Vanquis credit cards

TeddyMosby

Hey guys, quick one about trying to improve my credit rating which when I check Equifax as recommended by my local citezens advice I came out at 775/999 for my credit rating but I've always been refused in the past for credit or finance.

So through Barclays recommendation I tried checkmyfile and they showed me at 645/1000 and my problem for low credit is I don't have a credit file for lenders to give me finance.

So looking around someone mentioned vanquis as a credit building card and I'm waiting for it to come in post but looking through there t&c it just seems so messed up and wording is like purposely trying to confuse me I think haha

Basically what I was advised by a friend was pay my weekly bills on say Monday with my vanquis card and then every Friday pay that in full and I wouldn't have any interest to pay from vanquis but reading through these forums some posts claim to be getting charged no matter what.

If that doesn't actually work is there a way I can build my credit rating without getting charged ridiculous interest rates as I can not get any finance or credit from anywhere else other than these types of cards, thanks for reading and sorry for the long post. Ted.

Hoogle

Simple rules USe your card clear your balance each month. I was in same boat as you no credit history so went same route got a vanquis, aqua and capital one card all come with approx 50-56 days interest free on purchases. due to low limits vs my income I use the card and pay it off weekly. But you will be fine with setting up a direct debit to clear the balance. Out of the 3 cards I have vanquis has been pretty good, however they do like to delay payments to your account no matter how you do it, debit card/faster payments so if you plan on maxing it out clearing it then repeating throughout the month make sure your payment has cleared before using the card again last thing you want is going over limit as it takes 3 days for payments to credit your account. Where as capital one and Aqua accept faster payments and pretty much show up same day.

My credit score which is not worth anything has increased 140 points since october.

[Deleted User]

You don't have a credit rating.
Ignore the scores. They're made up.

I'm not sure what Barclays quoted you since they cannot see your "score" and none of the CRA'S ratings go as high as 1000.

Your friend is partially right about the Vanquis card.

Put your normal purchases onto it, wait for the monthly statement, THEN pay the full amount owed on receiving the statement - setup a Direct Debit to do this.

Paying it weekly will report to the CRA'S that you're not actually using the card as the statement will always be a zero balance.

What your building here is a history. Not a rating based on fictitious numbers.

[Deleted User]

Use the card, clear in full and ignore your credit score.

Credit worthiness isn't measured by a CRA score.

T-G-C

Hoogle wrote: »

Simple rules USe your card clear your balance each month. I was in same boat as you no credit history so went same route got a vanquis, aqua and capital one card all come with approx 50-56 days interest free on purchases. due to low limits vs my income I use the card and pay it off weekly. But you will be fine with setting up a direct debit to clear the balance. Out of the 3 cards I have vanquis has been pretty good, however they do like to delay payments to your account no matter how you do it, debit card/faster payments so if you plan on maxing it out clearing it then repeating throughout the month make sure your payment has cleared before using the card again last thing you want is going over limit as it takes 3 days for payments to credit your account. Where as capital one and Aqua accept faster payments and pretty much show up same day.

My credit score which is not worth anything has increased 140 points since october.

With Vanquis, the following applies:

Debit Card: Payment before midday to Vanquis will be visible the following evening (not the same day) at approximately 22:00 - 23:00.

Bank Transfer: Payment through Faster Payments to Vanquis will be visible the same evening, at approximately 22:00 - 23:00. This is not applicable if the transfer is made after 17:00.

Due to how Vanquis have programmed their internal network, all outgoing transactions and incoming payments are always processed in the late evening - never before.

Regardless of which transfer method to make payments, never leave less than 48 hours to spare when attempting to make the minimum payment or more before the due date.

This is to allow the maximum official estimated time that Vanquis have provided.

Chrysalis

The scores are generated by the credit file companies, but they not a random number plucked out of thin air. So I think some views posted are harsh in that respect.

Basically the companies use what knowledge they have to generate a score, knowledge they believe that at least some lenders will use as "part" of their criteria for accepting people as a customer. But I agree that a credit score is not by any means a 100% reliable guide on credit acceptance.

My general observation is when I take out new credit the experian score takes a moderate sized drop, if I then just leave it over time, making payments the score gradually goes up every 3 months or so and eventually gets back to where it was.

[Deleted User]

Lenders don't see the score.

They'll assess your file and history and come up with their own score whereupon they decide whether to have you credit or not.

They are totally randomised and irrelevant - people have a 999 score but get rejected for cards from sub-prime lenders and mobile phone contracts at £10 per month.

TheJackah

Vanquis is OK, but you could also try Aqua, particularly their Aqua Rewards card, for rebuilding credit. Just spend on it normally, repay it every month, after a year you get a cashback payment.