Vanquis acceptance

Sparx71

I got ED in Sept 2010. I have just applied and been accepted for a Vanquis Visa card, my first since BR. Would it be best for me to use this at all, and pay on time, or not use at all? I'm just slowly trying to rebuild a decent credit score. Getting back on the horse after 4 years! !

OutofDebt-NOT-OutofDanger

Best to spend low and PAY OFF IN FULL every month. It shows you can be responsible with credit, and with an average interest rate of 40% you really don't want them to charge you any!

SteveABC

I got one too 18 months after AD. I use it every month, put the money aside and pay off in full.

After 4 months they doubled the credit limit - but I still pay off in full every month.

Now have an Aqua card too and a doing the same with that.

:money:

DM1985

I've had one for a year now use for petrol then pay off in full.

Just opened up an aqua card as well so will do the same again with that one.

woodformoretrees

And definitely DO NOT withdraw cash as the interest on that starts straight away.

Sparx71

Thanks for the advice. I'll be careful, and probably go with using it for fuel each month. After a couple of knock backs from other companies/banks etc it feels good to actually get a bit of plastic with my name on!! First time in 4 years..

woodformoretrees

It does feel good - I applied for mine a week after AD. It sits proudly unused in my purse

alastairq

woodformoretrees wrote: »

It does feel good - I applied for mine a week after AD. It sits proudly unused in my purse

I did that....best to pay for something each month via the VAnquis.....helps sort this mythical credit score, and keeps Vanquis happy too...otherwise they start becoming insistent[ie, pestering?}

The VAnquis card [and others of similar ilk] are useful as a 'safety net' for us non-credit-seeking bodies....[something that was worried-about by some?}.....but also useful, for example, to sit alongside cheap-but-good vehicle breakdown cover?

I refer to Autoaid?

Which is the breakdown cover where one pays a modest fee each year...but when one breaks down, one pays the recovery guy, more-or-less up front.

Then one recovers the costs from Autoaid, who respond very quickly indeed.

The fly in the ointment is, one must have those initial [quite high?] funds in the first instance?

A VAnquis card solves that issue immediately?