Credit Card with poor rating

Vanquis Bank offer Credit Cards to those who are looking to build or repair a damaged credit rating. With affordable credit limits, the credit card is ideal for those new and those who are on the path to building their credit rating.

This a a great opportunity, but probably not ideal for someone looking for a new credit card to pay off other ones.   It is alwasy best to pay off the entire balance each month to build up your credit rating (and avoid getting into debt).

vanquisNew Card

  1. I would like to warn anybody thinking of becoming a vanquis customer to stay away from them. They advertise as helping to rebuild your credit but the low credit limit has an adverse effect on your credit rating. This coupled with the high interest rates make vanquis a bad choice. I have been told by someone at a credit reference agency that I would be better off not having the account rather than the low limit card vanquis offer. It is also not easy to get a credit limit increase. I was paying back between 5 and 10 times the minimum payment each month, and 18 months later, they still refuse to increase the limit. They are absolute scum who prey on those who need a helping hand rather than a kick to the head.


  2. I took out a Vanquis credit card in 2008 when I needed to repair my credit rating. I put approx. £20 a month on the card and made sure I cleared it every month. Your credit rating repairs itself quite quickly then!

    The biggest fear though is the high interest. I would not recommend building up a big balance and letting interest mount up, as it doesn’t take much to get yourself into trouble and the balance to get out of control.

    I always found the customer service to be decent, and call waiting not that long at all. The automated service is also pretty decent.

    I would just say, use the card for it’s purpose of repairing your crecit rating, and then bin it! Don’t rely on it as a typical credit card, otherwise it will ultimately bite you in the bum.

    Once your credit rating is in better condition, book an appointment with a bank and take advice on one of their credit cards. It will be lower interest, and much less risk.

  3. Do not get this card this company is a total shambolic rip off

    Low credit limits and high fees when you exceed your credit limit

    If you pay late they are instant on the phone trying to get you to pay this and a £12 fine

    Jon I am shocked you would promote an evil company and evil produc

    Credit cards are a lifetime of debt. Make minimum repayments and you will pay forever

    Don’t do it

    • This is not a ripoff but it could hurt you if you misuse it (see my other comment). If a person gets one, only charge a few pounds at first, then pay it off. Continue that for a few months, and they will raise your limit. After a while, you might even be able to use this experience to get a ‘fancier’ card. But if a person cannot resist buying things they can’t afford, then credit cards are not a good idea (that doesn not make them evil).

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