Turning 18 tomorrow.. Going to apply for a Vanquis! And advice needed

T-G-C · 12 July 2018 at 2:57PM

whitz666 wrote: »

Hi there! It's good to see that I am communicating with someone who was in my situation. I will be absolutely be avoiding Payday Loans at all costs because they damage your file and you will have to pay back 1000% or more back to the company, so there's literally no point in taking payday loans. My close friend of mine applied for the "normal" and only card which is listed on the Vanquis website and he does not work at all; his household income is about £9,000 and he was accepted with a £250 limit - So I'm going to give it a go. I was just wondering what other credit accounts do you have apart from Vanquis? And thanks for the Birthday Wish! Much appreciated.

You most certainly could be accepted for the normal Vanquis card and I would recommend giving it a shot. If it did decline however, bear in mind that even the Origin card will not accept either for a period of time after the first application is declined. I hope this isn't the case for you, but nevertheless do not hesitate.

Companies like Wonga etc. are fire to mess with. It is fortunate that you are against them from the start, it is a good mantra to have.

I have a few credit accounts now. I've never defaulted or missed a payment, so if I can do it, you certainly can.

You will most likely be provided a £200 - £250 limit to start with, as I and your friend was, however this will increase with time. When it does increase, stick to the good conduct and do not be tempted to start carrying a balance.

With one credit card and one mobile contract, kept in good standing and managed correctly, you should start noticing a difference in offers within 12 to 24 months of starting. I haven't broken into the mainstream market due to credit limit utilization, income level and hard searches, but do things better than I have and you'll be rolling soon enough.

john1002 · 12 July 2018 at 4:46PM

Don!!!8217;t forget vanquis like most providers do a quick check to ascertain likelihood of acceptance so use these, if it says your not eligible then your own bank or the mobile deal you mention might be the best course for 6-12 months and then try the eligibility checkers again.

Good luck and let us know how you fare, happy !!!55357;!!!56835; birthday !!!55356;!!!57217;

John

Anthorn · 12 July 2018 at 7:37PM

Re. the opening post: I would argue that applying for a Vanquis card or indeed any sub-prime card before other options are tried is not at all sensible. It looks like you are just assuming that you will be declined for a credit card without trying for one. Try a soft check first at, say, MBNA or Barclaycard to discover the likelihood of acceptance. Then if you don't have a cat-in-hell's chance go for a sub-prime card: There is more than one sub-prime card however.

[Deleted User] · 12 July 2018 at 7:39PM

Try the eligibility checker on here first. Or go to your bank.

It doesn!!!8217;t matter what card you get so long as you pay it off in full each month after the statement.

LobsterMemory · 12 July 2018 at 9:10PM

Do Student bank accounts not include Credit Cards any more? Used to be standard procedure in my day.

And what a bloody mess I made of it!

maxximus75 · 12 July 2018 at 10:27PM

I would go to your bank and ask for a student credit card. They should offer favorable rates much better than Vanquis and alike and they will have a history of your bank account with them and how you have conducted that to help with their decision.

Sncjw · 12 July 2018 at 10:38PM

What is your income. The ability to get a card for some lenders will be based on income

Nasqueron · 12 July 2018 at 11:00PM

I got a CC from the bank I had been with for 10+ years when I was 18 - it was not a student account either. I'd try your bank before trying for accounts like Vanquish

ricky_v · 12 July 2018 at 11:22PM

I would go with Aqua as you'll get 0.5% cashback with all purchases, plus you can use it for fee-free purchases abroad with a perfect exchange rate.

https://welcome.aquacard.co.uk/v0/core/reward/apply?sourcecode=9110693AA002DAG01100

The interest rate won't matter as you'll be paying the statement balance off in full (pay it via direct debit). DO NOT use it for cash withdrawals.

Also remember to max the state bonus in a LISA for your house purchase if you can.

Speaking from personal experience, with sensible use of a credit card after a couple of years, you'll get mortgage offers about 4x your salary when the time comes for your house purchase.

Good luck!

T-G-C · 13 July 2018 at 1:54AM

Anthorn wrote: »

Re. the opening post: I would argue that applying for a Vanquis card or indeed any sub-prime card before other options are tried is not at all sensible. It looks like you are just assuming that you will be declined for a credit card without trying for one. Try a soft check first at, say, MBNA or Barclaycard to discover the likelihood of acceptance. Then if you don't have a cat-in-hell's chance go for a sub-prime card: There is more than one sub-prime card however.

You are not correct in arguing that starting with subprime is not a sensible move. I can agree with you that performing a harmless soft check with mainstream providers is not a bad move in case of a rare positive result, however actually applying for a mainstream and putting unnecessary hard searches on an already blank credit file is not good practice.

The OP's purpose means that mainstream and subprime are irrelevant, he wants to build his credit file and clear in full each month, nothing more or less. I know that mainstream cards can offer rewards and incentives, however this is not something he is concerned about right now, he has the far future to consider switching to such offers when they are presented to him.

Other lenders cannot see the name of the lender, only the credit limit and account records, therefore having a Vanquis account doesn't effect him negatively. Even if approved for a mainstream card, his limit would most likely be hitting subprime level regardless, as no prime lender is going to offer an 18 year old, with no past history of credit, more than £500 to start off with. However, like I said, the chances of being accepted for a mainstream card without any credit history is next to none. I was in his position last year and know this for a fact. Income does have an influence, but the lack of a file still overrides most criteria of acceptance. The biggest exception, as mentioned around here, is a bank that you are a customer of, however I still wouldn't apply unless provisionally approved.

The OP does have a range of subprime lenders to choose from, however Vanquis is the easiest to obtain with a lack of history. Aqua and Capital One are more likely to decline an application in this situation than the latter.

The OP needs to start off with Vanquis. They can soft check with mainstream lenders first, however when they return a decline, which they most certainly will, he needs to go ahead with the safest option and then build a file to use in the future with more attractive offers. You can't head straight into the mainstream market at 18, it has to be earned over time with good credit management.

Turning 18 tomorrow.. Going to apply for a Vanquis! And advice needed

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