Vanquis increase so soon?

Willing2Learn

Several years ago, when I had £25k in defaults, I remember Aqua automatically increasing my credit limit to £1,200. I wasn't sure if I had developed the necessary budgeting skills to avoid this turning into another uncontrolled debt. So I rang up Aqua and asked that they put my credit limit back down to £800 as I was only just about comfortable with that.

Like zx81 said, an increase in your limit will be viewed positively by other lenders when viewing your credit file. But only go ahead with the increase if you are completely comfortable with it.

And ignore your score as lenders neither see it nor use it.

cymruchris

I agree with the above - if you are offered the increase, and feel comfortable you can manage it - take it. My Vanquis card started with a limit of £450 - no increases at all for the first 8 months - and then up to £2000. My Aqua card started at £400 - and after 6 months it's up to £1700. My Capital one card has been slower on the increase - from £400 to £650 - and I've just gotten a Barclaycard Initial at the maximum initial credit limit of £1200. (I'm an ex-bankrupt of 2013 - I haven't paid a penny in interest on any card - and pay them all off in full every month - building up a higher level of available credit, on-time full payments, and beginning to get back towards mainstream credit cards - I have a plan and it seems to be working)

nicetomeetyou

Yes you are right - better credit history.

I have been really terrible with my finances in the past - I admit I didn't take responsibility with my finances. I want to take responsibility now.

I have another question - I accreted the increases but they wanted my monthly income - i.e.. £1.160 a month... plus my monthly expenditure, etc... I gave them my mobile number to contact me which was requested, about 10 minutes later I got a text asking for proof of income, i.e photo of benefit letters - I don't have any benefits letters because social services look after my finances - when I was sectioned in 2016 for psychosis/mania it was deemed I lacked capacity when unwell to manage my finances (long story!) so don't have benefit letters sent to me - I only have a tax letter about taxable income and it states I get £9.989 a year in benefits... Do you think the inconsistency of me saving I get £1.160 in benefits (ESA support group, DLA, high care/low mobility, severe disability premium) but the tax letter says £.9989.. will be a problem... Thank you.

[Deleted User]

Are they aware of what happened to you in 2016?

nicetomeetyou

What happened in 2016 doesn't effect my credit worthiness... I was in quite some debt after the manic episode and having the appointee was beneficial as they paid all the people I owned money too back... I'm actually more financially secure having an appointee.. I don't think having the appointee will go against me... Well is shouldn't,

System

nicetomeetyou wrote: »

What happened in 2016 doesn't effect my credit worthiness... I was in quite some debt after the manic episode and having the appointee was beneficial as they paid all the people I owned money too back... I'm actually more financially secure having an appointee.. I don't think having the appointee will go against me... Well is shouldn't,

Having an appointee for you, was absolutely the right, sensible move and worked well for you.
Alas banks see us as data sets not human beings. Mathematics says you are a higher risk than someone else without an appointee.

Same way I think it's mad that moving address hurts your credit worthiness a small amount. Why? Seems ridiculous. I could win the lottery and move house and on paper, statistically, I am less likely to pay my bills. Go figure

Candyapple

nicetomeetyou wrote: »

I have another question - I accreted the increases but they wanted my monthly income - i.e.. £1.160 a month... plus my monthly expenditure, etc... I gave them my mobile number to contact me which was requested, about 10 minutes later I got a text asking for proof of income, i.e photo of benefit letters

Do you think the inconsistency of me saving I get £1.160 in benefits (ESA support group, DLA, high care/low mobility, severe disability premium) but the tax letter says £.9989.. will be a problem

Did Vanquis request this information? If so, why?

Do you have any other proof in the form of bank statements that show that you get £1,160 per month?

I would be wary of Vanquis contacting CIFAS and giving you an application fraud marker for discrepancies in your income.

nicetomeetyou

Candyapple wrote: »

Did Vanquis request this information? If so, why?

Do you have any other proof in the form of bank statements that show that you get £1,160 per month?

I would be wary of Vanquis contacting CIFAS and giving you an application fraud marker for discrepancies in your income.

I asked my appointee for benefit statements, he asked what I need them for, I had to be honest with him and say I've had a credit card for 3 months and the credit card company has offered me an increase... I got my support manager to assure him in email that I am managing my finances properly, he has agreed to send benefit statement which will total the amount I originally stated in on application as I do get £1.160 a month in benefits, excluding housing benefit... I'm waiting for him to email me the statements. The thing is the letters will have a Notts county council address but with my name in and national insurance number, would that be a problem?

Vanquis denied the TAX letter stating. £9.989 a year.

Candyapple

nicetomeetyou wrote: »

I asked my appointee for benefit statements, he asked what I need them for, I had to be honest with him and say I've had a credit card for 3 months and the credit card company has offered me an increase... I got my support manager to assure him in email that I am managing my finances properly

Sorry, I am still confused. If you had accepted the credit limit increase from Vanquis, usually you don’t have to do anything. You would only call them if you didn’t want them to increase your limit.

Can you explain exactly what has happened? You received an e-mail asking you if you wanted an increase, you replied yes – then what happened? Did Vanquis say the increase was subject to you providing proof of your income or something?

Are Vanquis aware you have an appointee dealing with your finances on your behalf?

nicetomeetyou

Sorry I haven't replied sooner...

Vanquis asked for proof of income. I managed to get benefit letters off appointee, Vanquis sent me a text with link to website to take photo of benefits letters as proof of income... I took photo of benefit payments but without the address and sent. About 3 hours later a woman rang asking for me to take photo off address, I explained the address isn't mine but letters are addressed to social services who manage my finances through appointeeship, she asked about my disability, I told her I have schizoaffective disorder and she said how does it effect me, I told her I have had psychosis in the past but haven't been hospitalised in over 3 years, she said she'll write that in the notes, 10 minutes later I got a text saying they'll get back to me before the 30th of July with their decision to increase my credit from £250 to £500... Does this sound normal?