I am just starting to think that while they provide a service that mainstream banks will not offer me they are taking the pee with not reducing interest rates as they give you more credit.
And as the dragons say,for that reason I am out. For now anyways,I shall just have to investigate other ways of boosting my score.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I don't agree Paul. You know the terms and conditions when you sign up to it and as long as you pay if off in full every month, the apr is nothing to worry about.
Do you really want them to increase the limit?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm sorry but I really don't see what the problem is. Unless you are planning on not paying the balance in full then what difference does the interest rate make?
As well as the Vanquis card I've also got a Next Directory account and I know that the APR is 29.9% and will remain so if they increase my credit limit. I don't expect Next to lower the APR so why should I expect Vanquis to?
From what I have read in this thread, the only real glitch is that they are sometimes slow accepting payments which cause an interest charge to be raised. My plan was (in 4 years time) set them up on my internet banking as a recipient, then as soon as I get home after buying the petrol, make the payment. That way the debt will be nullified way before the due dates, and gives them plenty of time to process.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have to say I'm out too Paul. I'll let the other dragons fight it out )
I'll be applying to my bank for one shortly and will most certainly be paying it off in full each month. Using it as a credit builder so that they will give me a mortgage when the time is right.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I think we are going to have to agree to disagree on this one Paul.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I just think that while many have no issues with them,many others do have problems with payments not coming out and therefore interest being added etc.
Spent most of the day reading posts online about how good and bad they are!!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Husband has one and it is paid by DD. I also don't see how the APR is an issue if the balance is paid in full each month. It is a good way to boost credit score and as Andy has pointed out provides security for certain purchases.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TheMatrix
I have to say I'm out too Paul. I'll let the other dragons fight it out )
I'll be applying to my bank for one shortly and will most certainly be paying it off in full each month. Using it as a credit builder so that they will give me a mortgage when the time is right.
I hope you have some luck with your bank, please let us know if you do. My bank will allow me nothing. Applied for loan when looking to change my car. Not a chance. Applied for a temp overdraft when dealing with hubby's clapped out old car, as we were close to the end of the month and just wanted to be safe. Again no joy. Didn't need it in the end, managed to scrape through with what we had thankfully. So, I am not even going to apply for the credit card they offer me everytime I walk through the door. Nor am I going to build up hope when they ask me if I want the mortgage advisor to give me a ring to see if they can save me money. Three times now I have said yes, and still waiting for that call. Can only guess they know about the IVA and don't want to play.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
From what I have read in this thread, the only real glitch is that they are sometimes slow accepting payments which cause an interest charge to be raised. My plan was (in 4 years time) set them up on my internet banking as a recipient, then as soon as I get home after buying the petrol, make the payment. That way the debt will be nullified way before the due dates, and gives them plenty of time to process.
this was my plan too foggy, so not even waiting till the end of the month but paying off the £40 each week i put in my car on the same day ive paid for it using a vanquis card, that way its all the same money its just going through a 'middle man' so to speak, which actually costs me nothing but improves my credit rating etc
Arty
IVA completion and certificate received 08/10/2012!!!
I personally took my Vanquis card out 5/6 months ago, it's limit was raised from the initial £250, to £500 last month. I always pay in full every month, so have never been stung by the interest charge, nor do I intend to. I have subsequently received a Captial One Classic Card that I now use instead...
Vanquis is great for re-building your rating as far as I'm concerned. Just got approved for a next account, but that's my lot - no more. Careful managing of my accounts now should do the trick.
Have you decided what to do yet Paul? While the APR is daylight robbery, it doesn't affect you if you pay in full every month. My problem would be trusting myself not to get carried away again! If you feel at all shaky yourself, give yourself more time before taking out any credit card and stick to a pre-pay thing. £5 for the security of knowing you are rebuilding your credit score but can't fall into a debt spiral is worth it in my mind. It all comes down to whether you feel safe with a credit card. Don't mean to presume money burns a hole in a your pocket like me, but it's just my take on the scenario.
I applied for a Vanquis card about a year ago, and got turned down! [V] I also applied for a debenhams store account because the assistant said it was 15% off if I applied for one. I wouldnt have bothered normally but i was buying a suit for me and dress for OH so the 15% off was a lot so decided to take a punt! Bad move, the assistant informed me it had been turned down while there were people waiting behind me in the queue! Scared me off applying anymore to be honest, although I really could do with a card for work expenses. As it is, i have had to ask my dad to put me on as an additional cardholder on one of his accounts, and he tells me the outstanding balance every month, which for a 42 year old bloke is...well...embarrassing frankly. Im wondering whether to risk reapplying to vanquis or capital one again, but dont want another failed attempt.
) 
