Vanquis interest charges!!

boo_star

fizzy123 wrote: »

I got accepted for a vanquis CC, ignored their calls for weeks thinking its just scammers and then decided to answer and apparently got approved and just received the PIN and CC yesterday. my limit is £250, only using this to help with my credit rating, I have a horrible score lol but want to improve it, have about £1250 in debt to pay off... but i'm confused about 1 thing though and can't get my head around it, will I get charged interest if I use this CC and pay just say £50 towards my debt and then when payment is due on CC pay it in full, Can I use this CC for online transactions? Will I incur daily charges until my payment is due? i'm fricking confused. Any help would be appreciated. thanks

If you don't pay off the full amount by the statement due date you will pay interest.

That's it.

Rocksolid

muffinsugar wrote: »

Hello

pls forgive me if i sound thick but i think im a novice to this.

I got a vanquis credit card in August for £250. I got it to build my credit rating as i had a bad credit in the past.

I was of the idea that if you use your CC regularly , it helps your credit rating rather than leaving it unused.
so i gt into the habit of using it regularly, paying it back in full during the month and using it again. But i realised that by the statement date , theres always some balance even though Ive paid the whole £250 within that statement period?

It seems im being charged ineterst on each statement because theres a balance left even though i thought that as long as i paid the whole £250 within the period, it really didnt matter if i had a balance by the statemnt date, i wont be charged interest?

am i wrong?

i really dont need the cc so getting charged ineterst is a waste of money to me

Thanks for your help

The 1st time they expect a payment with a debit card...


The second time will work the direct deposit...


So, now pay it in full asap!!!!!!!!!!!!!!!!!!!!!!


Then, if you have configured the direct deposit, don't worry much later, worry about the data in the direct deposit and if you have paid the minimum amount!!! It may be that the data are wrong.

muffinsugar

Thanks everyone.

so i have a free 30 day trailw with Experian at the moment . I checked it last week and my score was about 500 (about) and then this week its now 396 ,reason : need to keep my vanquis balance below £50 or so..

now this is where im thinking utilisation is relevant, because it seems the CRAs are using it for credit scoring,(i thought it wasnt as long as i paid the balance in full).

My payment due date is 16th of every mnth and statemnet is produced 20th of every month

so if i want to go by this, when i pay the full balance by the due date (16th) , do i not spend it till lets say the 17th or after the statement date (20th) so the lower balance reflects when my statement is produced??

[Deleted User]

Ignore the scores. Lenders aren't concerned with utilisation on a fully paid account, and neither do they see or care about Experian"s opinion.

As long as you clear in full each month, spend how and when you want.

Rocksolid

In my case, one credit agency dropped me an important amount, another raised the score...
I believe as long as you pay in full every month, you are good to go. The agency that decreased your score will soon change mind

irelavv

Hi muffinsugar,

I was just about to link this https://forums.moneysavingexpert.com/discussion/6087762/basic-vanquis-credit-card-interest-help&highlight=vanquis+interest topic which relates to your question, but I found that you had seen and posted on it yesterday

I was also worried about being charged unnecessary interest (because I was also considering clearing the balance before the due date).

However, after multiple people kindly pointed out: as long as the current statement's balance is cleared in full and on time - no interest should be charged.

Thanks and I hope that's reassurifor you as well.