Vanquis Visa Card

Quick Guide to the Vanquis Card

People can build up bad credit for a number of reasons. Missed or late debt repayments, having a home repossessed, or having a high level of debt can all contribute to a poor credit score. County court judgments, or CCJs, can also adversely affect your credit. This can make life difficult in a number of ways. Bad credit makes it difficult to get a credit card or a personal or business loan. It might even prevent you from opening a bank account. If you do get a credit card you’re likely to face higher rates than someone with good credit. And it’s not just banks that don’t like bad credit scores. Potential landlords and employers may also look to your credit history in evaluating applications for a flat or a job. Also, bad credit can lead to you being turned down for mobile phone contracts, and you may have to pay higher premiums on your insurance.

For these reasons, it is really important to retain a healthy credit record, and to rebuild your credit if for one reason or another you find it in bad shape.

The best way to get a healthy credit score is to get a credit card. This may sound strange, since for many people with bad credit it was their use of credit cards that was the trouble to start with. But the problem is not with the card, it’s with how it gets used. Getting a credit card, staying below the limit, and paying the bills in full and on time is the quickest way to a good credit score.

But if you’ve got a bad credit rating, then getting a card can be tricky to begin with. And making multiple applications only to be refused will damage your credit score further. The Vanquis bank card is well suited for this problem. Vanquis takes a look at your financial situation, see what you can afford to pay back, and have a good record of saying yes to people who have been turned down for credit elsewhere. This makes the Vanquis card a good way to go both for people eager to turn around a bad credit history and for those who want a credit card but have not been successful in applications with the major banks. In their 10 year history Vanquis have already accepted over a million applications from customers looking to build credit, and they’ve won a string of awards.

The card itself is not just suitable for those looking to build up their credit rating. It’s perfect for those on a low income, or for self-employed people who may have trouble proving their level of income to a bank. The credit limit is set to suit the individual’s level, between £150 and £1000, and this limit can be increased over time. Vanquis have an excellent UK-based customer service team if you need advice on what card is suitable for you, and robust anti-fraud measures that will keep your money safe.

Vanquis is a first step for those new to credit cards, and offers a good way out of bad credit.