Today I thought I would write a review about the Vanquis Credit Card. The Vanquis Credit Card is another credit card designed for those of us with bad credit.
Using this card in the right way can help you to rebuild your credit score but there is a catch – the interest rate is typically very high so this is not really the sort of card you would borrow on. No way otherwise you will end up wasting lots of money in interest charged.
My Credit Rating when Applying
To say my credit rating was poor when I applied for the Vanquis Card would be an understatement. I had a County Court Judgment, arrears on accounts I held and even a number of defaults registered against me. What I think helped was the fact that I had already held an Aqua Card for a year and was making payments on time. You can read about the Aqua Card in my Aqua Card Review by the way.
The Application with Vanquis
This application involved the usual straightforward online form. Nothing too strenuous here just the standard questions you get when making an application for credit.
I entered in all the required information and waited for a decision. After a short wait I was told that my application had been referred and so I would find out in 14 days if I would be successful or not.
This was the same response I got when I applied for my Aqua Card and probably for the same reasons, they wanted a human to look at my application to make the decision based on the data from my credit report.
After around two weeks I was approved with a limit of £200 and an eye watering 50%APR… ouch!
Credit Limit Increases
My initial credit limit was set at £200 and this was a sensible decision in my eyes. After four months of on time payments the credit limit increased to £400 and then finally to £750. Not long after that I closed the account as it was just too tempting plus I was already in a bit of trouble with the Aqua Card I had so it would have been mad to make things worse.
As mentioned before a high credit limit on such a high interest card is just a disaster waiting to happen for some of us. Fortunately I did avoid any disasters with Vanquis by closing the account.
Vanquis Customer Services
On the few occasions I have contacted Vanquis I haven’t had any cause for complaint. I have never had to wait very long to get through to their customer services team (maybe I was lucky) and the questions I had were dealt with in a satisfactory way. Not much else to say here really.
Final words on my Vanquis Card Review
Be very careful with this credit card if you decide to apply for it! Yes it can help you to rebuild your credit score over time but you have to be very disciplined with the card. The easiest thing to do would be to set up a direct debit to repay the full amount each and every month.
For someone with bad credit who would almost certainly fail a credit check with one of the mainstream providers, the Vanquis Card could be a good starting point towards rebuilding your credit score.
However if you borrow on this card and struggle to repay it, the opposite can happen and you could harm your credit score so be careful if you are considering the Vanquis Card.
Image: Stuart Miles / FreeDigitalPhotos.net