Vanquis - 5th Month Limit Increase

Matty17

I had an increase from £500 to £1500 in December. Had the card 7 months.

[Deleted User]

Are they still issuing the "gold cards" when you reach a £1500+ limit?

Hoogle

To be fair I think they try and push the limit increases on people they feel they can make money on. I am 35 with hardly any credit history at all in fact my score (which means absolutely nothing) had me in very poor or poor credit so I decided to go for some of these sub prime cards to build some history up I max my cards out weekly and pretty much pay them off weekly as well probably not the best method but I do not like credit and certainly do not want to rely on it 1st 2 months my utilization was over 75% and my credit scores which yet again mean nothing went even lower however this month on experian and equifax they are now higher than when i first started, sure it has taken 4 months but I expect them to climb each month, as for utilization go to someone like littlewoods/Very online catalogue places open an account you will probably get a £250 - £1000 limit and just dont bother using it, that counts as available credit bringing down your utilization on the cards which you do use. check your credit files and you will soon find which days different cards report the balances to agencies so make sure you clear it 3 days before so they will report a £0 balance yet keep using your card to between dates so they are likely to increase your limit.

SnowTiger

T-G-C wrote: »

The main issue is that each time Vanquis report to the CRA, my balance is maxed out, not because I’m carrying a balance, but because I pay my balance off in full before the due date and then max it out again by the statement date, rinse and repeat which makes it look like I’m recurring the debt when technically it is fresh debt every month :beer:

Your credit report will show a limit of £250 with a monthly balance of nearly that and payments of, say, £500. I'm sure the sophisticated algorithms used by lenders would deduce you're paying off the balance every month and could handle extra credit.

T-G-C wrote: »

In addition to that, I have Capital One and Aqua maxed out, on a 0% offer...

These accounts will be marked on your credit files as having a promotional rate. Lenders will know these are at 0%.

My advice is to not try to second guess what lenders what to see.

Matty17

Yes I have a Gold card. And been offered a 9.9% balance transfer.

tastyhog

T-G-C wrote: »

That is the figure provided on their official calendar, £250 would normally increase to £500 - that would be a nice increase as I could handle the amount in full each month.

The credit agreement is designed to such that I can’t ask them, I have to wait until they decide to tell me I’m going to be increased. If I phone up, it’ll be a canned response about how their increase system works and that I need to wait.

are you saying you usually use your credit card up to the limit monthly? because that would send red flags to them that you are struggling with money and make them unlikely to increase your limit

SnowTiger

tastyhog wrote: »

are you saying you usually use your credit card up to the limit monthly? because that would send red flags to them that you are struggling with money and make them unlikely to increase your limit

Why would spending up to a £250 credit limit and paying it off every month raise red flags?

I think that's one of those nonsensical pieces advice often regurgitated here.

In my experience, nudging a credit limit leads to it being upped.

Grumpy_Shunter

Pfft. I've had my Vanquis card for nearly 5 years. I'm still on a £250 limit.

I use to use it religiously to show them, Vanquis, that I was able to control and manage my card - but never did get the limit increase offer!

[Deleted User]

Depends on what other debts or CC's you have

Grumpy_Shunter

Are you answering me, Gary?

If so, I was AD 5 years ago - I have no debt, but obviously, my bankruptcy and defaults will on my record.