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Vanquis credit card is like any other credit card; apart from with Vanquis credit cards, you start off small, particularly if you have a bad credit record. The purpose of getting a Vanquis credit card is really to perk up your credit score.
Vanquis Credit Card
By Cathy F. Chelmer
Vanquis Bank is the credit card-issuing division of Provident Financial. Provident Financial is a financial institution based in Britain. It is headquartered in Bradford, but is prevalent in many places in the world, especially in the Americas and Europe. Vanquis Bank, in particular, specializes on issuing cards. It is most known as the card issuer for people with bad credit. Traditionally, to get approved, you would have to have good credit standing. However, that does not apply much for Vanquis Bank. With Vanquis, not only will you get credit; you can also repair your damaged credit standing.
So how does a Vanquis credit card work? They function like any other card; except with Vanquis cards, you start off small, especially if you have a bad financial record. You credit limit is held back to something you can manage. Your credit will be assessed and based on that, you can be given a limit of £150 and £1000. If you do well in managing your account and building on your credit, you can ask for a limit increase after you fourth statement. You can request a credit increase every four months; your limit can go up to £3000. Since Vanquis cards serve a special purpose, the APR applicable is greater than normal. However, as your credit improves and as you increase your credit limit, this will go down substantially.
The purpose of getting a Vanquis credit card is really to improve your credit score. Don't be content in having £150 loan limit. Strive to reach a higher limit; that way you'll know your credit score is improving. Moreover, it would not be wise to stick with an APR as high as 39%. Do your best to bring this down and bring your credit score back up. If you want to apply for a new Vanquis credit card, simply go to the Vanquis Bank nearest to you and have your credit standing assessed. Getting approved for a card from Vanquis is indeed very easy.
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