Vanquis & Luma CC's.

Grumpy_Shunter

Hi Guys.

Just a quick question.........

I have been discharged over a year now. I have cleaned up all of my credit files and started to apply for a credit card from the usual credit building card companies, but none of them are having it. I have been declined 3 times in the last few days.

Any tips on how I could improve my chance of getting one of these cards? I know I haven't got any right to expect to be accepted, but it seems a bit daft seeing as I have a well paid job, a savings and a current account, two mobile phone contracts, Sky TV etc etc and to all intent and purposes, debt free.

I only want to put the weekly fuel on it to help bump-up my credit score.

Am I applying too early do you think?

Helpmeoutofthismess

There just seems to be no rhyme or reason to who they accept and who they don't! I was offered a vanquis card with a £500 limit only 6 weeks after discharge and I'm not even working. Were you a customer of any of those companies before you went bankrupt? I never was so I obviously didn't go down owing them money.

I hope you get something sorted soon, it's so frustrating getting declined for things that others are accepted for!

H x

Grumpy_Shunter

Nope. Never had a Vanquis or Luma card. Unless any of their subsidiaries were one of my creditors in BR?

Oh I don't know. I'll just have to crack on as I have been doing for the last 12 months since AD. I'm in no hurry. It just would of been handy to try and get my CS bumped up..

tigerfeet2006

Don't apply for anything else for 6 months or so as the searches will show up and put up red flags for the lenders.

fermi

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

Grumpy_Shunter

Umm, (rubs chin).

I applied to Vanquis again on Jan 12. I was rejected, again. Following advice on here, I decided not to apply for any other credit building cards for another 6 months.

Anyway. Yesterday, I received an email from vanquis stating they were now inviting previous applicants who have been rejected to apply again!!

So I did, and got accepted!!

What's that all about then? Are they desperate for new custom?

Also, can someone put my mind at rest in as much as this..............If I pay my balance off in full each month (which I will be, because it's only the weekly fuel that's going to go on the card), am I right in saying that I won't pay any of the ridiculous interest rates?

woodformoretrees

Grumpy_Shunter wrote: »

Umm, (rubs chin).

I applied to Vanquis again on Jan 12. I was rejected, again. Following advice on here, I decided not to apply for any other credit building cards for another 6 months.

Anyway. Yesterday, I received an email from vanquis stating they were now inviting previous applicants who have been rejected to apply again!!

So I did, and got accepted!!

What's that all about then? Are they desperate for new custom?

Also, can someone put my mind at rest in as much as this..............If I pay my balance off in full each month (which I will be, because it's only the weekly fuel that's going to go on the card), am I right in saying that I won't pay any of the ridiculous interest rates?

I have one of these cards and have been really pleased with it (under no illusions that they're out to help me). Just make sure that you DO NO TAKE CASH OUT. If you take cash out you immediately start paying interest. If you use the card instead of your debit card, and then pay off in full each month. It's all hunky dory. also....they increase your balance each 6 months. Which, regardless of your views on credit after bankruptcy, is bl**dy useful.

Glad you got sorted in the end.

Grumpy_Shunter

woodformoretrees wrote: »

I have one of these cards and have been really pleased with it (under no illusions that they're out to help me). Just make sure that you DO NO TAKE CASH OUT. If you take cash out you immediately start paying interest. If you use the card instead of your debit card, and then pay off in full each month. It's all hunky dory. also....they increase your balance each 6 months. Which, regardless of your views on credit after bankruptcy, is bl**dy useful.

Glad you got sorted in the end.

Cheers, Woody,

So, to recap, if I pay it off in full each month via direct debit, I won't incur the/any ridiculous interest rates?

woodformoretrees

Well, I pay mine off in full every month, but via debit card. I have not been charged a penny. (other than a couple of months where I was a very, very bad person and didn't pay off in full).

I know they have an extortionate rate if you take cash out, or use their credit facilities, but I have always found them incredibly decent to deal with. (other than the phone calls to sell stuff. Just block them on your phone).

Also, just to give you a larf.....I became a GOLD MEMBER this month, due to the fact that they've raised my credit limit to £2000. I got a very special letter, typed out on very thick, very textured paper, in all posh colours. :rotfl:

alastairq

So, to recap, if I pay it off in full each month via direct debit, I won't incur the/any ridiculous interest rates?

True.

You can also pay [and keep control] using their online system...worth logging into.

You actually get approximately 6 weeks interest free....keep an eyeball on your online statements, pay off each statement in full by the due date.

woodformoretrees

alastairq wrote: »

True.

You can also pay [and keep control] using their online system...worth logging into.

You actually get approximately 6 weeks interest free....keep an eyeball on your online statements, pay off each statement in full by the due date.

They're okay, aren't they AlastairQ, as long as you pay off prior to interest being added. I've never had a problem.