vanquis

ladytimelord

Hi iv recently applied for a vanquis credit card and they have said they will call me in the next few days. i was just hoping to get some advice off people who already own one. If I'm successful i believe i will be put on the standard plan due to being a homemaker. I read on part of the website (which iv now lost ) that if i use £250 and pay back at £50 a month id be paying it off for 7 months. Is this true to the standard plan, and has anyone had problems with this? I can afford the £50 a month pretty happily but I'm still wary. I really do need the money atm and my credit rating isn't great so it would help me out to re build. any advice is much appreciated. Thank you

YorkshireBoy

I don't know what a "standard plan" is, but the 7 month example is at the foot of the summary box here...


http://www.vanquis.co.uk/summary


£27 is a lot of interest on £250, especially with £50 monthly payments. Don't forget that the example assumes just the one £250 purchase, ie you won't be using the card again...and if you're not using it then you're not really improving your credit rating by demonstrating account turnover.


Also don't forget you might not even get a £250 limit, as they start at a very low £150.

[Deleted User]

i have one and what i do is pay the minimum payment as soon as possible after the statement is issued then when i know i have extra i may that off in addition that way im covered if i cant pay more.

I was called and they asked if i worked then offered a bank transfer and PPI

fuzzgun19

Is it possible to be accepted for one of these 'bad credit' cards, if you're a homemaker?

YorkshireBoy

fuzzgun19 wrote: »

Is it possible to be accepted for one of these 'bad credit' cards, if you're a homemaker?

It would appear so...

To complete your credit card application, please have:

• Your annual household income.
• If you're employed, the name and address of your employer.

https://www.vanquis.co.uk/apply

My emphasis.

MisterBaxter

With the very high interest rates on these card they will accept much higher risk customers but they should really only be seen as 'credit builder' cards. Spend small amounts regularly and pay it back in full each month the avoid the charges. They really aren't a good way to borrow money as the costs are so high. Once your credit report is looking more healthy you should find it easier to get more mainstream cards.