Rebuilding your credit with a Vanquis card

One of the biggest worries in life is credit. With all those things we want and desire staring us in the face it used to be so simple as a customer to sign up for a service that would have given us access to large number of credit options. It was only on very rare occasions that the computer said no. Nowadays though, getting credit is much harder than it has been in the past. 

Vanquis Blue bank card

Rebuilding your credit profile by getting credit cards through companies such as Vanquis can be a great start to restoring your credit rating. Even if you’ve had a damaged profile in the past, these kind of cards are a much more affordable way of getting yourself back on track. Instead of looking at the payday loan scene where the interest rates can be set extremely high, a credit card is a much more viable option of getting that extra cash and with probably a better level of protection for the customer.

How to build and increase your limit

As a customer signing up to a credit card service such as Vanquis you will have obviously undergone the major credit checks. As a responsible lender and complying with the banking code, Vanquis or similar companies will not lend you more than you can afford to pay back. Admittedly the interest rates will be higher than the normal high street credit cards, but the more reliable a customer you become, the more of a chance you will have of the card provider making a call on reducing the interest charges.

So what steps can I take to make increase my limit, make sure my credit profile is intact and keep in control of my spending? These steps will help you stay in control.

1. Always make sure you stay within any credit limit you have been set.

This is one of the most important steps to take as staying within your limit shows that you can manage your line of credit. If you go over your limit, you’ll be showing that you can’t be trusted as a customer and will not get the same support as others. Going over limit is a breach of your credit agreement and will be reported on your credit profile.

2. Make at least the minimum payment each month.

Making the minimum payment each month will of course mean that it will take longer to pay off your credit in full, but if you pay the minimum payment, it shows that you are in control of your credit and can afford to keep your card without support of debt recovery.

3. Make your payments on time

A sensible thing for any customer. Paying on time is essential as if you don’t you will have your payment registered as a missed payment and then this will go on your customer profile as a black mark against your credit profile.

4. Check your credit profile regularly

As a customer of Vanquis, they will have checked your credit profile to see your credit score. You can check your credit score regularly too with companies such as Experian, Equifax (Who both charge for the service) or Noddle, who are a free service, but not as complete.

Taking these steps will make sure that you as a customer of a company such as Vanquis will remain in good credit, stand in better stead of getting an increase and work towards rebuilding your credit profile.

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