The Sub Prime Credit Thread - Part IV
Comments
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coffeeandfags wrote: »Hiya. Im a long-time lurker on this thread
Anyways, my credit record was 100% completely shot (still is lol but im slowly getting there), but after 2 years of trying and applying every 6 months, Vanquis have eventually accepted me and i have a shiny pink card in my grubby paws :j:j
So what to do now to try and even start to repair my record?? Do i spend on it? Do i pay it off in full every month or not? If i pay in full every month are they likely to increase the measly £250 limit?
I really want to get this right this time
BTW, ive also tried in the past for Aqua, JD Williams, all the usual suspects, but have been consistently knocked back. So how long to show them i can be a "good girl" til i should shoot off another application??
Sorry all the questions, but im sooo chuffed that someone has given me a chance!
Use the card and pay it off in full each month. Doesn't really matter how much you spend on it, just keep the monthly spend within what you can afford to repay in full each month. NEVER pay less than the FULL amount - the card shouldn't be used to borrow because of the APR.
Oh, and :beer: well done!
I would recommend getting a Three Sim Zero now, too:
http://threestore.three.co.uk/DealSummary.aspx?tariffid=1317&offerCode=1SO0D001&id=1183
Their credit check is near-as-makes-no-difference non existent and this will boost your score building along side the Vanquis card.
I'd advise using the SIM card for atleast one text a month just to trigger it reporting to the credit file.
After a year of having the Vanquis card and Sim Zero, you should stand a good chance of getting a better card, namely the Capital One Progress. I wouldn't consider trying before you've held both for a year, mind.
Are you registered on the electoral role?
Good luck with everything, keep us posted, and welcome (back) to sub prime
Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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Use the card and pay it off in full each month. Doesn't really matter how much you spend on it, just keep the monthly spend within what you can afford to repay in full each month. NEVER pay less than the FULL amount - the card shouldn't be used to borrow because of the APR.
Mate you have to calm down with this - Vanquis does not penalise you, nor does ANY other lender in the industry for paying part payment SO LONG as you make the required minimum monthly payment.
The APR is irrelevant to some people, they are adult enough to know the APR and the consequences of maintaining a balance - the way you say it suggests that they MUST pay in full - they do not and even if they did, it changes nothing in respect of their main query - not the interest rate - BUT how to get back on the credit ladder!
Sorry for ranting but you keep rattling on about paying in full - sorry to sound harsh but weren't you the one that went b/r - i.e. pot, kettle black!
Final rant, a mobile DOES NOT improve your credit rating, nor does creditbuilder cashplus thing. Contrary to what you may see or hear - the main (primary) lenders know the scams and ignore it as part of their scoresheet - this is another fact from within two of the main lending institutions (MBNA & HBOS) 2010 - year of the troll
Niddy - Over & Out :wave:
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never-in-doubt wrote: »Mate you have to calm down with this - Vanquis does not penalise you, nor does ANY other lender in the industry for paying part payment SO LONG as you make the required minimum monthly payment.
The APR is irrelevant to some people, they are adult enough to know the APR and the consequences of maintaining a balance - the way you say it suggests that they MUST pay in full - they do not and even if they did, it changes nothing in respect of their main query - not the interest rate - BUT how to get back on the credit ladder!
Sorry for ranting but you keep rattling on about paying in full - sorry to sound harsh but weren't you the one that went b/r - i.e. pot, kettle black!
Final rant, a mobile DOES NOT improve your credit rating, nor does creditbuilder cashplus thing. Contrary to what you may see or hear - the main (primary) lenders know the scams and ignore it as part of their scoresheet - this is another fact from within two of the main lending institutions (MBNA & HBOS)
I agree.
If someone wishes to have a balance on their Vanquis, that is their decision.
I bought a motorcycle on mines and quite happily paid the interest for a few months.
They don't need to be spoken to like a child, they are adults with their own minds as to what to do with their own situation. It took her 2 years to get the card, let her bloody go and enjoy it. She can use it to buy coffee and fags. :rotfl:We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
I will continue to tell people to pay their sub prime cards in full because that way if they come back in a years time saying "the interest is killing me" I can say "Yup, told you". Preventative maintenance
Remember it was care free spending that got some of us in this place in the first place. I won't advocate taking on board the same attitude again as it could very well lead one back to square one. And where would that have left me? Giving advice that contributed to someone's credit demise once again? No thanks!
RE: Mobile contracts helping - it depends how thin on the ground your report is - if it is one of only two active accounts it will make a big difference.
When I was 18 Capital one turned me away for a Classic card but accepted me a few months later - the only difference was a Three contract (then the only account on my file). The only other difference when capital one accepted me was more recent searches.
And you should know as well as anyone else that no creditor can see who the lender or service provider is only what type of account is it. How can a lender distinguish between a Three Sim Zero and any other mobile contract? Can't.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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I will continue to tell people to pay their sub prime cards in full because that way if they come back in a years time saying "the interest is killing me" I can say "Yup, told you". Preventative maintenance
That's mature.. seriously, what age are you? :think:
I thought the whole point of this forum was to help people with their problems, not rub their face in it. Perhaps I was wrong. NID, can you confirm what the forum is for?We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
any one know what time your vanquis statement come out mine due today but not out yet0
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I thought the whole point of this forum was to help people with their problems
Clearly you're totally missed the point. IMHO helping someone with their problem (low credit score) would be to a) tell them how to increase it, and b) impart advice that won't result in a similar situation arising again.
No one is under obligation to follow my advice but I feel duty bound to suggest not paying interest on high rate cards given the number of people I've seen both on these forums and first hand (including myself) struggle to clear high interest debts.
I value your advice and will try to be more gentle with this advice in future.
How's this:
You can pay any amount back from the minimum to the maximum but if you are using the card for credit building purposes my advice would be to clear the bill in full each month and try not to spend more than you can repay each month, as the interest is prohibitively high and you might resent having to pay it.
Better?any one know what time your vanquis statement come out mine due today but not out yet
You can hear the statement information on the automated service the day after the statement is produced.
Expecting an increase? Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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I will continue to tell people to pay their sub prime cards in full because that way if they come back in a years time saying "the interest is killing me" I can say "Yup, told you". Preventative maintenance
Remember it was care free spending that got some of us in this place in the first place. I won't advocate taking on board the same attitude again as it could very well lead one back to square one. And where would that have left me? Giving advice that contributed to someone's credit demise once again? No thanks!
RE: Mobile contracts helping - it depends how thin on the ground your report is - if it is one of only two active accounts it will make a big difference.
When I was 18 Capital one turned me away for a Classic card but accepted me a few months later - the only difference was a Three contract (then the only account on my file). The only other difference when capital one accepted me was more recent searches.
And you should know as well as anyone else that no creditor can see who the lender or service provider is only what type of account is it. How can a lender distinguish between a Three Sim Zero and any other mobile contract? Can't.
Mate what i'm going to say next - you won't like, but it is the truth and you can take it or leave it.
I am almost double your age, so are a lot of others on here and believe it or not we are extremely world savvy, no offence but you cannot possibly have the same knowledge as someone pushing 40 that has 15 years experience in the field you're trying to disagree with me about!
Ok, so point by point.
1. Its not about "saying so" and you're not there to tell them to clear their cards - this is an advice site, not a samaritans helpline
2. You say it was free spending that got "us" in this place, mate - you went B/R and since have done nothing BUT apply for stuff and you then go on about a £1k pc using a card - do you comprehend advocacy?
3. Mobiles do not contribute - regardless. I am stating that as matter of fact and no matter what you say will change my mind. Put it this way, i'm a bank and you have a vodafone contract - that tells me one thing and one thing only - that you pay a mobile bill. I need and want to see credit cards or RELATED products - not a mobile contract!
4. You state a mobile will make a big difference if its one of two accounts - NO mate, it makes no difference whatsoever.
5. You keep going on events that occured to you - not facts! You've seen for yourself how the system is a joke... example? Sure - I got a BoC account but i've more searches than most of you added together - some of those who also applied (with less searches got declined) and I had 2 (maybe 3) cifas warnings. - Figure what i'm saying yet? LUCK!
6. The lender will see a contract to the network 3 - if that is all that is on ones credit file they will soon figure out what it is! Likewise with that silly cashbuilder thing.
I'm not having a go mate but you're trying to argue with seasoned pro's - i've bitten my tongue on numerous accasion now but enough is enough - you're not a know it all - you're a 20 year old lad that has not even lived yet so please don't lets fall out, think before you type and realise you're not there to "help" everyone - stick to what you know, not what has happened to you.
Personal experience does not take away facts - I always stick to the facts, as you know. If I went on personal experience like you always do then wehey!
I have 3 mainstream cards and I got these (all of them) when I had 50 defaults, 500+ searches and like 20 cifas warnings - how you may ask - I dunno, but the last thing i'd do is suggest everyone applies COS I GOT ACCEPTED!
I hope you understand my points and don't take them the wrong way 2010 - year of the troll
Niddy - Over & Out :wave:
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never-in-doubt wrote: »Mate what i'm going to say next - you won't like, but it is the truth and you can take it or leave it.
I am almost double your age, so are a lot of others on here and believe it or not we are extremely world savvy, no offence but you cannot possibly have the same knowledge as someone pushing 40 that has 15 years experience in the field you're trying to disagree with me about!
Ok, so point by point.
1. Its not about "saying so" and you're not there to tell them to clear their cards - this is an advice site, not a samaritans helpline
2. You say it was free spending that got "us" in this place, mate - you went B/R and since have done nothing BUT apply for stuff and you then go on about a £1k pc using a card - do you comprehend advocacy?
3. Mobiles do not contribute - regardless. I am stating that as matter of fact and no matter what you say will change my mind. Put it this way, i'm a bank and you have a vodafone contract - that tells me one thing and one thing only - that you pay a mobile bill. I need and want to see credit cards or RELATED products - not a mobile contract!
4. You state a mobile will make a big difference if its one of two accounts - NO mate, it makes no difference whatsoever.
5. You keep going on events that occured to you - not facts! You've seen for yourself how the system is a joke... example? Sure - I got a BoC account but i've more searches than most of you added together - some of those who also applied (with less searches got declined) and I had 2 (maybe 3) cifas warnings. - Figure what i'm saying yet? LUCK!
6. The lender will see a contract to the network 3 - if that is all that is on ones credit file they will soon figure out what it is! Likewise with that silly cashbuilder thing.
I'm not having a go mate but you're trying to argue with seasoned pro's - i've bitten my tongue on numerous accasion now but enough is enough - you're not a know it all - you're a 20 year old lad that has not even lived yet so please don't lets fall out, think before you type and realise you're not there to "help" everyone - stick to what you know, not what has happened to you.
Personal experience does not take away facts - I always stick to the facts, as you know. If I went on personal experience like you always do then wehey!
I have 3 mainstream cards and I got these (all of them) when I had 50 defaults, 500+ searches and like 20 cifas warnings - how you may ask - I dunno, but the last thing i'd do is suggest everyone applies COS I GOT ACCEPTED!
I hope you understand my points and don't take them the wrong way
Once again:
No one is under obligation to follow my advice but I feel duty bound to suggest not paying interest on high rate cards given the number of people I've seen both on these forums and first hand (including myself) struggle to clear high interest debts.
I value your advice and will try to be more gentle with this advice in future.
How's this:
You can pay any amount back from the minimum to the maximum but if you are using the card for credit building purposes my advice would be to clear the bill in full each month and try not to spend more than you can repay each month, as the interest is prohibitively high and you might resent having to pay it.
Better?Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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