Your credit limit

 

Everything you need to know about your credit limit. Increases, decrease requests and what to expect.

Credit limit increases

As a new customer you get a manageable credit limit of between £150 - £1000. This aims to help you get used to how a credit card account works. Managing your Vanquis account will allow you to make payments, check your balance or change a payment due date to suit you. This aims to build your confidence and understanding of a credit card.

 

We review customers every 5 months for credit limit increases. We do not increase limits on request. As a responsible lender we want to ensure you can comfortably manage your repayments. Increasing your limit means you have more flexibility to spend. A bigger balance equals a higher minimum payment and an increase to the amount of interest you could get charged.

 

mobile phone showing credit limit increase on App

Being offered an increase

 

Firstly, to be offered an increase you need to have the correct marketing preferences set. You may have asked us not to contact you about any increase offers. If you've changed your mind and would like a chance please call us to change your marketing preferences.

 

When selected you’ll receive an offer through Email, SMS or your App. Your offer will tell you the amount of your increase and how to accept it. We may ask you to complete an income and expenditure form (sometimes called an I&E). It is important that you complete the I&E, if you do not we won’t be able to give you the increase.

 

Sometimes an increase may not be the best thing for your current situation. You may think the increase is too much to manage. Or you may feel that the temptation to over-borrow will be too great. If this is the case you can always decline the offer. If your situation changes you will need to wait for another offer. We’d just ask that you continue to keep your Vanquis account in good order

Increasing your chances

 

We aim to give you a credit limit that reflects your needs and your ability to manage your credit accounts.

 

To increase your chances of a limit increase you should:

  • Make good use of the credit available to you. Low usage could mean your current limit meets your needs
  • Keep any external credit accounts in good order (credit cards, loans or catalogues)
  • Avoid going over your credit limit
  • Make sure your payments are on time

Doing these things shows you can manage your Vanquis and other credit accounts.

Income & Expenditure

You may have seen or heard about Income & Expenditure forms before. They provide us a good overview on your financial situation. Here are some of the things you could be asked when completing yours:

  • Your income (usually any salary you earn but also includes any benefits or grants)
  • Your priority bills (rent, mortgage, council tax and gas)
  • Other living expenses (clothes, food and petrol/diesel)
  • Other spending (Broadband and insurance)

We do this to make sure you don’t take on any unmanageable amount of debt. This is all to ensure we offer you the best support possible.

 

Credit limit decreases

We understand that situations and personal needs change all the time. You maybe expecting a change in your monthly income which impacts your outgoings or payments. You may choose to decrease your credit limit.

 

You may find yourself a victim of financial abuse. This is a form of domestic abuse where an abuser restricts a person's ability to manage their own money. For information, help and support with financial abuse please see the Money Advice Service.

 

Decreasing your credit limit could be a good action to take to reduce the risk of financial hardship. To request a decrease or seek further support, you can contact Customer Services.