Credit Card News for 2012
It's already an austere start to 2012 with the Eurozone crisis continuing to jitter the financial market and the cost of living still remaining high for consumers across the UK. The forecast for those dealing with debt issues still remains pessimistic, with households already struggling being further hit by rises in consumer prices and a reductions in government grant benefits.
However, by talking stock of your financial situation and employing some sound common sense in your outgoings, many people can avoid the spiral of debt, tackle payments and outstanding credit head on, and become financially fit for 2012.
However, by talking stock of your financial situation and employing some sound common sense in your outgoings, many people can avoid the spiral of debt, tackle payments and outstanding credit head on, and become financially fit for 2012.
Vanquis Credit Cards
Vanquis are a branch of Provident Financial and traditionally offer credit cards for those with an adverse credit profile. Although the interest rate is not as competitive with high street lenders and the credit limit is typically much lower, this reflects the fact that the acceptance criteria is broader and a reduced credit limit is less likely to allow users to spend out of their control.
Is this card right for me?
If you have had issues in being accepted for credit cards in the past, or have CCJs or bankruptcies in your financial past, then you may still be accepted for a Vanquis Card. It will require some time and responsible use of the card (not exceeding the credit limit or missing repayments) before you will notice an improvement in your credit score, but this card can be a useful mechanism for creating an identifiable pattern of credit repayment.
People for whom this card is not suitable
As with other credit card, if you are new to the UK or are not on the electoral role, then you may experience difficulty in being accepted. This could also include students who do not have a registered fixed address for an extended period of time. Vanquis have a quicapplication system which will provide a decision within a few minutes if you call.As with any other application, if you are refused wait at least four weeks before re-applying, and check that your credit score is up-to-date.
If you have had issues in being accepted for credit cards in the past, or have CCJs or bankruptcies in your financial past, then you may still be accepted for a Vanquis Card. It will require some time and responsible use of the card (not exceeding the credit limit or missing repayments) before you will notice an improvement in your credit score, but this card can be a useful mechanism for creating an identifiable pattern of credit repayment.
People for whom this card is not suitable
As with other credit card, if you are new to the UK or are not on the electoral role, then you may experience difficulty in being accepted. This could also include students who do not have a registered fixed address for an extended period of time. Vanquis have a quicapplication system which will provide a decision within a few minutes if you call.As with any other application, if you are refused wait at least four weeks before re-applying, and check that your credit score is up-to-date.
The Aquis Card
The Aquis card is also offered by Vanquis Bank, but has a lower APR than the Vanquis Credit Card. As such, it should be considered an option if you have fewer credit problems, or perhaps are applying for a credit card for the very first time (such as a school-leaver).
Is this card right for me?
The Aquis Card is good if you have had some minor credit troubles in the past, such as being refused for credit in the high street banks or rejection for a prime card application. The Aquis card can make a good first-time application if you have a regular income.
People for whom this card is not suitable
Majot credit problems such as bankruptcy will probably result in refusal, also those on limited incomes will likely be referred to the Vanquis card instead. As with other card applications, if you are turned down for acceptance, leave at least a month before you make another application for a different card as multiple applicationsin a short period of time can damage your credit rating further.
The Aquis Card is good if you have had some minor credit troubles in the past, such as being refused for credit in the high street banks or rejection for a prime card application. The Aquis card can make a good first-time application if you have a regular income.
People for whom this card is not suitable
Majot credit problems such as bankruptcy will probably result in refusal, also those on limited incomes will likely be referred to the Vanquis card instead. As with other card applications, if you are turned down for acceptance, leave at least a month before you make another application for a different card as multiple applicationsin a short period of time can damage your credit rating further.
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