Will applying for Vanquis have any other effects?

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

Well done

[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?

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?

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?

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.

[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.

[SA Gold]

Re: Will applying for Vanquis have any other effects?

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.

Ah, right, i see Nid. I'm actually doing that (as a result of your advice in another thread ) with a Mastercard which i've kept running sweet for about 6 years now. Usually no more than about £400 on it (limit 2K). DD pays the minimum and then if i get any surplus money that month - pay via debit card, sometimes £20, £30.
Reason i haven't done it with Granite and Cap1 is due to the humongous interest rates, although i guess if there is only ever a small balance on it won't equate to much anyway.

Edit: Just reading post #36; we were typing at the same time

[SA Gold]

Re: Will applying for Vanquis have any other effects?

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.

Got ya.
I have an OD with Lloyds which i dip in too from time to time.
O2 contract paid on the dot since 2009 (well it was a gift for the GF who took over the DD )
Prime Mastercard with good history.

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.

I did indeed see and read that thread with interest (and posted too ).
Plan is to apply for a "bank credit card" in the new year (last default entry will be 3 years this December) - if you were me, would you apply for one with my current bank (Lloyds) or go straight to a decent one i can transfer the balance of current Mastercard at 0% - like the ones Halifax are currently doing?

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

Ah, right, i see Nid. I'm actually doing that (as a result of your advice in another thread ) with a Mastercard which i've kept running sweet for about 6 years now. Usually no more than about £400 on it (limit 2K). DD pays the minimum and then if i get any surplus money that month - pay via debit card, sometimes £20, £30.
Reason i haven't done it with Granite and Cap1 is due to the humongous interest rates, although i guess if there is only ever a small balance on it won't equate to much anyway.

Well the way to beat the shitty sub-prime interest is to let the DD go out at minimum level then the day after go in and pay online the remainder - you know with both Crappy1 & Vanquis you can pay online?

Crappy1 -- Log in and look at the base (see image below - highlighted blue)
Vanquis -- Login

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

if you were me, would you apply for one with my current bank (Lloyds) or go straight to a decent one i can transfer the balance of current Mastercard at 0% - like the ones Halifax are currently doing?

I would go and apply to creation this week if it were me....

I know of people who get accepted with current defaults 2+ years old - but not guaranteed.....

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

Based on my screen print above, you can see I paid £5.91 as last payment - this was the trailing balance after the £5 DD went out (leaving £0).

That's how I do it - I only bought a Maccy Dee at £10 lol

[SA Gold]

Re: Will applying for Vanquis have any other effects?

Well the way to beat the shitty sub-prime interest is to let the DD go out at minimum level then the day after go in and pay online the remainder - you know with both Crappy1 & Vanquis you can pay online?

Crappy1 -- Log in and look at the base (see image below - highlighted blue)
Vanquis -- Login

DD's for both changed to minimum, Google calendar set to remind me to log in and pay extra via debit card

I would go and apply to creation this week if it were me....

I know of people who get accepted with current defaults 2+ years old - but not guaranteed.....

I shall do mate, and report back with the outcome.
Thanks, you are a real Gem and fountain of knowledge on such things

Based on my screen print above, you can see I paid £5.91 as last payment - this was the trailing balance after the £5 DD went out (leaving £0).

That's how I do it - I only bought a Maccy Dee at £10 lol

That's how much maccy dee's i need to fill me up too! I think its about 2 big macs and 2 chips normally.

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

DD's for both changed to minimum, Google calendar set to remind me to log in and pay extra via debit card

I shall do mate, and report back with the outcome.
Thanks, you are a real Gem and fountain of knowledge on such things

That's how much maccy dee's i need to fill me up too! I think its about 2 big macs and 2 chips normally.

I have some chips and a wrap (£3) - my daughter/mates add to it

regards creation, don't worry if they knock you back, just diary 6 months and reapply then - you should be fine (if they do decline you now) - it should be instant anyway

[SA Gold]

Re: Will applying for Vanquis have any other effects?

I have some chips and a wrap (£3) - my daughter/mates add to it

ah know that feeling!

regards creation, don't worry if they knock you back, just diary 6 months and reapply then - you should be fine (if they do decline you now) - it should be instant anyway

See attached mate. Fingers crossed, i guess its gone for human review?

[Never-In-Doubt]

Re: Will applying for Vanquis have any other effects?

ah know that feeling!

See attached mate. Fingers crossed, i guess its gone for human review?

Good luck mate - that has gone to manual review, nothing new there - happens a lot.

Give them a call after 3pm and chase it - if accepted they'll tell you there and then

Or wait if you hate being rejected on the phone (like me) - assuming it is a rejection of course. If it is don't worry, it's all part of the process - sometimes a second/third application stands you in better stead for approval