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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 2
    • T-G-C
    • By T-G-C 13th Jul 18, 1:54 AM
    • 358 Posts
    • 172 Thanks
    T-G-C
    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.
    Originally posted by Anthorn
    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.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Gary_Dexter
    • By Gary_Dexter 13th Jul 18, 7:05 AM
    • 2,130 Posts
    • 1,189 Thanks
    Gary_Dexter
    Again do some eligibility checks.

    If you shop on Amazon a lot go for the Amazon card thatís provided by New Day.
    • Nasqueron
    • By Nasqueron 13th Jul 18, 9:15 AM
    • 5,501 Posts
    • 3,392 Thanks
    Nasqueron
    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.
    Originally posted by T-G-C
    I started with £350 limit on my CC at 18, was up to £8850 18 years later with gradual increases. Starting with his bank who can see his track record (hopefully saving, avoiding running out of money etc) is hardly a bad idea (especially as he'll get better interest rates just in case of issues at university etc), worst case they say no and he either applies for a sub-prime card immediately or in 3 months
    • whitz666
    • By whitz666 13th Jul 18, 9:17 AM
    • 12 Posts
    • 2 Thanks
    whitz666
    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
    Originally posted by chelseablue
    What happens when you open a S&S Isa? And why so at a young age?
    • MallyGirl
    • By MallyGirl 13th Jul 18, 9:42 AM
    • 2,963 Posts
    • 7,972 Thanks
    MallyGirl
    S&S - in the long term - grow more than you would achieve with savings accounts but you need to be in it for 10 plus years. Then that early growth itself grows and by the time you start wondering if you can retire early the S&S ISA is nicely stuffed with shares/funds that you can sell and withdraw the proceeds tax free.
    • binaryuniverse
    • By binaryuniverse 13th Jul 18, 10:40 AM
    • 766 Posts
    • 479 Thanks
    binaryuniverse
    My first credit card was with my bank. Had a dig through my records (yes, I still have some ) and it looks like I got a £3000 limit. Naturally, this was before the Credit Crunch, where credit was being handed out like candy.

    It does sound as if you have your head screwed on but I still advise maintaining being cautious with your approach, and keep that discipline up. Having access to 'free money' can become a big temptation, if you're not used to it, and the times of 'Oh, I'll just stick the takeaway/concert tickets/beers on the credit card, just this once' can quickly mount up. A lot of us, on this board, have been there and worn the t-shirt.

    Keep track of your debts. Keep track of your savings. Always ensure you have more in savings than you owe on the card. Always been in a position where you can pay that card off today, if necessary.
    • macman
    • By macman 13th Jul 18, 10:57 AM
    • 42,686 Posts
    • 17,958 Thanks
    macman
    At 18 you can open a LISA and save up to £4k pa-for which the Treasury will give you a 25% tax-free bonus (£1k). If you are looking to buy a house in 7 years or so, that's the obvious investment. Nothing else will give you a 25% return each year, unless you go into stocks and share, which means you risk your entire capital in order to get returns above what cash ISA's or savings accounts can provide.
    No free lunch, and no free laptop
    • binaryuniverse
    • By binaryuniverse 13th Jul 18, 11:25 AM
    • 766 Posts
    • 479 Thanks
    binaryuniverse
    Nothing else will give you a 25% return each year, unless you go into stocks and share,
    Originally posted by macman
    Stocks and Shares LISA is the way forward, for long term saving.
    • whitz666
    • By whitz666 13th Jul 18, 2:15 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    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.
    Last edited by whitz666; 13-07-2018 at 2:18 PM.
    • MallyGirl
    • By MallyGirl 13th Jul 18, 2:19 PM
    • 2,963 Posts
    • 7,972 Thanks
    MallyGirl
    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.
    • whitz666
    • By whitz666 13th Jul 18, 2:22 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    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.
    Originally posted by MallyGirl
    Ah, I understand now! Makes perfect sense.
    • guesswho2000
    • By guesswho2000 13th Jul 18, 3:32 PM
    • 1,596 Posts
    • 743 Thanks
    guesswho2000
    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.
    Originally posted by MallyGirl
    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).
    • eskbanker
    • By eskbanker 13th Jul 18, 4:00 PM
    • 8,038 Posts
    • 8,957 Thanks
    eskbanker
    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).
    Originally posted by guesswho2000
    ....but OP is on the electoral roll:
    I have a stable job and am registered on the ELECTORAL ROLL under my current address since August 2017.
    Originally posted by whitz666
    • whitz666
    • By whitz666 13th Jul 18, 4:32 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    Yes, I was added to the electoral roll in the annual canvass season.
    • T-G-C
    • By T-G-C 13th Jul 18, 7:30 PM
    • 358 Posts
    • 172 Thanks
    T-G-C
    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.
    Originally posted by whitz666
    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.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • whitz666
    • By whitz666 17th Jul 18, 11:19 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    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.
    Last edited by whitz666; 17-07-2018 at 11:28 PM.
    • Nasqueron
    • By Nasqueron 18th Jul 18, 10:13 AM
    • 5,501 Posts
    • 3,392 Thanks
    Nasqueron
    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 eventually
    • T-G-C
    • By T-G-C 18th Jul 18, 10:38 AM
    • 358 Posts
    • 172 Thanks
    T-G-C
    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.
    Originally posted by whitz666
    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"

    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.
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Missus Hyde
    • By Missus Hyde 18th Jul 18, 1:54 PM
    • 367 Posts
    • 471 Thanks
    Missus Hyde
    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.
    Originally posted by whitz666
    Congratulations on your first credit card and belated congratulations on your eighteenth birthday.

    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"

    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.
    Originally posted by T-G-C
    What a lovely, helpful and encouraging post.
    It's a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to, than I have ever known........Sydney Carton.
    • whitz666
    • By whitz666 25th Jul 18, 8:29 PM
    • 12 Posts
    • 2 Thanks
    whitz666
    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"

    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.
    Originally posted by T-G-C
    Congratulations on your first credit card and belated congratulations on your eighteenth birthday.

    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.
    Originally posted by Missus Hyde
    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.
    Last edited by whitz666; 25-07-2018 at 8:43 PM.
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