Finally got accepted for a credit card!

Woodyrocks

I know most would think I am mad to be made up about this but I know you guys will understand. After so long of having applications declined. It is a Vanquis and the interest rate is astronomical but I don't care. Set up a DD to clear the balance each month and will only use it for weekly food shop.

It sounds ridiculous but I really feel like I am really on my way now. I have been saving up for my deposit but knowing that with my credit history a mortgage would be always out of my reach but I feel like it is actually possible now. I really want a home for me and my Daughter that is ours outright and I know if I put my mind to it I can do it :j

So regardless of mass corporate scorn, Vanquid rocks my world right now!

Woodyrocks

oops just noticed the typo but it seems quite fitting in their case lol

Snaggles

As long as you are certain you will pay it off in full then it's probably quite a good idea to have a small amount of credit, but please don't ever leave a balance on there because their interest is crazy as you say!

postingalwaysposting

Snaggles wrote: »

As long as you are certain you will pay it off in full then it's probably quite a good idea to have a small amount of credit, but please don't ever leave a balance on there because their interest is crazy as you say!

what snags says

tallyhoh

Maybe your dream aint that far fetched. I had a small council flat that I got for a discount, sold it for a profit which I put on a house & then saved like mad to clear the mortgage.
It can be done. Got my inspiration from a mag article about the tightwads some years back. I have no debts at all, not even the car (unlike OH) & I have picked up even more tips from here

Good Luck.

Woodyrocks

Hey tallyhoh, thanks for that! Happy New Year!

jinny

Hi There, I went for a Vanquis card too last year just to use on tinternet or for a bag of groceries when hard up before pay day, and my name was mud in the credit world. Like others have said you do have to pay everything off each month to avoid the high interest but its saved my bacon a few times. I have a limit of £250 but never get tempted to go above £50 thats my available income after my my creditors have finished with me pay, so I know it will get paid off. Ive learnt restraint with vanquis. They get a thumbs up from me too.

rog2

Vanquis are part of Provident, and, as such, service the 'sub-prime' sector, which is why they get away with charging such high interest rates. I'm not sure that having a Vanquis Card will really do much to 'repair' a poor credit history, but, as you say, it does give you a 'line of credit' which, provided that you pay, in full, every month, will noy cost you anything.
Personally I have gone for the pre-pay 'cashplus' Gold Mastercard, which costs me £4.95 a month, and I 'pre-load' it with money, therefore I can not overspend.
Just be a bit wary of any 'loan' offers that may accompany the monthly statements.

Woodyrocks

According to Martin's article, the Vanquis card can indeed help repair one's credit history.

I have not gone for the card for ready credit as I have a reasonably high income and very low expenditure. I have approx 30grand in savings and I have absolutely no debt whatsoever but due to reckless actions on my part in my early 20's I have a really low credit rating.

I have got an A&L Debit Visa card that I use online with no hassle so do not need a pre-pay card. I guess I will have to update later on in the year to see how my credit scoring is looking Watch this space!

G-G_4

Well done!!

rog2

Woodyrocks wrote: »

According to Martin's article, the Vanquis card can indeed help repair one's credit history.

Please, wr, do not think that I was, in any way, criticising you for going for a Vanquis Card. Our situations are somewhat different, in that I am a discharged bankrupt. I have been offered the 'Vanquis' card on an almost monthly basis, since I received my early discharge notice in May of last year.
In my case it is only time (6 years) that will repair my credit file.
In the meantime, I am doing my level best to avoid credit.
Good luck to you, though.