to vanquis or not to vanquis?

[madwales]

Vanquis phoned me asking would I like a card during the last few months of my iva. I was accepted with a £250 limit.

Now a year and a half later my limit is £2,500 which is well controlled and a balance of £200. They did ask that I set up a direct debit which was fine. I make payments every other day to them through my internet banking to cover purchases I make.

Seems strange why you were turned down. Were they part of your iva?

[kallis3]

It does seem to be hit and miss with Vanquis. Problem is, the more you apply for things the worse it looks on your credit record if they are rejected.

[UpToMyNeck]

No, never had any dealings with them before, so not sure why I was turned down. I might have one more go, and then if its a no, just admit defeat and not apply for anything else until the IVA is off my credit file.

[madwales]

Yeah I would wait until it is off you credit files. I would spend time cleaning your files up to make sure you're in the best position possible.

[olydak]

On the 6th March i cancelled a vanquis card with a £500 limit, GT advised i could be failed as i hadn't received my CC.

I thought because i had made my last payment 6 months ago i would be ok, to get one, how wrong i was.

When i applied a couple of weeks ago i mislaid my password, so had to wait untill yesterday for a new one i sent back to them in a letter, to be put onto there system.

After cancelling the vanquis card, i cut it up. It made me think how quickly the time had gone from when i cut up credit cards at the beginning of my IVA.

Paul i noticed in there leaflets that they do have 6 or 7 tiered APR's.

Regards David.

[kallis3]

Unfortunately your IVA isn't complete until you get that letter. It's a shame that you haven't had yours yet so you can get on with your life.

[olydak]

I made my last payment in September, i'm happy to wait patiently for my letter, its not to long for me now, i phoned GT a couple of weeks ago, they said i may receive it in early May, so i'm looking forward to receiving it and get on with my life. Grant Thornton have been exceptionally busy with lots of extra work, they have dealt with my case very well, i wouldn't hesitate to recommend them to anyone looking to start an IVA.

Regards David.

[kallis3]

I will just be glad to finish - I can wait for the letter.

[Shining]

Oh I can't wait for both, to finish is good but confirmation of all those years of hard work to receive certificate of compliance means it's all over and I'm debt free.

Hope it comes through for you in May x

[kallis3]

I just want to make that last payment. I can wait for the rest.

[Broke of London]

I won't feel 'in the clear' until I see it in writing. I't will be great to finish paying but I'll only really be able to put it behind me when I'm holding that certificate in my grubby paws!

[plasticdaft]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by olydak

On the 6th March i cancelled a vanquis card with a £500 limit, GT advised i could be failed as i hadn't received my CC.

I thought because i had made my last payment 6 months ago i would be ok, to get one, how wrong i was.

When i applied a couple of weeks ago i mislaid my password, so had to wait untill yesterday for a new one i sent back to them in a letter, to be put onto there system.

After cancelling the vanquis card, i cut it up. It made me think how quickly the time had gone from when i cut up credit cards at the beginning of my IVA.

Paul i noticed in there leaflets that they do have 6 or 7 tiered APR's.

Regards David.

I noticed the tiered APR as well, thats what made me think asyou kept getting a limit increase the APR would reduce but it doesnt!!

Paul

[Broke of London]

I didn't think credit cards could increase credit limits without permission anymore?

[TheMatrix]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by UpToMyNeck

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.

Credit searches remain on your file for a year, 2 with call credit for some reason.

The question you should be asking is "Has anything positive changed on my credit file since I last applied for Vanquis?"

Applying for any form of mainstream credit, including storecard even with 15% off was a mistake. As soon as they see a IVA on your file they will automatically decline you, and as you know that means another credit search [:(!].

If your defaults were outstanding at the time, and are now marked as satisfied then I'd say you stand a better chance now than you did fresh from a IVA. Otherwise if nothing has changed I would not bother. To many searches can affect future credit applications, as to a lender it looks like you are desperate.

Personally, I've been in no hurry to jump on the credit bandwaggon again. I'll wait until everything has dropped off. Yes it's 6 years instead of 5 but my plan was always to use it as a credit builder in order to get a normal competitive high street rate mortgage.

Now this is looking unlikely, given the way they exclude anyone that has been in an arrangement with creditors. But I'm still going to give this a go in a few years time as right now I'm aiming for a bigger deposit in the hope that time and deposit amount will help me in the future. But from what I've heard I'm not going to hold my breath.

[MRBLUESKY]

Ive had a vanquis card for a few years now,as long as you use it as a facility and not a loan its fine to have one post IVA,Ive had a good service from Vanquis,and have a bill payment set up with the CO OP which takes a few seconds to make a payment if i have a balance to pay.I,m comfortable with a credit card with a small limit,but would,nt entertain a overdraft,which i would qualify for,since i first started my IVA i love to see my wages on my bank balance.