Vanquis Credit Cards

Mr T received to day in the post an invitation for a card with Vanquis he had not applied for this card and it said it was already approved. Very odd I thought and did a little digging arround, then found that they charge 39.9% interest WOW no wonder why they are giving people cards at this interest rate. It is unbelievable that with interest rates at their lowest for years that they can get away with charging so high interest rates.

Has any one else had an invitation already approved and taken up their not very kind offer?

Tuttsi

[Sapphire]

Re: Vanquis Credit Cards

Yep I got one today, will be going in the bin.

[pompeyfaith]

Re: Vanquis Credit Cards

vanquis and mbna are the two worst cards going so steer well clear although im sure i do not need to tell you that lol

[enaid]

Re: Vanquis Credit Cards

It's just the same as all the other lenders who hit the worst off hardest, this from their intro to their site.


9 Jul 2010 ... The Vanquis Visa Card is helping people with bad credit or no credit, build their credit History everyday. Apply now and improve your credit ...


PS the lad gets them often, but funnily enough they tend to disappear unopened down the rubbish shoot, can't understand how meself lol

[Curlyben]

Re: Vanquis Credit Cards

ONLY 39.9%, grab one now as they are normally 50%+++++

[pompeyfaith]

Re: Vanquis Credit Cards

jezz the sad thing is many people are not financial educated enough to understand and this is what these sharks prey on it is 21st century corruption ok a profit needs to be made as that is the stable diet of this western world we live in but using the less well of to justify such high rates at a time when the base rate is at its lowest is just not on wake up government

[enaid]

Re: Vanquis Credit Cards

ONLY 39.9%, grab one now as they are normally 50%+++++

It will probably be an introductory offer for a short period, please read the small print folks lol

[Caspar]

Re: Vanquis Credit Cards

I understand the running down of Vanquis, but am I right in thinking that if you did take one of their cards and pay the balance in full every month it would indeed help rebuild your credit history?

[pompeyfaith]

Re: Vanquis Credit Cards

I understand the running down of Vanquis, but am I right in thinking that if you did take one of their cards and pay the balance in full every month it would indeed help rebuild your credit history?

Indeed it could help to rebuild your credit rating but that's only OK if you are not already in debt. By that I mean if you cleared you debt but still had negative markers on your CRA files.

Many invitations are sent our to people already in debt and by that very nature would struggle to pay a card at such a high rate.

And lets remember many peoples CRA files are trashed through no fault of there own and indeed have markers on that never should be there in the first place.

PF

[jax007]

Re: Vanquis Credit Cards

I understand the running down of Vanquis, but am I right in thinking that if you did take one of their cards and pay the balance in full every month it would indeed help rebuild your credit history?

I agree here because the lack of a credit card or having a credit card and not using it can both adversely affect your rating.

Indeed it could help to rebuild your credit rating but that's only OK if you are not already in debt. By that I mean if you cleared you debt but still had negative markers on your CRA files.

Many invitations are sent our to people already in debt and by that very nature would struggle to pay a card at such a high rate.

And lets remember many peoples CRA files are trashed through no fault of there own and indeed have markers on that never should be there in the first place.

PF

If you want to repair your credit file, you need to start somewhere and not being able to get a mainstream credit card won't help. If the likes of Vanquis can provide you with a card and you use it sensibly (Ok I know ... I know ... how did we get a bad credit rating in the first place??!!) and by sensibly I mean ONLY using it for, say, one transaction a month, ie something you have to buy anyway, such as petrol and pay that amount off in full and on time every month and it will help to repair some damage. Once your in a position to, you could ditch this card and apply for a mainstream card.

The rate of interest is irrelevant if the balance is paid off every month. But of course, it goes without saying, you have to be very disciplined and only take this path if your credit rating is important to you.

[jaydp]

Re: Vanquis Credit Cards

Hi Everyone, Been reading this thread with interest, I was sucked into taking one of thier cards, paid up every month and then had work problems rang them up and advised them reduced the monthly payments, I then got back to work and rang them up and said lets increase the payments and pay it off. They closed my account and sold it to 1st credit. I rand them and they ask if i want to settle so i said why not they asked me to pay 700 on a debt of 1200, I agreed and said I could pay 500 there and then and 200 following month they agreed this, after a week or so no paperwork came, I rang them up and found the account went back to Vanquis, so rang them and they sold it to cabot!! I stopped calling and paying after that.
I now want to resurrect the acount as I believe I had PPI on the account and also charges. I believe that with these I can clear the account and pay any balance, cabot put a default on my credit history and so did vanquis I managed to complain abou this so vanquis took it of the credit account but cabot left thier one. I would be grateful if anyone can give me a step by step procedure, I have read loads of threads so I know what I should do letter wise, but which is better. should I SAR Vanquis do the charges and then the PPI or do PPi first then charges??
many thanks for the support in advance.

[Caspar]

Re: Vanquis Credit Cards

I agree here because the lack of a credit card or having a credit card and not using it can both adversely affect your rating.




If you want to repair your credit file, you need to start somewhere and not being able to get a mainstream credit card won't help. If the likes of Vanquis can provide you with a card and you use it sensibly (Ok I know ... I know ... how did we get a bad credit rating in the first place??!!) and by sensibly I mean ONLY using it for, say, one transaction a month, ie something you have to buy anyway, such as petrol and pay that amount off in full and on time every month and it will help to repair some damage. Once your in a position to, you could ditch this card and apply for a mainstream card.

The rate of interest is irrelevant if the balance is paid off every month. But of course, it goes without saying, you have to be very disciplined and only take this path if your credit rating is important to you.

This is exactly what I have done. I buy one item a month on it and pay the bill in full (always so far under £15). I agree it requires great discipline, but I've taken the view it won't harm and coulld help!

One thing to be VERY aware of with these cards though is when they set up your Direct Debit instruction, they set it up to take only the minimum payment. If you want them to take the FULL payment each month you have to phone and ask them to amend the DD. I think this is somewhat naughty!

[tipsyletti]

Re: Vanquis Credit Cards

Hi, I too was drawn in to getting a Vanquis card and used it to get cash to buy a car. Now with the interest so high, it is going to take forever to pay off. Can anyone tell me if I am able to stop any PPI payments on this card and how I go about it? I don't really know why I took this out as I am in a stable job which pays full sick pay and as I have been in the job for some years now, any redundancy would be quite a good pay off. If I can stop these payments, it would make quite a difference to my monthly payment.

[Boogiemaster]

Re: Vanquis Credit Cards

I just got this card to improve my credit rating as lenders told me my score was very low and advised me on getting this card.

Paying it off in full each month you won't pay any interest but if you use it to withdraw cash its a bad idea as cash can be charged at 60% apr.

But its helping me to build my credit rating so I can get a better card later on so its handy for me

[TUTTSI]

Re: Vanquis Credit Cards

Well done Gallahad for getting this sorted.

Scams unfortunately are happening everyday. Surely is this day and age to open any sort of bank or credit card account they should be asking for proof of the person applying?

This was an out and out theft/fraud and I do hope the police have arrested this person.

What a blimmin nightmare.

http://www.legalbeagles.info/forums/...ewpost&t=31578 some other types of sophisticated thefts of peeps credit cards.