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    • Grumpy Shunter
    • By Grumpy Shunter 13th Jan 16, 7:07 PM
    • 225Posts
    • 85Thanks
    Grumpy Shunter
    Vanquis credit limit increase
    • #1
    • 13th Jan 16, 7:07 PM
    Vanquis credit limit increase 13th Jan 16 at 7:07 PM
    Ok, So I have been with Vanquis for just over 12 months now. After my 4th statement I was hoping for a credit limit increase - I never did hear anything.

    Ah well, I thought, my be after 8 or 12 months I will be given a credit limit increase. nope, nothing, nada, zilch.

    Now, do I wait it out and just be patient? What can I do to help get an increase? I don't want to ring them up because I have read on here and other forums that calling them is a waste of time.

    For the record, I have a DD set-up to pay in full each month, which is exactly what has happened since I had the card.

    Many thanks.
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    • Boatdweller
    • By Boatdweller 15th Jan 16, 12:06 PM
    • 158 Posts
    • 109 Thanks
    Had mine since October and got an email last week to say they will increase my credit limit from £250 to £500 in Feb. Not that I carry a balance on it.
    • m4rc
    • By m4rc 16th Jan 16, 11:57 PM
    • 300 Posts
    • 388 Thanks
    Had a Vanquis card for 15 months, starting limit £500 and increased to £1500 this month. I didn't ask they just told me they were going to do it unless I said no thanks.
    • bobbydub
    • By bobbydub 15th Oct 16, 4:35 PM
    • 28 Posts
    • 10 Thanks
    Finally after 4 years I got a letter saying there going to increase my credit to £750 from £250.. after all this time, maybe cause i don't use it often.
    • user1168934
    • By user1168934 17th Oct 16, 11:07 AM
    • 276 Posts
    • 118 Thanks
    If you want increased limit then the best thing to do is to use the card as close to the limit as you can, surely you can easily do that if the limit is 250 or so. My wife had a vanquis card which started with £300 limit, within a couple of months they increased it to £1500 and gave her a gold card. I was surprised especially because she is a housewife and not employed.

    • Aliana Johnson
    • By Aliana Johnson 17th Oct 16, 11:17 AM
    • 12 Posts
    • 3 Thanks
    Aliana Johnson
    They keep sending me applications... I haven't got the best credit so I may give them ago today and start building my credit score...
    • dazzaofdagenham
    • By dazzaofdagenham 18th Oct 16, 11:37 AM
    • 1,179 Posts
    • 389 Thanks
    Just had a email saying they are increasing my credit limit to 4000 pounds !!!

    Would scare the life outta me if I went anywhere near that limit
    • A4445
    • By A4445 18th Oct 16, 4:21 PM
    • 785 Posts
    • 355 Thanks
    Just had a email saying they are increasing my credit limit to 4000 pounds !!!

    Would scare the life outta me if I went anywhere near that limit
    Originally posted by dazzaofdagenham

    £4000 @ 39.9% ouch
    • dazzaofdagenham
    • By dazzaofdagenham 18th Oct 16, 6:58 PM
    • 1,179 Posts
    • 389 Thanks
    £4000 @ 39.9% ouch
    Originally posted by A4445
    Exactly.....painful....not worth thinking about
    • GM1880
    • By GM1880 7th Oct 17, 7:09 PM
    • 153 Posts
    • 57 Thanks
    Had a Vanquis for about 7 months with a starting limit of £500. Been putting £100 or so on it and paying it off in full each month.

    Just applied for and think I have got a Barclaycard Platinum, but need a higher limit of at least £1500 for work travel & car hire. Hopefully the Barclaycard comes through and has that limit, if not iíll have to try to figure out what Vanquis want for a higher limit. Maybe a higher utilisation or carrying over the occasional balance?
    • Somerset La La La
    • By Somerset La La La 8th Oct 17, 10:02 AM
    • 569 Posts
    • 175 Thanks
    Somerset La La La
    When I hired a van they only took £200 deposit (Enterprise) - I assume it's the same for a car. The excess amount was £1,150, but they didn't pre-auth that.

    As for Vanquis... I've got their Chrome card - 24.7% which is my cheapest. Got £1k on it in July, hoping they'll increase me soon. I do run it close to the limit though, but always pay in full.

    Lucky dip whether they'll give it to me I guess!
    • GM1880
    • By GM1880 8th Oct 17, 10:32 AM
    • 153 Posts
    • 57 Thanks
    Yes indeed. In the Uk itís less of an issue; with many you can use debit cards and lower excess of on credit cards. But travelling to Europe itís often £1500+ and can only accept credit cards.
    • tommy501
    • By tommy501 16th Oct 17, 2:30 PM
    • 1 Posts
    • 0 Thanks
    credit limit increase to 3000
    I got the card to improve score, with 250 in september 2016. On the 4th month got an increase to 500. Then an increase to 1500 and an increase to 3000 starting in november 2017.

    What I do is pay random amounts manually 100 here & 300 there, always keeping above half the credit limit on balance. Sometimes more than one payment per month.
    My theory is they like you to be in a bit of debt but not too much & to look like you don't need the credit by paying way above the interest payment.

    Which is ironic cos a lot of people with credit need the credit!!!
    • zx81
    • By zx81 16th Oct 17, 2:33 PM
    • 17,791 Posts
    • 18,918 Thanks
    Try to stay under half your limit, and clear in full each month.

    That way you will become more attractive to other lenders, and not be stuck with Vanquis for the rest of your life.
    • Hoogle
    • By Hoogle 16th Oct 17, 5:20 PM
    • 194 Posts
    • 173 Thanks
    I have a very poor credit score mainly because I have nothing on credit except my broadband less than 6 months old so started looking and researching credit score boosting (please note the score is really not important lenders dont see that they only see your history of available credit and payments on time etc.) My whole purpose is to make myself credit worthy so I applied for a vanquis card 3 weeks ago along with aqua (Aqua accepted me but for some reason my Passport and driving license was not good enough ID due to my license being scratched badly and info is not clear so ordered a replacement just to get my card sent)

    credit building cards are excellent if you use them right here is what I have found out on how to maximise your potential for increasing score (if this interests you but really shouldnt be a priority) and getting faster and bigger credit limit increases.

    Maximize your score
    SPend on your card pay it off before statement date = 0% utilization = maximum points

    Increase credit limit
    get close to your limit and clear balance when due use card regularly.

    However to maximise your limit increase potential and score increase here is the trick.

    Use your card as close to the limit without ever exceeding it in short periods of time and pay the balance in full repeat throughout the month. few days before your statement date make sure balance is paid in full so when your statement is produced you get the 0% utilization (based on just this card not counting anything else) maximum score after statement date repeat process but maybe you dont have to go so close to credit limit.

    Credit card companies want you to spend it is how they make the money so they will offer you a bigger limit as long as they can see your proving not to be a risk.

    My card is only 2 weeks old I have maxed it out 3 times now (within £10) and cleared it twice. This morning they phoned me to check everything was OK as they thought unusual activity as my spending was all different from £5 here to £80 shopping etc then cleared balance and transferred me to accounts where they have already increased my limit from November my new limit will be £500. I was expecting to have to wait for 4 months but instead as they can see I am paying it and after a long chat on what I was using the card for they were actually very nice people and have said they will monitor my account until christmas and as long as I have kept everything in order they will look at transferring me onto a better card.
    I know subprime cards have a bad rep but to be fair from application and 2 encounters on the phone with them I actually really like the way vanquis work I am sure I am probably a rare case and people have nothing but problems but the nicer you are to them the more they seem to want to help. ANd by help I mean encourage you to spend money more to make them more money lol. They also said that my initial limit should have been £300 but for some reason the person doing my application lowered the suggested limit probably human error or he took what I said about not liking the idea of owing debt.
    • Somerset La La La
    • By Somerset La La La 17th Oct 17, 7:41 PM
    • 569 Posts
    • 175 Thanks
    Somerset La La La
    Vanquis say you have to use your limit to get an increase, in their investor documents & AGM etc they refer to people using about 65% of limit, because they worry about upping limits with unused credit, as it would only be drawn when consumers experience financial stress. (With their interest rates... they've got a point!).

    Although in terms of being attractive to other lenders, lower is better as mentioned above. I don't think 65% will kill it though, particularly if you have a sub £2,000 limit and the income to support it - so I'm going to try and keep my utilisation about that to see if they increase me!

    Of course they'll always be 'edge' cases, where someone maxes out every month and gets increases, and some where people using it for crisps only but get an increase - but with it being so documented in their investor documents, I think that's as close as you'll ever get to "from the horses mouth" regarding credit underwriting criteria!

    Also mention (just confirmation really) of the Chrome Card being "nearer prime" and expansion of their business etc., so it's clearly scored differently than say the Granite or bog standard Vanquis
    • GM1880
    • By GM1880 1st Dec 17, 2:00 PM
    • 153 Posts
    • 57 Thanks
    Just had a discussion with Vanquis about my credit limit.

    As it stands I have a Barclaycard Platinum with a £800 limit and a Vanquis with £500, the Barclaycard for just 2 months and the Vanquis for 9 month, no increases on either yet, so still at the starting limit.

    The intention is to get to c.£2000 limit on one or other pretty quickly to use for card hire mainly. Given my current account is with Barclays and I have a ISA with them, hopefully they'll increase my limit pretty swiftly given they can see my income/savings.

    But, had a word with Vanquis today to see when they'll next review my limit. They said the main reason I haven't is that I'm not going close to my limit. They said if I do, then pay it off, it'll mean I'll probably get a credit limit increase in January. I had though they would be more concerned about responsible use rather than maximum use, but either way, may be helpful for some of you?
    • Gary_Dexter
    • By Gary_Dexter 1st Dec 17, 5:04 PM
    • 1,522 Posts
    • 865 Thanks
    The intention is to get to c.£2000 limit on one or other pretty quickly to use for card hire mainly. Given my current account is with Barclays and I have a ISA with them, hopefully they'll increase my limit pretty swiftly given they can see my income/savings.
    Originally posted by GM1880
    Which has absolutely nothing to do with your credit worthiness....
    • GM1880
    • By GM1880 1st Dec 17, 5:08 PM
    • 153 Posts
    • 57 Thanks
    Which has absolutely nothing to do with your credit worthiness....
    Originally posted by Gary_Dexter
    What doesn't?

    If you're referring to how Barclays view me as a customer, one would imagine they will be more likely to grant me credit given they are able to verify my income whereas others would not have that benefit. That's the internal element of their scoring. Obviously other lenders would not be able to see it so wouldn't have any impact on their decision.
    • Anthorn
    • By Anthorn 5th Dec 17, 3:23 PM
    • 3,763 Posts
    • 970 Thanks
    Given the experience of using a card I can probably work out what it is that promotes a limit increase because limit increases are relevant to the credit history especially pertaining to Clearscore. As a rule of thumb it's use your existing limit and you can count on a limit increase sooner or later. But I could never work out Vanquis. They appear to be haphazard with no real catalyst pointing to a limit increase.

    When I had Vanquis I started with a limit of £250 which rapidly increased every few months, certainly shorter than the regulation 4 months, to £3,750 and stuck there and was still that amount when I closed it a year later.

    Go figure.
    • GM1880
    • By GM1880 12th Dec 17, 11:52 AM
    • 153 Posts
    • 57 Thanks
    So, having made the error it seems of paying off the balance of my Vanquis before the statement date, I spoke to them and said my credit limit hadn't increased because I wasn't using the card. So, in the last two weeks went up to £450/£500 limit. Statement through today, paid off in full. 2 hours later got confirmation my credit limit's going up to £1500.

    May or may not be useful for others.
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