Vanquis £250 and how to manage it ?.

Dannydebt

Hi,
Since I have been given a vanquis card with a £250 limit I want to manage it in a way that means I pay no interest but also get regular credit limit increases, now I will set up a Direct Debit to take the full amount, so I should not have to pay interest and I will NEVER take cash out of the card. I have heard the best way to get a increase is to use it and pay it, the trouble is I can't do much with a £250 limit !, if I use it for petrol its £300 in 4 weeks, if I use it for shopping its £480 a month.

I had thought of using it and repaying it, so if I used £150 petrol in 2 weeks then make a payment every 2 weeks, if is spend £120 in shopping a week then make a payment every week.

Now can I do that or would that confuse them and also muck up the direct debit as I am not sure when the payment is taken is it 14 days after the statement date etc ?.

I should mention before anyones says the fiqures are quite high that I travel alot with my job (And do get a petrol allowance), and the shopping is for food for six of us, and the money would be in my current account anyway.

Thanks.

inmypocketnottheirs

Dannydebt wrote: »

Hi,
Since I have been given a vanquis card with a £250 limit I want to manage it in a way that means I pay no interest but also get regular credit limit increases, now I will set up a Direct Debit to take the full amount, so I should not have to pay interest and I will NEVER take cash out of the card. I have heard the best way to get a increase is to use it and pay it, the trouble is I can't do much with a £250 limit !, if I use it for petrol its £300 in 4 weeks, if I use it for shopping its £480 a month.

I had thought of using it and repaying it, so if I used £150 petrol in 2 weeks then make a payment every 2 weeks, if is spend £120 in shopping a week then make a payment every week.

Now can I do that or would that confuse them and also muck up the direct debit as I am not sure when the payment is taken is it 14 days after the statement date etc ?.

I should mention before anyones says the fiqures are quite high that I travel alot with my job (And do get a petrol allowance), and the shopping is for food for six of us, and the money would be in my current account anyway.

Thanks.

Hi I had exactly the same problem and the same intentions. My Vanquis limit is now £2250.

You can phone Vanquis and through their automated system make payments via debit card.

What I did was run upto £200, then phone and clear the balance. Keep doing this, you won't need to set up a direct debit, and you will very soon find your limit increased.

exel1966

As long as you clear your balance in full by the due date you won't pay interest. Paying more than once a month will have no bearing on your credit worthiness.
Use your card regularly, don't exceed the limit, always make a payment by the due date (whether the full amount or not) and that will demonstrate to them and other potential creditors that you are disciplined and worthy enough to have credit. Try asking for an increase after 4-6 months and point out your clean payment record.

You can either set up a DD for the minimum and then pay the rest yourself by BACS, debit card etc or set up the DD to pay in full each month. If it makes you happier make more than one payment, but it won't really improve anything.

nomoneytoday

Dannydebt wrote: »

Hi,
Since I have been given a vanquis card with a £250 limit .... if I use it for petrol its £300 in 4 weeks, if I use it for shopping its £480 a month.

Why not put 3 lots of petrol a month on the card, then pay off the £225 bill when it comes in?