Bad credit.

jimloughran

I've had credit problems, and can no longer get credit/loans/credit cards.
What does anyone think about applying for either a prepaid credit card, or the Vanquis one?
Purely to start credit repair. I would only use them if I knew I would pay off the balance entirely, in order to escape the ridiculous interest rates; Vanquis is 39%!

missile

Sounds like a good plan to me, but please be careful not to get into further financial problems.

NekoZombie

a pre-paid credit card will have absolutely no impact on your credit rating as it is pre-paid. This is why providers of this service don't operate credit checks before deciding whether to give you a card, and why the card will not have a credit limit. You literally cannot spend what you do not have.

balmk

I alos have credit problems and have recently obtained the Vanquis card - they have kindly set it so that my full balance is taken out by DD each month, and I use the card for small transactions. BEWARE - the rate is really high though.

If you are intending to go with Vanquis, apply via www.topcashback.co.uk for a £20.00 payment on successful application!

Please read their T's and C's carefully as they detail all charges, interest rates etc...

Also worth noting that when I applied online I got a "no" from their "instant decision", but a few days later they rang me and said "yes".

Either way, hope all goes well for you