Vanquish Credit Card! 40% APR ! Getting some sort of decent Credit Score back!

lolly_896

Good Morning All!

I have just applied and have been accepted to Vanquish (I have adverse credit) So im trying to get my credit score back up! So intend to take this Card, Then pay for my shopping on it when i get home transfer money from current account in to the credit card! TBH Im not sure if its going to work?

So can anybody tell me if this will assist me in boasting my credit rating, or not!? If not what else can i do?

Thanks ! x

Andybez38

Only time will help repair your credit rating, Keeping all accounts in good order (no missed late payments etc) can only be good for companies to see when they check your records. Just make sure you pay the vanquis balance off in full each month to avoid their hight intrest rates. Good luck with your long road to credit repair.

CLAPTON

you only need to pay the full amount off once each month before the due date to avoid interest payments. Paying the CC on time will show on your credit file and help to improve your credit score.

Treadmill

Paying your bills on time maintains a good credit rating but won't improve it, its pretty much expected that you should pay on time. If you have a history of defaults or late payments it won't wipe them out. the method of using a credit card to build credit history works if you have no history.

As Andy said, only time will improve your rating.

Grade_A_Reject

From my experience Vanquis update your credit files monthly whether you use the card or not, so simply holding onto the account for 12 months would show as 12 months worth of on-time payments on your credit file.

Rock22

Isn't it Vanquis not Vanquish?

My first credit card was Vanquis accepted 3/06 after being rejected for 6 credit cards before that - no one wants you when you're 21 and self employed without any employment history. I used it to build up my credit rating and today I have 6 credit cards - combined limit of £17,700

Just make sure to pay it in full every month

lolly_896

Maybe it is Vanquish!

Ive just realised i have closed the window which i inteneded to leave open as it told me what i need to send them i.e photocopy of passport

SH*T

k1mmie

Just watch you don't miss the payments - very quick at slapping the charges on and raising your credit limit outside of peoples affordability. My limit jumped from £400 to £1500 - told them I did not want that much! Then husband got laid off and just claimed £264 of charges back off them. So a great assett if you can stay within the boundaries (like all cards).

[Deleted User]

There is also the Aqua Card from Savcredit for people with bad credit history. Slightly less APR than Vanquis and is issued by Halifax. I got accepted for one few months ago.

lolly_896

Seems as though you all know a little bit about Credit repiar, i have a mark (dont know what it is called) from 3 mobile (Stupid young mistake) on my credit file from experian. I havent acknowledged this debt or anything and it has been about 3 years now since i have ignored will i be better off to continue ignoring or shall i just pay it?

I though i read somewhere that after 7 years they take it off anyways not sure how true this is? If somebody could shed some light x

[Deleted User]

lolly_896 wrote: »

Seems as though you all know a little bit about Credit repiar, i have a mark (dont know what it is called) from 3 mobile (Stupid young mistake) on my credit file from experian. I havent acknowledged this debt or anything and it has been about 3 years now since i have ignored will i be better off to continue ignoring or shall i just pay it?

I though i read somewhere that after 7 years they take it off anyways not sure how true this is? If somebody could shed some light x

Have they passed it onto a debt collector? I would get in contact with them and arrange a repayment plan with them if you can't afford to pay it all off in one go.