Vanquis Bank Credit Limit Increase

tnel15

Ok before you all say, yes I know they're very high interest, but it's all I'm eligible for currently and I want to start rebuilding my credit rating.

So, my card came today and has a limit of £150. The plan is to use the card for one off purchases each month, stay well within my limit and pay off the balance IN FULL each month.

The welcome pack came with a calendar over a period of around 24 months. Each month it tells you what you're eligible for and what's going on with your account.
Month 5 says you may get a credit limit increase obviously as long as you've not missed payments and you've not gone over your credit limit.

But, if I'm paying my balance in full each month, will this increase come sooner? With an old aqua card I had I got an increase after 3 months maybe because I cleared my balance in full the second month. Then again with aqua 2 months later I cleared my balance and they seemed to increase my limit again.

grumbler

tnel15 wrote: »

But, if I'm paying my balance in full each month, will this increase come sooner?

What's the point in guessing if you are going to pay the balance in full anyway?

VivaTibet

tnel15 wrote: »

Ok before you all say, yes I know they're very high interest, but it's all I'm eligible for currently and I want to start rebuilding my credit rating.

So, my card came today and has a limit of £150. The plan is to use the card for one off purchases each month, stay well within my limit and pay off the balance IN FULL each month.

The welcome pack came with a calendar over a period of around 24 months. Each month it tells you what you're eligible for and what's going on with your account.
Month 5 says you may get a credit limit increase obviously as long as you've not missed payments and you've not gone over your credit limit.

But, if I'm paying my balance in full each month, will this increase come sooner? With an old aqua card I had I got an increase after 3 months maybe because I cleared my balance in full the second month. Then again with aqua 2 months later I cleared my balance and they seemed to increase my limit again.

Credit card companies ideal customers do not clear the balance in full. They tend to classify customers like this:

Revolvers: Carry a balance each month
Transactors: Clear the balance each month


What they will generally do is have strategy that tries to increase the limits of the less risky revolvers

UKGuy007

I've had a Vanquis card for 20 months and no credit limit increase! I have no idea why...

m4rc

I never had an increase from vanquis, not that I really wanted one, I keep it for emergencies but don't use the card anymore. I tried to do a chargeback through them as I paid for a service and the organisation closed down, everyone was saying their card companies gave them their money back really quickly but after 10-12 long conversations over the phone and numerous emails they have still done nothing. Probably because I paid it off and they would need to put me in credit, but I find them arrogant. Aqua and Barclaycard Initial are the best cards for poor credit ratings, both have treated me really well and both have given me regular credit limit increases.

UKGuy007

Out of curiosity, how long have you held a card with Vanquis?

It seems odd that I see others receiving increases yet I do not.

80% of the time I pay in full, other 20% is by at least half.

Never late, pay by direct debit (min) and pay the remainder online.

I suppose it's the 'Computer says NO' scenario!

I've checked my credit file and they've never run a search on my credit file since I applied, I always thought Canquis check your file every 4months to see how other commitments are being paid...

Swhite1991_2

I've had a vanquis card for 14months never had an increase its stayed on £250 I paid full amount every month for 6 months then after that been paying double the min payment every month still no increase! I'm paying all my other accounts every month so no recently late payments or anything

ilikewatch

I've had a Vanquis card for about 6 months, I initially had £500 limit, but on the day my 4th statement was issued I was notified that this would be doubled to £1000 on the date of my my 5th statement.

SnowTiger

Swhite1991 wrote: »

I've had a vanquis card for 14months never had an increase its stayed on £250 I paid full amount every month for 6 months then after that been paying double the min payment every month still no increase! I'm paying all my other accounts every month so no recently late payments or anything

In your case you may not have received an increase because you already have several small debts you're taking a long time to pay off.

You also have a CCJ and the credit limits on your other accounts are very low, suggesting don't have much spare cash available every month.

Current Debts
Freemans £57/£150 Look Again £282/£557 JD Williams £79/£151 Vanquis £190/£257 Provident £248/£546 CCJ £453 T-Mobile £453
Emergency Fund Savings £1002/£2000

Thrugelmir

VivaTibet wrote: »

Credit card companies ideal customers do not clear the balance in full.

Card companies earn fees from usage as well.

SnowTiger

m4rc wrote: »

I tried to do a chargeback through them as I paid for a service and the organisation closed down, everyone was saying their card companies gave them their money back really quickly but after 10-12 long conversations over the phone and numerous emails they have still done nothing.

Make a complaint in writing: https://www.vanquis.co.uk/contact-us. Then go to the FOS if you're still not happy.