Had Vanquis credit card for 13 months with no increase

Victoriamia

I've been with vanquis since June 2015 as they were the only credit card willing to give me the time of day due to a bad credit rating. I have been with them 12 months and only went over my limit by a mistake in Febuary. I always pay in time and I have still not been offered a credit limit. I would like one as on my clear score report one of my negatives is "your highest credit card limit is low". It's £500. I just want a credit limit increase :money::money::money::money::question:

jonesMUFCforever

If you have gone over the limit it is unlikely you will get an automatic increase.
Have you spoken to them to ask?

You say that you pay on time but do you clear the balance regularly?
If not; an increase in your limit just gives you more scope to increase your debts, this together with your general credit rating might be a wise decision by them?

Victoriamia

I used to clear my balance every month, now I just pay My minimum payment plus around 50 pound on top every month to get the balance down a bit. My utilisation on it is very high and I do need to get that down more I just went a bit overboard resorted to using the credit card for few extra things when I moved house

m4rc

They take going over your credit limit very badly I'm afraid to say, they go on and on about it on the website, I think you may as well forget an increase u til it's been at least a year since you went over limit.

ged1980

m4rc wrote: »

They take going over your credit limit very badly I'm afraid to say, they go on and on about it on the website, I think you may as well forget an increase u til it's been at least a year since you went over limit.

A year is a bit much, I was due my second increase but went over by £2 so no increase but 2 months later went from £500 to £1500

jonesMUFCforever

ged1980 wrote: »

A year is a bit much, I was due my second increase but went over by £2 so no increase but 2 months later went from £500 to £1500

.......But are you really comparing like with like?
Did you pay off the card on a regular basis - how was your general credit rating?

ged1980

jonesMUFCforever wrote: »

.......But are you really comparing like with like?
Did you pay off the card on a regular basis - how was your general credit rating?

Card was paid off every month apart from that one over spend slip up, credit rating is getting better with help vanquis ect ? what is your point?

fozmcfc

Victoriamia wrote: »

I used to clear my balance every month, now I just pay My minimum payment plus around 50 pound on top every month to get the balance down a bit. My utilisation on it is very high and I do need to get that down more I just went a bit overboard resorted to using the credit card for few extra things when I moved house

I don't see why you need an increase, if you aren't/can't afford to pay off the full amount each month.

These cards are very good for rebuilding credit, but should either be paid off in full each month or only ever carry over a very small balance after the payment has been paid.

If you're struggling to pay down under £500, then what happens if you get a £1000 or £1500 limit and you go overboard again and then have a balance double or more, you can't afford to pay off each month. It's a spiral, that simply just gets worse and worse.

So many people with these bad/no credit history cards, seem to be obsessed with limits, that's why so many of them, simply end up with £2k + balances paying £100 off, but being charged £70 interest each month.

A limit isn't a status symbol or something to be proud off. People need to use these cards very responsibly, or their fingers will get badly burned.

A4445

I opened an account on the 1st of March...the first statement came very quickly. I've recently had my 5th statement but no sign of any increase. Not much bothered tho my last bit of negative info comes of my file in 10 weeks, I should be able to get a "normal" card. The vanquis card will be closed. I've spent around £100 per month and paid in full.

hunte78

ged1980 wrote: »

Card was paid off every month apart from that one over spend slip up, credit rating is getting better with help vanquis ect ? what is your point?

Surely the point is that you have been a good customer, paying the card off in full each month, before and after the slip, whereas the OP states that they went overboard with the spending when moving house. You sound like you can manage a credit increase, the OP sounds like they would increase their spending in line with any limit increase.

OP, you can't afford to 'go overboard' when you have a high interest card such as this, especially if you are not paying it off in full each month. You said you overpay each month, but do you then spend on the card again or are you no longer using it? As I said above, it sounds like you really just want a limit increase in order to spend more.

jonesMUFCforever

ged1980 wrote: »

Card was paid off every month apart from that one over spend slip up, credit rating is getting better with help vanquis ect ? what is your point?

My point is that everybody's circumstances are different - you were implying that despite going overlimit you were offered a higher limit BUT OP' did not and by her own admission has a bad credit rating.
So your circumstance is nowhere near where the OP' is.
IMO you were implying that she might get an increase anytime soon, I don't think so.