vanquis

gazimpact

Help, I have a visa vanquis card and have reached my credit limit (I haven't really had credit cards in the past so was silly to do so), but I am now paying 100 pounds per month and the balance isn't really coming down, is there a way to do so?
p.s. I don't have a good credit rating

MrSilk

£100 a month and seeing no decrease in the owing balance?

What on earth is your credit limit? :eek:

DipStick

You need to give us a bit more information. For example, how much is the balance and how much could you afford to pay each month.

Presumably you have now realised you should stop taking on more debt and have stopped doing so.

grumbler

MrSilk wrote: »

£100 a month and seeing no decrease in the owing balance?

What on earth is your credit limit? :eek:

Well, their APR is 40%-70% that is 2.8%-4.5% in monthly terms.

At 70% APR it takes 'just' ~£2K balance for the monthly interest to get close to £100.

Of course, it's crazy to borrow even at 40% APR, let alone 70%.

SnowTiger

gazimpact wrote: »

Help, I have a visa vanquis card and have reached my credit limit (I haven't really had credit cards in the past so was silly to do so), but I am now paying 100 pounds per month and the balance isn't really coming down, is there a way to do so?

If you're only making minimum payments, you're paying 1.5% of the outstanding balance, plus interest: http://www.vanquis.co.uk/upload/cca/PD10361_VBL_SECCI_CCA_39_0814.pdf.

Therefore, most of your monthly payment is interest.

What can you do? Pay more towards the card or borrow from elsewhere at a lower interest rate and use the loan to pay off your Vanquis card.

Oh, and stop spending on the card if you're still doing so.

Aquamania

gazimpact wrote: »

Help, I have a visa vanquis card and have reached my credit limit (I haven't really had credit cards in the past so was silly to do so), but I am now paying 100 pounds per month and the balance isn't really coming down, is there a way to do so?
p.s. I don't have a good credit rating

Welcome to MSE :hello:

Please log back on and post if you need any assistence in this query

albertoG

I am in a similar position I have £3,000 or just under balance, I seriously need help and am at my wits end. I have poor credit (big surprise). I have in the past had a capital one card, cleared and gone. I have done the credit card eligibility checker and capital one are the one most likely to take me on. I want to do a balance transfer clear the debt and then get out of this downward spiral. What is your advice? Would Capital one take on that balance? I'm scared to apply because of rejection and the adverse affect on credit record :-(

grumbler

albertoG wrote: »

Would Capital one take on that balance?

The only way to know is to apply. Also, you can transfer a part of the balance if the credit limit isn't big enough.

I'm scared to apply because of rejection and the adverse affect on credit record :-(

It's only a credit search that is recorded, not the rejection/acceptance.
One credit search has a small and short-lasting effect.
MSE article: Credit Scores

[Deleted User]

You won't know until you apply. Even if you get accepted with a lower limit, at least you have the opportunity to transfer some of the balance.

The result of your application is not recorded, simply the search.

albertoG

Ok, I have applied and been accepted but dont know what the limit is yet. Thank you so now I just need to transfer the balance from the other card I guess or do they do that automatically? Once the new card comes I'm chopping it up. I just hope to god this time next year it will all be gone................. not sure how I feel really a bit sick right now!

Aquamania

albertoG wrote: »

Ok, I have applied and been accepted but dont know what the limit is yet. Thank you so now I just need to transfer the balance from the other card I guess or do they do that automatically? Once the new card comes I'm chopping it up. I just hope to god this time next year it will all be gone................. not sure how I feel really a bit sick right now!

Which particular Cap1 card did you apply for?

Presumably the BT one mentionred in the MSE article?
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

Capital One* 0% until June 2015, 3% fee





Need to Knows

• ...
• Credit limits are low, ranging from £200 to £1,500.

How much was it you were hoping for again? :doh:

Do you seriously think you can pay off £3k in 6 months?
Or are you just delaying the inevitable.
Have you considered asking for help on the Debt Free Wannabe board?