vanquis credit limit increase offered

d123

skfblues wrote: »

I was also given an increase with no proof of income needed by them. They are crafty though, on the website you can only choose to pay the minimum or the full amount each month, you have to ring them to pay another amount,

You can pay any amount and any account using online banking, they have a sort code and a/c number on their statements that can be used for an online payment and the reference is the long card number (I’ve paid someone’s Vanquis bill from my online banking before).

Nasqueron

You should always be paying the card off in full every month if you want to show you are a responsible borrower and for the company to be more likely to give you a limit increase

ryan121

skfblues wrote: »

I was also given an increase with no proof of income needed by them. They are crafty though, on the website you can only choose to pay the minimum or the full amount each month, you have to ring them to pay another amount, also you need to ring to ask what the interest rate is ?

You need to use the app. The app allows you to set a fixed amount or even a percentage of the balance every month.

Their website isn't very good.

molerat

skfblues wrote: »

............. also you need to ring to ask what the interest rate is ?

I very much doubt that is true.

T-G-C

Generally, income and expenditure + documentation is requested when Vanquis are making the decision to increase your limit solely on good handling of the account, but need to ensure that they are further lending responsibly. For some customers, especially those offered an increase within 12 months from account opening, the increase may be offered unconditionally.

You should never accept an increase without considering the financial implications it could have. If you are confident that you will not be tempted to max-out the credit limit, putting you into a position of high interest and repayments, then it would be wise to accept due to the positive influence it has on your credit file.

SnowTiger

T-G-C wrote: »

Generally, income and expenditure + documentation is requested when Vanquis are making the decision to increase your limit solely on good handling of the account, but need to ensure that they are further lending responsibly.

I'm not sure that's the norm. I've had several automatic limit increases from Vanquis without being asked for additional information. I'm a proud Vanquis Gold customer now. :j

Incidentally, my Vanquis card is branded as Granite. MI Money, who promoted the Granite branding, and Vanquis seem to have parted ways. My card expires in August 2019. I'm wonder whether the replacement card will be Vanquis or Granite branded.

Cbellis1977

Hi I’m new here!

I have a Vanquis account I was initially given £500 limit, pay every month the minimum and a few quid over to the nearest £100, how were any of you offered an increase?
I haven’t been offered one myself, but today when I signed into the app, there was a message popped up upon logging in, it was two messages one to say “ I don’t want an increase” and one “ yes I do want an increase” so I clicked the yes, and then it just took me straight to my statement page, but my credit limit remains the same! Anyone experienced anything like this?
Any info appreciated

Thanks ��

Nasqueron

Cbellis1977 wrote: »

Hi I’m new here!

I have a Vanquis account I was initially given £500 limit, pay every month the minimum and a few quid over to the nearest £100, how were any of you offered an increase?
I haven’t been offered one myself, but today when I signed into the app, there was a message popped up upon logging in, it was two messages one to say “ I don’t want an increase” and one “ yes I do want an increase” so I clicked the yes, and then it just took me straight to my statement page, but my credit limit remains the same! Anyone experienced anything like this?
Any info appreciated

Thanks ��

If you're only paying the minimum + a few quid it looks like you are struggling financially so it's responsible lending not to give you any more credit in case you run up an unaffordable debt. You should look to clear off the balance in full every month and after a while they might consider giving you a larger balance. Why do you need a larger limit given you appear to not be able to afford the life you are leading

Cbellis1977

Thanks for the reply, I have only spent £120 from the £500 limit I was given, I took the card out originally to up my credit score as I’m a first time buyer, I use the vanquis card mainly for fuel and bits and bobs just to spend a little so I can pay back each month hoping for my credit score to grow. I was just enquiring really to see if anyone had been offered and increase through the app, I’m not in any great rush for extra money on the card, I’m hoping that my credit score will become higher each month!

Thanks

Nasqueron

Cbellis1977 wrote: »

Thanks for the reply, I have only spent £120 from the £500 limit I was given, I took the card out originally to up my credit score as I’m a first time buyer, I use the vanquis card mainly for fuel and bits and bobs just to spend a little so I can pay back each month hoping for my credit score to grow. I was just enquiring really to see if anyone had been offered and increase through the app, I’m not in any great rush for extra money on the card, I’m hoping that my credit score will become higher each month!

Thanks

The score you see is 100% meaningless, it's like a horoscope, fun for novelty only. A lender scores you on their own system which you will never see, they never see the score that credit agencies give you.


Spending on the card is a good idea, but pay off in full every month by direct debit and that will indicate a responsible borrower. A phone contract might be a good idea too, a cheap SIM only one would be fine.