Will applying for Vanquis have any other effects?

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

When you say "greater history" are we talking about beyond the 3 years of being a good boy, a full six years, good history with them, or all of that?!

I mean not sub-prime card history. So a bank account OD, a mobile phone, a credit card (sub prime or not) all help your general profile score.

You however want to get off sub-prime and into prime so if I was you the next card I would go for would be from my bank. OR at least a Creation card like I suggested the other day on another thread (wasn't you but sure you seen it)....

--> 0% Balance Transfer - allaboutFORUMS

Creation is the next step to prime, plus you get £1000 limits upwards usually (as new customer) with frequent increments to your limit. It's a better card to get than Crappy1 - put it that way.

I would apply there sooner than later so that the search won't affect you too much in a few months.

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

I pay the balance off in full every month (don't spend that much on them) on both Granite and Cap1

That's not always best, I did say pay off more than the minimum - not pay in full.

Paying in full is not actually a good thing to creditors, bet you never expected that! it shows no risk level and pretty much negates any positives you build up from paying monthly. I tend to say set up a DD for the minimum payment then each month after your payment has been paid via DD, simply pay extra to lower the balance - this works better and also reports at the CRA that you paid MORE than the required amount. Paying in full shows the CRA that the balance is £0 - so other people searching you may think it is a dormant account and not being used.

[SA Gold]

Re: Will applying for Vanquis have any other effects?

Crappy1 - don't apply to get a new card unless you pay more than the minimum now - if you pay in full and/or greater than the minimum you'll have a better chance of success.

I pay the balance off in full every month (don't spend that much on them) on both Granite and Cap1

I would wait 7 months at least so that their systems can record the 6 month data (which updates in month 7)....

Good call!

I wouldn't think you'll get accepted for the premium cards until you have a much greater history and/or account conduct with them.

To be honest mate, i'm trying to save (easier said than done!) as much as i can and now in the mind frame of "save up to buy something, credit is for emergency only; i.e washing machine goes pop and i need one now"
I am in no hurry to apply for "credit" per se, although do want to build my "credit rating" back up so will be following your wise words closely
When you say "greater history" are we talking about beyond the 3 years of being a good boy, a full six years, good history with them, or all of that?!

Stick to the credit builder cards, that is why they offer them. If you're on the bog standard one now (with a shitty limit) then you need to move up gradually by next applying for another credit builder one - see this ---> Progress Credit Card | Shrink your credit card interest rates to 17.9% p.a. variable | Capital One

Will do mate. I know the credit limit is relevant for lending information, so i am hoping the fact i don't even touch 10% of the limits (Granite and Cap1) and pay in full each month is a brownie point somewhere.

Learn to walk before you run!

Correction, if i may: Learn AAD before you run!

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

Crappy1 - don't apply to get a new card unless you pay more than the minimum now - if you pay in full and/or greater than the minimum you'll have a better chance of success.

I would wait 7 months at least so that their systems can record the 6 month data (which updates in month 7)....

I wouldn't think you'll get accepted for the premium cards until you have a much greater history and/or account conduct with them.

Stick to the credit builder cards, that is why they offer them. If you're on the bog standard one now (with a shitty limit) then you need to move up gradually by next applying for another credit builder one - see this ---> Progress Credit Card | Shrink your credit card interest rates to 17.9% p.a. variable | Capital One

Learn to walk before you run!

[SA Gold]

Re: Will applying for Vanquis have any other effects?

Just thought I would add, I have a Vanquis card with 39% APR, Just read this and then applied for a Cap1 card with 0.5% cashback got accepted and the website says card will be with me in a week the APR is 34% so I will only buy a pack of fags a month on the vanquis, and start buying my petrol on cap1

nice one! Now i have both, i alternate fuel payments on both. They are keen for you to use it - notice all the texts with available balance?!

I note that Cap1 say existing customers can apply for their other cards after six months. Their World Card is good for spending outside the UK. I wonder if they would credit check you, or process internally
Either way, in six months i've hit 3 years on the last default so should be OK

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

Well done

[downnotout]

Re: Will applying for Vanquis have any other effects?

Just thought I would add, I have a Vanquis card with 39% APR, Just read this and then applied for a Cap1 card with 0.5% cashback got accepted and the website says card will be with me in a week the APR is 34% so I will only buy a pack of fags a month on the vanquis, and start buying my petrol on cap1

[SA Gold]

Re: Will applying for Vanquis have any other effects?

lol told you mate - Niddy knows best

oh yes mate. Niddy is the Daddy :niddy

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

I've just done this and it was approved. Happy days! Should be starting to build my history up ready for January nicely now (3 years since first default)

lol told you mate - Niddy knows best

[SA Gold]

Re: Will applying for Vanquis have any other effects?

give it 6 months then go to capital one mate - should be another yes with a £200 or £500 limit on their creditbuilder (progress) card which lowers the apr every few months.

I've just done this and it was approved. Happy days! Should be starting to build my history up ready for January nicely now (3 years since first default)

[ScabHunter]

Re: Will applying for Vanquis have any other effects?

agree because saving for things makes us appreciate them more plus the business is doing well again so no need for credit

That is good news!

You won't get a credit card with a ton of recent defaults, but there are pre-paid cards you would be able to get if you were finding the lack of plastic to be a problem. As an obvious example, advance railway tickets can be far cheaper than standard returns, but they can only be bought online with a plastic card. Even a virtual card would be useless as you need to have the plastic to put into the ticket machine when you go to collect the ticket.

I got one of those even though I already had two bank accounts with debit cards, one of them with a chequebook. You need to pay a small charge to get the card in the first place (£5 or £7, depending which one you choose), but there will be no other charges after that, if you run the account properly.

SH

[Spent2much]

Re: Will applying for Vanquis have any other effects?

Sometimes that's not a bad thing though.....

agree because saving for things makes us appreciate them more plus the business is doing well again so no need for credit

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

nobody will give us a card

Sometimes that's not a bad thing though.....

[Spent2much]

Re: Will applying for Vanquis have any other effects?

nobody will give us a card

[SA Gold]

Re: Will applying for Vanquis have any other effects?

give it 6 months then go to capital one mate - should be another yes with a £200 or £500 limit on their creditbuilder (progress) card which lowers the apr every few months.

Google calendar reminder set. Cheers mucka !