We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Over Credit Limit - Vanquis !!!!-Up
LiamM_2
Posts: 22 Forumite
in Credit cards
I'm 20 years old and have a Vanquis card and a Capital One Classic card which I use in an attempt to build up a reliable credit history.
I have quite a good salary, so what I do is I do most of my spending on the cards and then pay off the balance once, or sometimes twice a month from my bank account.
My credit limit on the Vanquis Card is £500 and on Monday my balance was about £465.00. Knowing that at the end of the week I would want to use the card again and would have an automatic payment coming out, I called Vanquis to make a payment by Debit Card.
So, I cleared the whole £465.00 with my debit card and was told, on Monday, that it would take 2-3 working days to clear on my account.
Great, I thought.
Anyway, this morning I attempted to purchase some tickets using my card and it was declined. Thinking this was strange I called Vanquis to find out what was up and they told me that on Monday my payment was put into a queue for a security check (as i had made two large payments this month) and that it had only just been looked at and put-through yesterday. The net result is that my balance has gone over my credit limit and Vanquis have slapped a £12.00 charge on me for this.
The person I spoke to on the phone this morning apologised for the inconvenience and the delay and said that my payment would be backdated to Monday (for purposes of interest charging) and that the charge would be refunded to me.
However, what I want to know is - will going over my credit limit affect my credit score / be put on my credit file? I asked the person on the phone this morning who said it would adversely affect me but I'm not sure if he was being honest or not.
As my sole purpose of having these high-interest cards is to build up a reliable credit score, I'm going to be distraught if this is going to adversely affect my file!
Anyone offer any advice?
Regards,
Liam
I have quite a good salary, so what I do is I do most of my spending on the cards and then pay off the balance once, or sometimes twice a month from my bank account.
My credit limit on the Vanquis Card is £500 and on Monday my balance was about £465.00. Knowing that at the end of the week I would want to use the card again and would have an automatic payment coming out, I called Vanquis to make a payment by Debit Card.
So, I cleared the whole £465.00 with my debit card and was told, on Monday, that it would take 2-3 working days to clear on my account.
Great, I thought.
Anyway, this morning I attempted to purchase some tickets using my card and it was declined. Thinking this was strange I called Vanquis to find out what was up and they told me that on Monday my payment was put into a queue for a security check (as i had made two large payments this month) and that it had only just been looked at and put-through yesterday. The net result is that my balance has gone over my credit limit and Vanquis have slapped a £12.00 charge on me for this.
The person I spoke to on the phone this morning apologised for the inconvenience and the delay and said that my payment would be backdated to Monday (for purposes of interest charging) and that the charge would be refunded to me.
However, what I want to know is - will going over my credit limit affect my credit score / be put on my credit file? I asked the person on the phone this morning who said it would adversely affect me but I'm not sure if he was being honest or not.
As my sole purpose of having these high-interest cards is to build up a reliable credit score, I'm going to be distraught if this is going to adversely affect my file!
Anyone offer any advice?
Regards,
Liam
0
Comments
-
Something similar happened to me with my RBS credit card, but it never appeared on my credit file and was resolved fairly quickly. I would send them a recorded letter to clarify if this information will be passed to credit reference agencies if you are quite concerned about it.
Don't forget that inaccurate information lodged with credit reference agencies can be corrected by the the financial institution, so all is not lost.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 37.7K Read-Only Boards