Building up good credit again - Vanquis?

19
Found 15th Jan 2012
Hi all, was hoping for some advice.
After messing up my credit totally when I was younger, my credit now is pretty terrible and I have trouble getting accepted for anything.
It has been just over six years now since I cleared off the last of my debts and I was able to successfully apply for two T-Mobile contracts in the last few months, would that help build up my credit?
I am much more sensible these days so - because I wanted to buy a table and chairs from Argos anyway - I tried applying for their credit account with the intention of paying it off when I got the bill, or at least within the 6 months interest-free period.
Anyways, Argos said no but then told me that I was able to get the Vanquis credit card with a £250 limit. I understand that this is a high interest card but I am wondering if I use it to make day to day purchases on and clear the balance every month, will that help build up some good credit?
From Google it seems that there will be an annual fee, but I can't find that on the website and I also can't see if I get the standard 56 days interest-free.
Would really appreciate some advice or experiences from anyone who has used them before, thanks x

P.S. If I should stay away from Vanquis, how else could I try and slowly build up my credit again, please?
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Oh I have found that it is 56 days interest-free, but can't see about the annual fee still
Stay well clear, interest charge on this is disgusting to build up credit rating use a prepaid card like this http://www.mastercard.co.uk/prepaid-card.html
You can only spend what money you put on it and as you show them that you can look after the account they will then offer you things like a small overdraft and direct debit facilities.

You can pick the forms up in the post office or places like money shop and topup the cards in the same places.
credit accounts are evil, with the exception of mortgages which are sometimes a necessity.


I know it may sound bad but try only spending what you have.
tjack01

Stay well clear, interest charge on this is disgusting to build up credit … Stay well clear, interest charge on this is disgusting to build up credit rating use a prepaid card like this http://www.mastercard.co.uk/prepaid-card.htmlYou can only spend what money you put on it and as you show them that you can look after the account they will then offer you things like a small overdraft and direct debit facilities.You can pick the forms up in the post office or places like money shop and topup the cards in the same places.


Thanks I will look into that for sure - I didn't know that prepaid cards help you build up your credit. Don't you have to pay fees to upload money on it and stuff though? I am not intending to use the card for their interest, I want to use it only as a means of building up some credit - such as using it for my diesel costs which come to £50/£60 a week and then paying it all when the bill comes (before they start charging interest.

progain

credit accounts are evil, with the exception of mortgages which are … credit accounts are evil, with the exception of mortgages which are sometimes a necessity.I know it may sound bad but try only spending what you have.


No that doesn't sound bad, thanks for your advice. I agree that it is better to only buy when you can pay upfront but - because I messed it all up before and learned the hard way - I have had problems in the past applying for mobile phone contracts and the like. When I wanted to take up an O2 contract five years ago, for example, I had to get it in my OH's name instead so I would like to build up my own credit again so I can avoid such problems later on. As I said above, I was accepted by T-Mobile recently without any problems so hopefully the fact that it has been over 6 years now has helped already.
Edited by: "Mrs.Z" 15th Jan 2012
http://i42.tinypic.com/35mma35.png
tinkerbell28

Have you checked your credit file is ok? All defaults, CCJs gone? All … Have you checked your credit file is ok? All defaults, CCJs gone? All accounts settled?



yes, do a free credit check (some even have £££ quidco/tcb). just make sure to cancel it.
tjack01

Stay well clear, interest charge on this is disgusting to build up credit … Stay well clear, interest charge on this is disgusting to build up credit rating use a prepaid card like this http://www.mastercard.co.uk/prepaid-card.htmlYou can only spend what money you put on it and as you show them that you can look after the account they will then offer you things like a small overdraft and direct debit facilities.You can pick the forms up in the post office or places like money shop and topup the cards in the same places.



prepaid cards don't usually build up a credit rating, which one in particular are you talking about/
The vanquis card (or capital one & aqua cards) are ok as long as you pay it off in full so you don't get hit with large interest payments
tinkerbell has the right idea. Check your credit history with Experian and make sure it is up to date and all bad credit that should show as satisfied does so.
tinkerbell28

Have you checked your credit file is ok? All defaults, CCJs gone? All … Have you checked your credit file is ok? All defaults, CCJs gone? All accounts settled?


I did check Experian last year, and I could see that my last missed payment for a phone contract I had was in 2005. Apart form that I had a couple of large debts (£1000-2000) go to debt collectors and they were fully paid off in 2005. I had one CCJ go through a couple of years before that for £70 (probs about £150 with all costs included). I also did a free check with Equifax before so I don't think there's anywhere I can get a free report now, please can you tell me which would be a good one to go for and pay for it?
I did a credit report with Equifax and everything is either 'settled' or 'up to date'
However, the '£' sign for credit agreements is red and everything else is green. When I click in there all I can see bad is a red '3 missed payments' and '4 missed payments' for my 'Fashion World account' from 2005, though that account was settled in July 2006.
Edited by: "Mrs.Z" 15th Jan 2012
I have never really done a credit rating site before so after reading this i decided to give equfax a go, i paid for a credit report, and everything come back green with a rating of 497, is this good?
hi tinks, there's no signs of ccjs there or of grattan who it was with. I am on my mobile now cos i'm out but i saw that it had 'payments arrangements made' or something similar but then it was green after. I will have another look later when i am on my computer and come back x
Vanquis are glorified loan sharks!
My son had one a few years back, suggest you may wish to consider others.
hi tinks, there's no signs of ccjs there or of grattan who it was with. I am on my mobile now cos i'm out but i saw that it had 'payments arrangements made' or something similar but then it was green after. I will have another look later when i am on my computer and come back x
hi all. Tinks, if the accounts say 'settled' does that mean they are finished and done with? It seems so.
i am not asking if their interest and that is high, i can already see that - i am asking if using the card and clearing it every month will that build my credit history? I would also love to know if they charge an annual card fee. Thanks x
Mrs.Z

i am not asking if their interest and that is high, i can already see … i am not asking if their interest and that is high, i can already see that - i am asking if using the card and clearing it every month will that build my credit history? I would also love to know if they charge an annual card fee. Thanks x



yes
not sure about a fee sorry
Mrs.Z

hi tinks, there's no signs of ccjs there or of grattan who it was with. I … hi tinks, there's no signs of ccjs there or of grattan who it was with. I am on my mobile now cos i'm out but i saw that it had 'payments arrangements made' or something similar but then it was green after. I will have another look later when i am on my computer and come back x


This is the only 'red' thing I have in my history:
http://i596.photobucket.com/albums/tt48/mrszerrouk/fashionworld.png
I guess this won't disappear until July then but at least I can maybe be running the Vanquis card in the meantime...
If I miss 1 payment of anything now and again does that affect your credit? I do everything by direct debit these days to ensure that doesn't happen, but just wondering.
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