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  • FIRST POST
    • whitz666
    • By whitz666 12th Jul 18, 1:22 PM
    • 12Posts
    • 2Thanks
    whitz666
    Turning 18 tomorrow.. Going to apply for a Vanquis! And advice needed
    • #1
    • 12th Jul 18, 1:22 PM
    Turning 18 tomorrow.. Going to apply for a Vanquis! And advice needed 12th Jul 18 at 1:22 PM
    Hi there MSE!

    Sorry if I've posted this in the wrong place; I'm a full-time lurker but now, one day before my 18th birthday, I've decided to post for once!

    So as the title says, I am turning 18 years old tomorrow. I will be an adult and will be entering the world of SENSIBLE credit. That being said, tomorrow morning, I will apply for a Vanquis Credit Card to take the first step in building my credit history so I can look more attractive to lenders and ideally purchase a house at the age of 24-28.

    I am working and a full time student and the reason that I am applying for a credit card this early is because I would like to ESTABLISH & BUILD a credit history at the earliest post. I don't want to be at the age of 25 where I want to purchase a house but get declined due to me having a thin credit file, no no. I also do not want to be on the Debt Free Wannabe section because I had no knowledge of how credit cards work and went on a spending spree just like a typical 18-21 year old either; my AIM is to make purchases on the credit card that I already have money for sitting in my main bank account, and 1 day before the due date, I will clear the whole balance off in full. If anything goes wrong, such as if I do not get paid from my job or I have insufficient funds to clear off the credit card within that particular month, I have savings to back me up. Believe me, I am well-disciplined but anyone can make mistakes!

    I have been reading about interest rates, how they work and general credit card, house buying/mortgages and banking stuff from the age of 16. I am one of the few people in the 2000s generation to think sensibly at this age about Money & Finances due to having amazing grandparents that taught me the value of Money and just because I want to do things now that will help me in the future.

    I know that this thread may not have a single purpose, but I would like to ask you that, what are the acceptance rate of Vanquis? Will I be accepted? I know that they have an eligibility checker where they tell you how likely you are to be accepted.. I have a stable job and am registered on the ELECTORAL ROLL under my current address since August 2017. I am also thinking of applying for a SIM Only Three Student Deal of 17pm which features 30GB of Data, Unlimited Minutes and Unlimited Texts as well so that can be added to my file.

    So like I said, I will be spending and clearing my to-be-VANQUIS card in full when my statement arrives at the end of the month. I also am aware that a fluctuation of a CREDIT SCORE does not matter in the real world; but an established CREDIT HISTORY does. I know I am crazy and am obsessed about these things at this age.. but it will be worth it.

    And also, is it worth looking at my credit report tomorrow? Like Experian, etc...

    Thanks for reading and see you soon!
    Last edited by whitz666; 12-07-2018 at 1:43 PM.
Page 1
    • blitzboy
    • By blitzboy 12th Jul 18, 1:31 PM
    • 459 Posts
    • 255 Thanks
    blitzboy
    • #2
    • 12th Jul 18, 1:31 PM
    • #2
    • 12th Jul 18, 1:31 PM
    My advice would be don't wait until 1 day before the due date. Pay as soon as you get the statement or, even better, set up a direct debit for the full payment each month. If you leave it until 1 day before and then something unforeseen happens on that day meaning you don't end up paying it you have a missed payment on your file for the next 6 years.


    Other than that, just stay disciplined. Don't ever think of it as 'extra' money available.
    • 2ilent8cho
    • By 2ilent8cho 12th Jul 18, 1:33 PM
    • 43 Posts
    • 12 Thanks
    2ilent8cho
    • #3
    • 12th Jul 18, 1:33 PM
    • #3
    • 12th Jul 18, 1:33 PM
    I would recommend trying your bank for a credit card before Vanquis. Barclays for example have a cash back reward one, not sure what other banks do or who you bank with. Because the bank will have seen your current account for the last few years they are more likely to accept you and may even pre approve you internally.

    I know you said you intend to pay off the balance in full each month which is good, if you were wanting to at some point in the future put a large purchase on it to pay off over say 6 months like a used car a lower APR credit card would be better than the nasty charges from Vanquis.
    • whitz666
    • By whitz666 12th Jul 18, 1:34 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    • #4
    • 12th Jul 18, 1:34 PM
    • #4
    • 12th Jul 18, 1:34 PM
    My advice would be don't wait until 1 day before the due date. Pay as soon as you get the statement or, even better, set up a direct debit for the full payment each month. If you leave it until 1 day before and then something unforeseen happens on that day meaning you don't end up paying it you have a missed payment on your file for the next 6 years.


    Other than that, just stay disciplined. Don't ever think of it as 'extra' money available.
    Originally posted by blitzboy
    Hi there, thanks for your responding. I am planning to setup a Direct Debit to pay off the full balance off every month. I was just wondering after applying online, does the Credit Card company call you or something? My friend applied online and they called him for further verification due to him being a new 18 year old
    • whitz666
    • By whitz666 12th Jul 18, 1:37 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    • #5
    • 12th Jul 18, 1:37 PM
    • #5
    • 12th Jul 18, 1:37 PM
    I would recommend trying your bank for a credit card before Vanquis. Barclays for example have a cash back reward one, not sure what other banks do or who you bank with. Because the bank will have seen your current account for the last few years they are more likely to accept you and may even pre approve you internally.

    I know you said you intend to pay off the balance in full each month which is good, if you were wanting to at some point in the future put a large purchase on it to pay off over say 6 months like a used car a lower APR credit card would be better than the nasty charges from Vanquis.
    Originally posted by 2ilent8cho
    I hold 2 bank accounts; Lloyds Under 19 and Nationwide FlexOne. Tomorrow afternoon, I will be going into a Lloyds branch to upgrade my U19 to a Classic Account. I do not think they will offer me a credit card just yet, it is safe for me to go for the sub-prime credit cards which are designed for people with bad/no credit history, and I believe Vanquis is a good one
    • Ergates
    • By Ergates 12th Jul 18, 1:41 PM
    • 92 Posts
    • 156 Thanks
    Ergates
    • #6
    • 12th Jul 18, 1:41 PM
    • #6
    • 12th Jul 18, 1:41 PM
    The very least thing you should do is set up a Direct Debit to pay of the minimum amount each month. This way you will never accidentally miss a payment. Then, as you were intending to do anyway, go in and manually pay off the full balance each month.

    Alternatively, do as blitzboy says and set up a DD for the full amount each month - though if you do this, remember you'll have to go in and change this if you ever buy something you want to pay off over several months.
    • whitz666
    • By whitz666 12th Jul 18, 1:48 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    • #7
    • 12th Jul 18, 1:48 PM
    • #7
    • 12th Jul 18, 1:48 PM
    The very least thing you should do is set up a Direct Debit to pay of the minimum amount each month. This way you will never accidentally miss a payment. Then, as you were intending to do anyway, go in and manually pay off the full balance each month.

    Alternatively, do as blitzboy says and set up a DD for the full amount each month - though if you do this, remember you'll have to go in and change this if you ever buy something you want to pay off over several months.
    Originally posted by Ergates
    Hi there - I will be setting up a Direct Debit to clear off the balance. However, just wanted to ask you, do you set it up straightway when the company calls you or do you do it later yourself?
    • T-G-C
    • By T-G-C 12th Jul 18, 2:01 PM
    • 358 Posts
    • 172 Thanks
    T-G-C
    • #8
    • 12th Jul 18, 2:01 PM
    • #8
    • 12th Jul 18, 2:01 PM
    You are being sensible with starting at subprime level, do not start creating credit searches with mainstream providers, as these are almost guaranteed to be declined with no file. Even now, after 12 months of credit usage, I still cannot be accepted by a mainstream provider, it is tough for the first few years of building from nothing to something credible.

    I was in your position this time last year and became a forum member here for the same reason and around the same month, so I have the most fresh experience with this.

    You do not need to panic over the interest rate with Vanquis, as clearing in full means nothing extra on top, except cash transactions which should be avoided generally.

    If the Three contract you mentioned is designed for students, I am sure there is a higher chance of acceptance, therefore if it is something you need and can afford to do, go ahead with it.

    You should avoiding having multiple credit cards and taking out short-term and high-cost loans. Aside from that, it isn't too complex to manage with Vanquis and I wish you the best of luck with beginning to build a credit file.

    In terms of acceptance, speaking from my experience, I was accepted for the Vanquis Origin Card (Google it) with no credit history whatsoever, it was blank. If you apply for the main Vanquis card, which has a lower interest rate than Origin, there is a reduced chance of acceptance obviously.

    HAPPY BIRTHDAY FOR TOMORROW!

    If you need any specific advice or simply want to have a 1-2-1 chat with someone of your age and situation, one year on, feel free to private message me at anytime.

    Take care!
    Last edited by T-G-C; 12-07-2018 at 2:04 PM.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • whitz666
    • By whitz666 12th Jul 18, 2:26 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    • #9
    • 12th Jul 18, 2:26 PM
    • #9
    • 12th Jul 18, 2:26 PM
    You are being sensible with starting at subprime level, do not start creating credit searches with mainstream providers, as these are almost guaranteed to be declined with no file. Even now, after 12 months of credit usage, I still cannot be accepted by a mainstream provider, it is tough for the first few years of building from nothing to something credible.

    I was in your position this time last year and became a forum member here for the same reason and around the same month, so I have the most fresh experience with this.

    You do not need to panic over the interest rate with Vanquis, as clearing in full means nothing extra on top, except cash transactions which should be avoided generally.

    If the Three contract you mentioned is designed for students, I am sure there is a higher chance of acceptance, therefore if it is something you need and can afford to do, go ahead with it.

    You should avoiding having multiple credit cards and taking out short-term and high-cost loans. Aside from that, it isn't too complex to manage with Vanquis and I wish you the best of luck with beginning to build a credit file.

    In terms of acceptance, speaking from my experience, I was accepted for the Vanquis Origin Card (Google it) with no credit history whatsoever, it was blank. If you apply for the main Vanquis card, which has a lower interest rate than Origin, there is a reduced chance of acceptance obviously.

    HAPPY BIRTHDAY FOR TOMORROW!

    If you need any specific advice or simply want to have a 1-2-1 chat with someone of your age and situation, one year on, feel free to private message me at anytime.

    Take care!
    Originally posted by T-G-C
    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.
    • blitzboy
    • By blitzboy 12th Jul 18, 2:44 PM
    • 459 Posts
    • 255 Thanks
    blitzboy
    Hi there, thanks for your responding. I am planning to setup a Direct Debit to pay off the full balance off every month. I was just wondering after applying online, does the Credit Card company call you or something? My friend applied online and they called him for further verification due to him being a new 18 year old
    Originally posted by whitz666

    In my experience it's all done online or via post, but I guess they are able to call you if they wish to.


    In answer to your other question, you can usually set up a direct debit via your online account with the credit card provider once the card has been received. Sometimes you can actually do it as part of the application, but not every time.
    • chelseablue
    • By chelseablue 12th Jul 18, 2:46 PM
    • 2,561 Posts
    • 2,994 Thanks
    chelseablue
    Firstly, Happy Birthday for tomorrow!

    Its nice to see a sensible young person when it comes to finance, I used to be one too (still am sensible, just no longer young!) and got my first credit card when I was 18.
    It was with Capital One

    From what I remember I just used to buy my petrol on it and paid it off in full when I got the statement.

    If I could give advice to my 18 year old self it would be open an Stocks & Shares ISA.
    I do have one now but didn't start until I was about 30
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • T-G-C
    • By T-G-C 12th Jul 18, 2:57 PM
    • 358 Posts
    • 172 Thanks
    T-G-C
    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.
    Originally posted by whitz666
    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.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • john1002
    • By john1002 12th Jul 18, 4:46 PM
    • 927 Posts
    • 382 Thanks
    john1002
    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
    • By Anthorn 12th Jul 18, 7:37 PM
    • 3,911 Posts
    • 1,028 Thanks
    Anthorn
    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.
    • Gary_Dexter
    • By Gary_Dexter 12th Jul 18, 7:39 PM
    • 2,054 Posts
    • 1,159 Thanks
    Gary_Dexter
    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
    • By LobsterMemory 12th Jul 18, 9:10 PM
    • 80 Posts
    • 45 Thanks
    LobsterMemory
    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
    • By maxximus75 12th Jul 18, 10:27 PM
    • 135 Posts
    • 43 Thanks
    maxximus75
    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
    • By Sncjw 12th Jul 18, 10:38 PM
    • 1,915 Posts
    • 1,125 Thanks
    Sncjw
    What is your income. The ability to get a card for some lenders will be based on income
    • Nasqueron
    • By Nasqueron 12th Jul 18, 11:00 PM
    • 5,424 Posts
    • 3,343 Thanks
    Nasqueron
    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
    • By ricky_v 12th Jul 18, 11:22 PM
    • 307 Posts
    • 175 Thanks
    ricky_v
    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!
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