Had Vanquis credit card for 13 months with no increase

bobbydub · 18 July 2016 at 9:49PM

Iv been with them for 4 years and till this day still on £250! But applied for a Cap1 in Nov last year and got a £400 limit.

Anthorn · 18 July 2016 at 11:19PM

Victoriamia wrote: »

I've been with vanquis since June 2015 as they were the only credit card willing to give me the time of day due to a bad credit rating. I have been with them 12 months and only went over my limit by a mistake in Febuary. I always pay in time and I have still not been offered a credit limit. I would like one as on my clear score report one of my negatives is "your highest credit card limit is low". It's £500. I just want a credit limit increase :money::money::money::money::question:

Staying within a credit limit is something all credit card lenders are hot on but the effect of a single occurrence will diminish over time. My guess is that if you use most of your limit every month and clear the balance every statement sooner or later they will increase your limit. In such a circumstance they would view maxing of the limit as losing money on transactions. Hence a limit increase.

Victoriamia · 22 July 2016 at 8:29AM

I do have a job that pays well but I'm on maternity leave so I did max out the card. I do spend just to help me get by because maternity pay is absolutely rubbish and it's hard when you have two babies and are getting this as an income X
I'm due to go back to work in November then I can start paying everything back off. I have an overdraft with my bank and I'm going to use that to clear the vanquis card (as the interest is an actual joke with them!) and jus use the card to do vey small spending n pay the balance in full. It's just gettin out of the 500 pound with them when I'm in such crap maternity pay and heir interest rates are extortionate. I've learnt my lesson and wouldn't do this again EVER

[Deleted User] · 22 July 2016 at 8:37AM

To be fair, their rates need to reflect the much higher risk of their customer base. It's not done as a joke - it's done so as to not get burned by the bad debt.

m4rc · 23 July 2016 at 5:16PM

Victoriamia wrote: »

I do have a job that pays well but I'm on maternity leave so I did max out the card. I do spend just to help me get by because maternity pay is absolutely rubbish and it's hard when you have two babies and are getting this as an income X
I'm due to go back to work in November then I can start paying everything back off. I have an overdraft with my bank and I'm going to use that to clear the vanquis card (as the interest is an actual joke with them!) and jus use the card to do vey small spending n pay the balance in full. It's just gettin out of the 500 pound with them when I'm in such crap maternity pay and heir interest rates are extortionate. I've learnt my lesson and wouldn't do this again EVER

It's good you want to pay them off, their rates are higher than a lot of cards but if you pay it back in a few months it's not going to cost you ridiculous amounts. However, I really don't think a limit increase will be a good thing for you, if they put your limit up to £1500 I'm betting you'd spend it as you want to buy things for your children, and then paying it back would be a little more difficult. The minimum repayments on £1500 will be significantly higher, so to ensure you are slowly clearing the debt and not paying too much interest you would really want to be paying £300+ a month back.

I think it's a good thing for you that they haven't increased it yet, keep paying it off, get it cleared and that will help your credit files, next year you may be able to get a better card with a higher limit.

Had Vanquis credit card for 13 months with no increase

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