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  • #1

    CapitalOne and Vanquis

    I'm in an IVA, have had a defaulted credit card from capital one in the past which defaulted but settled in full 2 months later.

    I have 17 defaults on credit link, 15 with Experian and 14 on equifax. My IVA is recorded on all 3.

    I receive about 4 e-mails a day from Capital one and Vanquis (2 credit cards, 1 settled with no missed payments, 1 defaulted and on IVA).

    So just bored on my lunch break I apply for both, thinking, they check my credit file can see the defaults and the IVA, I'm not in breach as long as they're informed and it's not more than £500.

    Both accepted...

    How stupid are these people? I have defaulted on 2 of their cards, I have endless defaults and an IVA. I am the last person any financial institution should ever lend money to. Vanquis especially...

    This is the exact reason banks fell into recession, this is not responsible lending at all, in an IVA I cannot afford additional credit, if I could they'd make me pay more anyway. Yet two companies have just let me have credit cards despite this... Anyway, rant over.

    I will be using one of them to rebuild my credit file . Not going to make the same mistakes again.

    What is best, pay my gas and electric on it (to the end of the credit limit) then pay the balance in full interest free (would have paid it anyway). Or small payments, like a £60 food shop then pay that off in full?

    I hear a lot about repairing credit this way and it would be good to do this right because when the IVA finishes I would like a pristine credit file to get a mortgage.
    Last edited by Diasflac; 28 May 2013, 15:04. Reason: Ranting
    Tags: account, bank, banks, capital, capital one, card, commission, credit, credit cards, creditor, current account, customer, debt, defaulted, defaults, equifax, experian, family, financial, forced, friends, income, iva, lenders, lending, lost, money, mortgage, pay, payday, payday lender, purchase, rac, sharks, shopping, transaction, trap, users
  • #2
    Re: CapitalOne and Vanquis

    Up to you really mate. I use mine for everything i would usually purchase from my current account (like shopping), transfer the money to an account for the meantime and pay off in full.

    As for the amount - good question. I guess lenders like to see that you are not near the limit of the card, and paying them regularly and a bit more than the minimum amount, or in this case - the full amount!
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: CapitalOne and Vanquis

      Originally posted by missy View Post
      Up to you really mate. I use mine for everything i would usually purchase from my current account (like shopping), transfer the money to an account for the meantime and pay off in full.

      As for the amount - good question. I guess lenders like to see that you are not near the limit of the card, and paying them regularly and a bit more than the minimum amount, or in this case - the full amount!
      I'll do that then, Paying off my extortionate gas and electric would definitely hit the credit limit, where as the odd around £100 thing wouldn't get near it.

      Still annoyed they approved them though, they have a whole section on responsible lending in their T&C's.

      Comment

      • #4
        Re: CapitalOne and Vanquis

        Originally posted by Diasflac View Post
        Still annoyed they approved them though, they have a whole section on responsible lending in their T&C's.
        They would lend money to a pit of snakes if they thought they could make money out of it!
        When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: CapitalOne and Vanquis

          In a strange way the person who uses the card but pays off in full is less of an attractive customer than one who falls into the debt trap.

          Can see a day when the perfect credit users or credit tarts are like a fart in a spacesuit to lenders. Because they dont get much out of them but have to service the account.

          All this responsible lending rubbish is just that. They see the payday lender market going banana's and the money to be made. Why has it gone this way. Because they over restricted credit and forced the customer to the sharks.

          They want back in because in the good old easy credit days they made gazillions off us all. And they want to again.

          Comment

          • #6
            Re: CapitalOne and Vanquis

            Originally posted by ken100464 View Post
            In a strange way the person who uses the card but pays off in full is less of an attractive customer than one who falls into the debt trap.

            Can see a day when the perfect credit users or credit tarts are like a fart in a spacesuit to lenders. Because they dont get much out of them but have to service the account.

            All this responsible lending rubbish is just that. They see the payday lender market going banana's and the money to be made. Why has it gone this way. Because they over restricted credit and forced the customer to the sharks.

            They want back in because in the good old easy credit days they made gazillions off us all. And they want to again.
            That they did, but they also lost billions from the other pocket in doing so. This particular example of mine just shows how irresponsible they can be, anyone who looks at my credit file should think "not lending to him he's really dodgey" but instead they've allowed 2 credit cards on a file which already has their cards defaulted. Even though I am going to be responsible this time around, how can they know that? I wouldn't lend money to me, the only people who do lend me money are family and friends and that's because they know they will get the money back, from experience (if I borrow money from them, haven't in a while, but it always gets paid back when I say and in full as I hold it in priority over any other out goings).

            So from my family's credit history on me I have an immaculate "credit file" with them. But if I never paid them back and got an IVA with them, would they lend me money? No. These lenders are going to run this country into the ground doing things like this.

            Comment

            • #7
              Re: CapitalOne and Vanquis

              The creditor still makes money every time you use your card even if you pay off the whole lot each month. They get commission from the merchant on each and every transaction. So someone who clears the full balance can still be seen as a good customer because they're generating an income stream for the bank

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