaningless but I think it was the using it and then paying in line with T&C that improves scores. It looks good on the credit report that there are green ticks across the board. It seems to be better to not use too much of your available credit.

Given the rates on the vanquis card make sure you only spend what you can afford to pay in full.

The_Offside_Rule

MisterBaxter - That's a good idea regarding using the card for petrol as I roughly spend the same amount as you.

That is what I shall do!

Thanks to everyone who replied!

sarah222

I have a vanquis card and I use it solely for fuel. I am a courier so use a huge amount. Be aware that if you make a payment to the card via their website it takes 3 days to show on you account with them. So don't leave it to late to make you payment as it can show as late and yoru charged for that despite you paid on their own site in time. I know I unfortunately learnt the hard way.

The_Offside_Rule

Surely your bank statement where the money was debited from would corroborate that though Sarah?

MisterBaxter

rdf1988 wrote: »

Surely your bank statement where the money was debited from would corroborate that though Sarah?

They're only interested in the date they get it not the date you initiated the payment. Leave plenty of time between paying and the due date. If you check your account online after making a payment you will notice there is a day or two delay, only once it shows on the account will they consider it paid.