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    • Sweetcake
    • By Sweetcake 13th Jul 18, 7:16 PM
    • 184Posts
    • 118Thanks
    Sweetcake
    Close Vanquis card or keep for backup?
    • #1
    • 13th Jul 18, 7:16 PM
    Close Vanquis card or keep for backup? 13th Jul 18 at 7:16 PM
    Hiya, I have a Vanquis card since 2014 (my first credit card) with a £500 limit (think Iím due for an increase soon though as Iíve been clearing my card in full, and managing it well compared to the last few years Iíve had it...) Anyway, Iíve had a Capital One classic since 2016 (£200 limit) which I merged with the ocean card I had prior (also £200 limit) so closing the ocean card and making my limit £400. Today I was approved for a Capital One platinum card with a limit of £1250 at 26.40 apr which I merged with my classic card , making it a limit of £1650 at 26.40 apr. Is it advisable closing the Vanquis card, even though itís the card Iíve had for longest? Iím aware itís the highest interest... so Iím thinking of just keeping it ? May see what happens in the next few month in terms of an increase
Page 1
    • zx81
    • By zx81 13th Jul 18, 7:18 PM
    • 18,573 Posts
    • 19,836 Thanks
    zx81
    • #2
    • 13th Jul 18, 7:18 PM
    • #2
    • 13th Jul 18, 7:18 PM
    You have very small limits and a thin file. Keep it for now.
    • Sweetcake
    • By Sweetcake 13th Jul 18, 7:23 PM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    • #3
    • 13th Jul 18, 7:23 PM
    • #3
    • 13th Jul 18, 7:23 PM
    I agree . Thank you. No harm in keeping it
    • T-G-C
    • By T-G-C 13th Jul 18, 7:44 PM
    • 358 Posts
    • 172 Thanks
    T-G-C
    • #4
    • 13th Jul 18, 7:44 PM
    • #4
    • 13th Jul 18, 7:44 PM
    How come the limits are so small, when the accounts have been opened for 2 years, have you been maxing them out month by month or defaulting? I opened a Vanquis account in August 2017 and was increased from £250 to £1000 within 8 months. Capital One were more reluctant, however I opened 3 cards and merged them, totaling a £600 limit. Still small, but I only turned 18 in July last year, so I've made good progress. I am genuinely interested in the lack of increases, perhaps you were simply unlucky?
    All advice provided is intended for guidance purposes only. For specialized debt advice, please contact either National Debtline or StepChange.
    • Sweetcake
    • By Sweetcake 13th Jul 18, 7:54 PM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    • #5
    • 13th Jul 18, 7:54 PM
    • #5
    • 13th Jul 18, 7:54 PM
    Heya. Those were just the limits I was offered really. I havenít defaulted no, but they had been maxed out for a large period yes. Iíve noticed now that Iíve started paying down certain debts significantly that Iíve been getting more offers on cards... which makes sense. I do kinda say in my OP that Iíve been managing my card/s better. Although say that I did have an Aqua and Marbles card previously and received an increase with Marbles quite early on, however , a few months after both aqua and marbles said theyíd be increasing my interest rate, so I paid off and closed them. So I think itís a mixture of luck and management? But things are generally picking up for me and my finances and my credit file and I think itís set to stay that way now itís more of a priority for me now and Iíve had my LBM
    • liamfromleeds
    • By liamfromleeds 17th Jul 18, 1:34 PM
    • 12 Posts
    • 39 Thanks
    liamfromleeds
    • #6
    • 17th Jul 18, 1:34 PM
    • #6
    • 17th Jul 18, 1:34 PM
    Hi,

    Just a word of warning, I've had vanquis and aqua cards and can't remember which one but one of them requires you to pay £1 a month even if you don't owe them anything and have a zero balance. It was a few of years ago now, but it caught me out as it went down as a late payment on my credit file for a couple of months until I noticed it, make sure you keep your eye on the account/ emails if you decide to keep

    Liam
    • Sweetcake
    • By Sweetcake 17th Jul 18, 2:27 PM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    • #7
    • 17th Jul 18, 2:27 PM
    • #7
    • 17th Jul 18, 2:27 PM
    Hi,

    Just a word of warning, I've had vanquis and aqua cards and can't remember which one but one of them requires you to pay £1 a month even if you don't owe them anything and have a zero balance. It was a few of years ago now, but it caught me out as it went down as a late payment on my credit file for a couple of months until I noticed it, make sure you keep your eye on the account/ emails if you decide to keep

    Liam
    Originally posted by liamfromleeds

    Yeah, I've read that that can happen with Vanquis... that's weird... So what did you do in the end, and what do you think I should do? Tbh I was always intending to keep the card, regardless, unless they send me a letter increasing my interest rate.
    • liamfromleeds
    • By liamfromleeds 17th Jul 18, 11:29 PM
    • 12 Posts
    • 39 Thanks
    liamfromleeds
    • #8
    • 17th Jul 18, 11:29 PM
    • #8
    • 17th Jul 18, 11:29 PM
    I closed both the high interest cards as soon as I noticed the £1 a month, it was just annoying.. I actually qualified for a Barclaycard shortly after due to my 3ish years worth of prompt good payment history. In the years since I have got a MBNA, Tesco Card and Virgin Money card as well.

    If you have learnt from your mistakes and spend wisely within your means, then building up a top notch credit rating and history like I have will only help with future finance and investments. I only ever have about £1k balance on cards and have about £15k available credit on them, so you need to be 100% sure in yourself and really careful and financially organised

    Best of luck

    Liam.
    • SnowTiger
    • By SnowTiger 17th Jul 18, 11:54 PM
    • 3,421 Posts
    • 2,383 Thanks
    SnowTiger
    • #9
    • 17th Jul 18, 11:54 PM
    • #9
    • 17th Jul 18, 11:54 PM
    Yeah, I've read that that can happen with Vanquis... that's weird... So what did you do in the end, and what do you think I should do? Tbh I was always intending to keep the card, regardless, unless they send me a letter increasing my interest rate.
    Originally posted by Sweetcake
    I've read the world is flat. Who'd have thought...

    You shouldn't believe everything you read, especially when it's written by someone who's relying on vague memories of something from several years ago that didn't happen.
    • liamfromleeds
    • By liamfromleeds 18th Jul 18, 5:25 AM
    • 12 Posts
    • 39 Thanks
    liamfromleeds
    Is that in reference to me? I can assure you about 3 years or so ago, I was a million percent charge £1 per month on one of the aforemntioned cards with 0 balance, which resulted in me getting into a couple of months arrears on my credit, swear it mate
    • Sweetcake
    • By Sweetcake 18th Jul 18, 11:16 AM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    I've read the world is flat. Who'd have thought...

    You shouldn't believe everything you read, especially when it's written by someone who's relying on vague memories of something from several years ago that didn't happen.
    Originally posted by SnowTiger

    Erm relax. I simply stated, I've read a few cases where that's happened with people, nowhere did I say that was going to influence my choice, which I've already made my mind up about if you read properly. Bye now. Stop looking for trouble.
    • Sweetcake
    • By Sweetcake 20th Jul 18, 7:59 PM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    Iíve decided I will be closing the Vanquis.
    • Craig1981
    • By Craig1981 21st Jul 18, 5:10 AM
    • 283 Posts
    • 128 Thanks
    Craig1981
    myself and my wife have had Vanquis since 2011 and Aqua since 2012 - limites £3k and £4k. we have not used them over the last 2 years. every 6 months or so a small purchase and paid in full immediately to keep it active.

    never have i paid any random £1 charges for inactivity for any of the cards. Aqua do advise that after 4 months of no use, card becomes dormant (not inactive), and from month 7 without use, they would start to decrease your limit.

    if you owe nothing on vanquis, i would leave it open and only use it once every 4-5 months to keep it active, as ZX81 has also suggested. there is no harm in doing so, and then becomes a long standing creditor on your file
    • Sweetcake
    • By Sweetcake 21st Jul 18, 8:52 AM
    • 184 Posts
    • 118 Thanks
    Sweetcake
    Haha I keep changing my mind, but Iíll be keeping it. But wonít the available credit I have affect how much I can borrow when itís time for a mortgage?
    • jimbo26
    • By jimbo26 21st Jul 18, 9:05 AM
    • 474 Posts
    • 274 Thanks
    jimbo26
    Haha I keep changing my mind, but Iíll be keeping it. But wonít the available credit I have affect how much I can borrow when itís time for a mortgage?
    Originally posted by Sweetcake
    I don't think an extra £500 available credit will make a huge difference, if any at all.
    • Craig1981
    • By Craig1981 21st Jul 18, 9:07 AM
    • 283 Posts
    • 128 Thanks
    Craig1981
    affordability comes into play. if nothing spent or owing, then no, should have an issue, especially on such low limits. your limits will not (or shouldn't) increase if you don't use the card.

    and, its useful for an emergency, if ever needed
    • Nasqueron
    • By Nasqueron 21st Jul 18, 9:52 AM
    • 5,437 Posts
    • 3,350 Thanks
    Nasqueron
    If your cards were maxed out and paying a crazy high interest rate it is actually responsible lending from the provider to not give you an increase as it'll let you spend more and pay more interest hence why you are now getting offers as you pay it down.


    The person above with the £1 charge is nonsense, complete baloney - you cannot be given late payment markers if you do not owe anything, such a case would be destroyed by the regulator and compensation paid for harming the person's credit record. They are confusing a requirement to spend on the card every so often to keep it active
    • pcoventry
    • By pcoventry 21st Jul 18, 7:28 PM
    • 21 Posts
    • 4 Thanks
    pcoventry
    Hi, I was refused any mainstream lending as I can Vanquis with a £3000 limit. I closed it and as soon as it dropped off my credit file I applied for and got a Barclaycard Platinum card with a massive limit on it - and 6.9% APR

    So for me the close was worth it.

    As for £1 a month it must have been the other card. My Vanquis card was at £0 for about 4 months and I had nothing in charges. I was once £13 in credit for a while - nothing happened.

    Vanquis are funny they literally wouldn't give me an increase unless I was in constant debt with them - I didn't want to be and so in the end I decided to close it anyway because it was too much of a mind bender. The fact people I knew where were fresh out of bankruptcy were being given higher limits and half the interest rate I was on didn't help - nor did Vanquis refusing on many occasions to cut my APR

    Best thing I did was dump them.
    Last edited by pcoventry; 21-07-2018 at 7:32 PM. Reason: Added more info
    • pcoventry
    • By pcoventry 21st Jul 18, 7:33 PM
    • 21 Posts
    • 4 Thanks
    pcoventry
    here is no harm in doing so, and then becomes a long standing creditor on your file
    Originally posted by Craig1981
    Well there is - some lenders won't touch people who have Vanquis or aqua cards - whilst they can't tell based on your report alone as they don't see the full details, it's obvious if someone starts with a low limit and then it goes up over time it was due to bad credit - otherwise the limit would be higher from the getgo.
    • Craig1981
    • By Craig1981 22nd Jul 18, 5:41 AM
    • 283 Posts
    • 128 Thanks
    Craig1981
    Well there is - some lenders won't touch people who have Vanquis or aqua cards - whilst they can't tell based on your report alone as they don't see the full details, it's obvious if someone starts with a low limit and then it goes up over time it was due to bad credit - otherwise the limit would be higher from the getgo.
    Originally posted by pcoventry
    tend to disagree - I had an IVA - 6 months into to, we applied for Vanquis to start rebuilding, as well as Aqua. by the end of the IVA, my combined limits where just under £6k.
    18 months after the IVA, i have MBNA, NAtionwide, Tesco and Virgin cards - Personal loan for £10k for car as well. Tesco and Virgin cards started at £4k+ i have since closed Vanquis and kept Aqua (as it is 0% for international usage)

    the only interest i have ever paid on any card was an emergency cash advance a couple years back when abroad - jump cards so much as better deals out there. I haven't been rejected for anything applied for as yet
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