Vanquis are closing my account

Fireflyaway

Maybe look on the positive side, that you have been released from the risk of racking up debt and paying ridiculously high interest. Should you for one reason or another be tempted to spend too much / be unable to pay off the balance as planned it's only going to have a negative impact. Why not put a small sum aside to build an emergency fund. Regarding your credit score, don't stress! If you really need a decent score for a mortgage just carry on paying your bills on time. Don't make credit applications and ensure there is nothing incorrect on your files. Time will do the rest. 

Thrugelmir

Seeing the manner in which their sales agents target people in the street has always been concerning. Obviously being target driven. They select the more vunerable that are passing by. 

bradders1983

Thrugelmir said:

Seeing the manner in which their sales agents target people in the street has always been concerning. Obviously being target driven. They select the more vunerable that are passing by. 

Ok, I will bite....how do they know who are the most vulnerable just by looking at people? 

Some perfectly respectable looking people may have atrocious credit files due to a bankruptcy of whetever.

jet01

bradders1983 said:

Thrugelmir said:

Seeing the manner in which their sales agents target people in the street has always been concerning. Obviously being target driven. They select the more vunerable that are passing by. 

Ok, I will bite....how do they know who are the most vulnerable just by looking at people? 

Some perfectly respectable looking people may have atrocious credit files due to a bankruptcy of whetever.

Well it’s not an exact science, they are making quite horrible value judgments about people they approach. In the town were I live their sales teams target local shopping areas in the poorer parts of town and they do seem to make a beeline for the most disheveled looking passers by. They approached me just before lockdown I said “god I know I’m a bit hungover today but I must look really rough if you think I’m desperate enough to sign up for a credit card from the prov.” 

bazzyb

MalMonroe said:

cymruchris said:

While you have ten months good payment history recorded - try an eligibility checker with another company such as Aqua or Capital One. If you have no other nasties recorded anywhere - you should find there's a fair chance of success. Be aware that Vanquis has more than one shopfront - so there are a few cards that have different names that come from the same source.  Aqua and Capital One are both from different owners though, so their eligibility checkers will be ok to try. 

It does seem a little odd - the only reason I can think of - is that you've applied for credit elsewhere - for example a new sofa from DFS - and you've given very different financial information that when they applied for your credit - it might have flagged up that you were applying with different data. They do say when applying for finance - always declare your income the same - could it be that you've applied for something and given another figure (for whatever reason) and they've picked up on that from the CRA shared info?

Don't you think this letter could just be some kind of fraud? Or basically wrong. People are so accepting on this forum!

Of course people should satisfy themselves that any communication from a card provider is genuine, but how could it be fraud? It’s a letter saying the account will be closed.

In any event, reading through some of the other comments above, somebody else has received the same letter and contacted Vanquis who have confirmed it is genuine. 

RubyTuesday10

Hi, thanks for all the replies.  Yes  my mistake, I obviously don't earn £6,000 per month . 

The only credit I've applied for was my mobile phone, which was accepted and applied for before I applied for the Vanquis card. The only other thing was switching my energy provider, but I always enter my income details correctly.

I applied for this particular card after being 'pre-approved', because it was actually not too high an interest rate considering that it is a sub-prime lender (27%). I'm not in any debt because my full balance is paid every month by DD. I'm actually quite annoyed right now that I didn't have it set up to pay the minimum monthly payment, because if I did, the £350 that I put on there a few days before I received the letter would now be being written off . 

I need the improved credit score for mortgage purposes, after living abroad for 12 years, but I don't really have the time to 'let time do the rest', so to speak.

I will call them and ask about keeping the information with credit reference agencies, but don't hold out much hope.

Shakin_Steve

The only reason I can think of for a blanket removal of credit reporting is that, obviously, some people will have received negative reports for missed or late payments. If Vanquis think that their lending criteria was flawed, and may come under scrutiny, then then customers shouldn't have negative data on their reports. 

I think.

cymruchris

RubyTuesday10 said:

Hi, thanks for all the replies.  Yes  my mistake, I obviously don't earn £6,000 per month . 

The only credit I've applied for was my mobile phone, which was accepted and applied for before I applied for the Vanquis card. The only other thing was switching my energy provider, but I always enter my income details correctly.

I applied for this particular card after being 'pre-approved', because it was actually not too high an interest rate considering that it is a sub-prime lender (27%). I'm not in any debt because my full balance is paid every month by DD. I'm actually quite annoyed right now that I didn't have it set up to pay the minimum monthly payment, because if I did, the £350 that I put on there a few days before I received the letter would now be being written off . 

I need the improved credit score for mortgage purposes, after living abroad for 12 years, but I don't really have the time to 'let time do the rest', so to speak.

I will call them and ask about keeping the information with credit reference agencies, but don't hold out much hope.

Have you tried getting another card while the history is there ?

cymruchris

Shakin_Steve said:

The only reason I can think of for a blanket removal of credit reporting is that, obviously, some people will have received negative reports for missed or late payments. If Vanquis think that their lending criteria was flawed, and may come under scrutiny, then then customers shouldn't have negative data on their reports. 

I think.

It’s interesting to note the two people on this thread assuming everything is as says - didn’t have any problems - had paid on time - yet they’ve been selected for account closure. 

Thrugelmir

bradders1983 said:

Thrugelmir said:

Seeing the manner in which their sales agents target people in the street has always been concerning. Obviously being target driven. They select the more vunerable that are passing by. 

Ok, I will bite....how do they know who are the most vulnerable just by looking at people? 

Think about it. If you have a target market for a product what would you do. E.G.  Why is Mayfair full of posh car showrooms?