Turning 18 tomorrow.. Going to apply for a Vanquis! And advice needed
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The Experian data is only fully rebuilt once a month so, although you are now 18, you weren't 18 at the time it was refreshed. In a month's time it should be able to find you.
This is actually not necessarily the case, I recall when I was 17 being added to the electoral roll with the annual canvas, which will be key here.
If OP isn't on the electoral roll, then Experian likely won't have any data at all, in the absence of anything reporting to them (which, as an under 18, it's likely there won't be).0 -
....but OP is on the electoral roll:guesswho2000 wrote: »This is actually not necessarily the case, I recall when I was 17 being added to the electoral roll with the annual canvas, which will be key here.
If OP isn't on the electoral roll, then Experian likely won't have any data at all, in the absence of anything reporting to them (which, as an under 18, it's likely there won't be).I have a stable job and am registered on the ELECTORAL ROLL under my current address since August 2017.0 -
Yes, I was added to the electoral roll in the annual canvass season.0
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So basically, I tried to sign up to the MSE Credit Club, unfortunately I could not complete the process because they use Experian for verification and I couldn't be verified. So, what I did was, I signed up for an Experian account on their official website and they still were not able to verify me, but I was able to request a "Statutory" Credit Report from them using a different service.. I just want to use the live service!
I also applied for a Vanquis Card using my friend's referral code. After completing the online application, I was told that they do not have much information of me, so they will call me within 10-15 days. I phoned Vanquis as well and they told me they have everything they need, they will call me within 10-15 days for a decision. Prior to doing this, I used the MSE Eligibility Calculator for Bad Credit Cards and Vanquis was at the top with a 95% acceptance rate.
My application with Vanquis, also having no credit history, was originally referred rather than instantly accepted like your one. I think this allows their team to perform manual identity and fraud checks before being able to make the final decision, which is normally done automatically for people who have an established record.
I remember I applied at about 10pm at night and received a call the following morning, around 11am, from someone at Vanquis asking me some questions. They approved me on the phone, forced me to setup a Direct Debit (as part of their risk mitigation process) and sent me the card and PIN within 5 working days.
You can take all the advice here about ISA's, LISA's etc. however I would take one step at a time until you feel comfortable to explore those other options for your money.
I would be extremely surprised if it actually took 10-15 days for their phone call and even more surprised if they decline your application. From my experience you should receive a call within a few days (as it falls on the weekend, it might take a bit longer) and you'll be asked to complete the approval process then. Of course everyone is different, so this is going on my experience only.Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.0 -
Hey guys! I hope you all are well and just fine. I would like to add some things which have happened since my last post.
So basically, around 3PM today, I had a phone call from Vanquis. They asked me some questions which I already had on my application and whether I wanted to setup a direct debit for payments, whether I wanted a cash advance, etc. At the end of the call, I was told that I was accepted for the card with a £250 limit and with a rate of 59.9% APR.. how exciting! And also, yesterday evening I went into a Three store and took out the SIM Only contract. I passed all checks and now I am waiting for my number to be ported from GiffGaff to Three. So, I currently have 2 credit accounts which I have to keep in good standing order.. however, Experian are unfortunately still not verifying me and Noddle says there is not much information to generate a credit report.0 -
It usually takes a month or more to update with the agencies. I really wouldn't worry about it, they will all eventually have the start date for the cards and show you paying off in full by DD each month and paying your phone contract each month and will build up a record in plenty of time to get a mortgage eventually0
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Hey guys! I hope you all are well and just fine. I would like to add some things which have happened since my last post.
So basically, around 3PM today, I had a phone call from Vanquis. They asked me some questions which I already had on my application and whether I wanted to setup a direct debit for payments, whether I wanted a cash advance, etc. At the end of the call, I was told that I was accepted for the card with a £250 limit and with a rate of 59.9% APR.. how exciting! And also, yesterday evening I went into a Three store and took out the SIM Only contract. I passed all checks and now I am waiting for my number to be ported from GiffGaff to Three. So, I currently have 2 credit accounts which I have to keep in good standing order.. however, Experian are unfortunately still not verifying me and Noddle says there is not much information to generate a credit report.
Like a kid in a candy store... congratulations on approval, that process was the same for me, except I received a call the next morning, although it depends on the amount of applications.
You now need to avoid the mistakes I made. NEVER use Satsuma Loans or any other short-term, high-cost loan company. They are expensive and almost instantly regrettable but not easily repayable until a lengthy period of time has passed of repayments.
You seem like a responsible a lad, so I am sure there won't be a problem. Looking back, Vanquis are sensible with their £250 starting limit. You can't really slip up on such a low limit, as for most people, even maxed out, their income overrides it, so can clear it without a problem. It would be quite an embrassement for someone to get into arrears on the card's almost minimum credit limit i.e "failed the first hurdle" :rotfl:
It is when you start receiving increases that the real temptation sets in, but be strong and do not spend more than you can confidently repay. Another mistake I made was being tempted into opening Capital One, Aqua etc. which looking back I shouldn't have done. Believing it would help bolster my credit file more quickly, it did the opposite, leaving me (and still leaving me) with over 90% overall credit used, meaning I now still can't access mainstream cards because lenders won't touch someone who has maxed out all of their ATS.
Stick to Vanquis and Three, make those monthly repayments on-time and in full. After 12-24 months, with no slip-ups like mine, you could be entering a classier market of cards and getting ahead of me on the race track and you're actually me, one year ago, so learn from what I am saying and take it on board.Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.0 -
Hey guys! I hope you all are well and just fine. I would like to add some things which have happened since my last post.
So basically, around 3PM today, I had a phone call from Vanquis. They asked me some questions which I already had on my application and whether I wanted to setup a direct debit for payments, whether I wanted a cash advance, etc. At the end of the call, I was told that I was accepted for the card with a £250 limit and with a rate of 59.9% APR.. how exciting! And also, yesterday evening I went into a Three store and took out the SIM Only contract. I passed all checks and now I am waiting for my number to be ported from GiffGaff to Three. So, I currently have 2 credit accounts which I have to keep in good standing order.. however, Experian are unfortunately still not verifying me and Noddle says there is not much information to generate a credit report.
Congratulations on your first credit card and belated congratulations on your eighteenth birthday. :T
I find your sensible attitude to credit most refreshing and I do hope that if you continue to manage your new card (and any future cards) the way you intend, when the time comes you'll be able to get your mortgage comfortably.Like a kid in a candy store... congratulations on approval, that process was the same for me, except I received a call the next morning, although it depends on the amount of applications.
You now need to avoid the mistakes I made. NEVER use Satsuma Loans or any other short-term, high-cost loan company. They are expensive and almost instantly regrettable but not easily repayable until a lengthy period of time has passed of repayments.
You seem like a responsible a lad, so I am sure there won't be a problem. Looking back, Vanquis are sensible with their £250 starting limit. You can't really slip up on such a low limit, as for most people, even maxed out, their income overrides it, so can clear it without a problem. It would be quite an embrassement for someone to get into arrears on the card's almost minimum credit limit i.e "failed the first hurdle" :rotfl:
It is when you start receiving increases that the real temptation sets in, but be strong and do not spend more than you can confidently repay. Another mistake I made was being tempted into opening Capital One, Aqua etc. which looking back I shouldn't have done. Believing it would help bolster my credit file more quickly, it did the opposite, leaving me (and still leaving me) with over 90% overall credit used, meaning I now still can't access mainstream cards because lenders won't touch someone who has maxed out all of their ATS.
Stick to Vanquis and Three, make those monthly repayments on-time and in full. After 12-24 months, with no slip-ups like mine, you could be entering a classier market of cards and getting ahead of me on the race track and you're actually me, one year ago, so learn from what I am saying and take it on board.
What a lovely, helpful and encouraging post.
A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.0 -
Like a kid in a candy store... congratulations on approval, that process was the same for me, except I received a call the next morning, although it depends on the amount of applications.
You now need to avoid the mistakes I made. NEVER use Satsuma Loans or any other short-term, high-cost loan company. They are expensive and almost instantly regrettable but not easily repayable until a lengthy period of time has passed of repayments.
You seem like a responsible a lad, so I am sure there won't be a problem. Looking back, Vanquis are sensible with their £250 starting limit. You can't really slip up on such a low limit, as for most people, even maxed out, their income overrides it, so can clear it without a problem. It would be quite an embrassement for someone to get into arrears on the card's almost minimum credit limit i.e "failed the first hurdle" :rotfl:
It is when you start receiving increases that the real temptation sets in, but be strong and do not spend more than you can confidently repay. Another mistake I made was being tempted into opening Capital One, Aqua etc. which looking back I shouldn't have done. Believing it would help bolster my credit file more quickly, it did the opposite, leaving me (and still leaving me) with over 90% overall credit used, meaning I now still can't access mainstream cards because lenders won't touch someone who has maxed out all of their ATS.
Stick to Vanquis and Three, make those monthly repayments on-time and in full. After 12-24 months, with no slip-ups like mine, you could be entering a classier market of cards and getting ahead of me on the race track and you're actually me, one year ago, so learn from what I am saying and take it on board.Missus_Hyde wrote: »Congratulations on your first credit card and belated congratulations on your eighteenth birthday. :T
I find your sensible attitude to credit most refreshing and I do hope that if you continue to manage your new card (and any future cards) the way you intend, when the time comes you'll be able to get your mortgage comfortably.
What a lovely, helpful and encouraging post.
Hey guys! Thanks for the positive replies. It means a lot to me as you are motivating me to do good and swerve away from common mistakes. Thank you guys and to everyone else in general!
So, I received a phone call from Vanquis last Tuesday (on the 17th) and they took my bank details to setup a direct debit as well as to confirm my income. They also asked me whether I want money to be transferred into my account from them. They did not EXPLICITLY mention "Cash Advance" but I sussed out what they were playing at. After that, I was told that my application for the card had been approved with a credit limit of £250 and will receive the card within 10-15 days. I've received my PIN on Monday (23/07) and my confirmation letter of setting up a Direct Debit today (25/07). Gosh! Will the card come already? I'm really impatient as I want the card and also not on OT but I've won an eBay auction for a vintage Motorola V550 phone yesterday and I REALLY would prefer if I've received the card tomorrow in order to make the payment from that, so I can start using it and building my history. (Link is here for the phone just out of interest lol)
Another thing I would like to mention is that I was Vanquis phoned me on a Tuesday to tell me that my application had been accepted BUT it was not until on Friday I received an email saying that I had been approved. Does this mean the card was posted on Friday?
Guys, please pray for me that my card comes tomorrow lol.. every time I've been receiving letters I got so happy to think that my card had arrived.. and when I open up the letter and realised it hadn't.. boy that feeling really hurts.. Can't wait any longer! It's already been 12 days since I made the initial application.
Tomorrow morning we shall see.
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Hi guys! I finally received my Vanquis card today.. it was such a long wait to be honest - but the card is here thankfully. Now, on to pay for the phone I won and to manage the card sensibly. Any other tips and advice would be appreciated!
Thanks0
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